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Shenzhen MarketBeat Reports

Xiaoduan Zhang • 31/03/2023
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 2023 Highlights

Office: Office market leasing inquiries picked up in Q1.

Retail: Consumer activity revived in the quarter.

Capital Markets: Investment volume reached RMB8.14 billion in Q1.

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


Office Buildings CBD
Shenzhen Office MarketBeat

Total Grade A stock was unchanged in Q1 at 7.2 million sq m. Leasing inquiries picked up, indicating a recovering but still cautious market, with financial and law firms driving leasing demand. Monthly Grade A rents retreated a further 1.5% q-o-q to RMB200.4 per sq m. Net absorption reached 74,744 sq m, overall vacancy dropping to 21.8%. 

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Shopping Retail
Shenzhen Retail MarketBeat

Consumer activity revived in Q1, supported by the Spring Festival and the border reopening with Hong Kong. F&B brands saw a noted boost, with domestic players actively expanding. The citywide monthly average rental level reversed a two-quarter downward trend, rising to RMB811.5 per sq m. Overall vacancy dropped 1.1 percentage points q-o-q to 9.3%.

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Warehouse Internal Rack
Shenzhen Capital Markets MarketBeat

The Shenzhen market achieved investment volume of RMB8.14 billion (US$1.2 billion) in Q1, down 14.9% q-o-q, but up 53.2% y-o-y. Bailout projects by distressed real estate firms accounted for more than 75% of transactions, reflecting prevailing market caution and prolonged transaction cycles. One such deal was Sunac’s transfer of 51% of the equity of Shenzhen Ice and Snow Cultural Tourism City to Zhuhai Huafa for RMB3.58 billion, the diversified format pushing up mixed use assets’ overall Q1 market share.

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