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Shenzhen MarketBeat Reports

Xiaoduan Zhang • 29/03/2024
Cushman & Wakefield MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.

Q1 2024 Highlights

Office: New supply into the market in Q1 continued to exert greater pressure on overall rents.

Retail: The F&B sector continued to lead expansion demand in the quarter.

Capital Markets: Total Q1 transaction volume recorded RMB2.88 billion.

Learn more by clicking our most recent Shenzhen MarketBeat reports below.

CURRENT MARKETBEATS

Office Buildings CBD
Shenzhen Office MarketBeat
A further 162,000 sq m of new Grade A office space entered the market in Q1. Weaker new demand and diverging submarket performance saw citywide net absorption reach just 45,344 sq m, down 39.3% y-o-y. Overall vacancy climbed to 27%. Landlords are adopting aggressive strategies in a tenant-favorable environment, citywide monthly average rents falling a further 9.3% y-o-y to RMB181.79 per sq m.
 

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Shopping Retail
Shenzhen Retail MarketBeat
No new prime projects entered in Q1. The market maintained positive momentum in the quarter, boosted by the Spring Festival period. The F&B sector continued to be a key driver of expansion, with first stores a highlight. Supported by strong occupancy at prime malls, the overall vacancy rate fell slightly q-o-q to 8.7%. The citywide monthly rental level climbed to RMB806.4 per sq m.
 

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Warehouse Internal Rack
Shenzhen Capital Markets MarketBeat
The surge in transaction activity seen in the Shenzhen market at the end of 2023 experienced a marked pullback in Q1 2024, with total transaction volume reaching just RMB2.88 billion (US$400 million). Owner-occupier buyers and smaller deals dominated activity. The office sector took the largest share, accounting for 65.2% of total volume for the quarter. On the supply side, asset holders, primarily real estate developers, are bringing hotel assets to sale to boost their liquidity. We expect the current investment enthusiasm for mid-to-high-end hotels to continue in 2024.
 

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Stela Hirata • 05/06/2024

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