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Shenzhen MarketBeat Reports

Xiaoduan Zhang • 31/12/2024
Cushman & Wakefield MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.

Q4 2024 Highlights

Office: New office supply resumed in Q4 in a continuing tenants’ market.

Retail: Retail market activity was supported by trade-in programs in the quarter.

Capital Markets: Market activity in 2H 2024 picked up from the 1H period to record transaction volume of RMB18.2 billion.

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

CURRENT MARKETBEATS

Office Buildings CBD
Shenzhen Office MarketBeat

A further 119,000 sq m of new supply entered the Grade A office market in Q4, expanding citywide stock to 8.37 million sq m. The market remains tenant-favorable, with leasing demand dominated by renewals and relocations, led by the finance, TMT, and professional services sectors. Overall vacancy rose to 26.6%. Citywide monthly average rents retreated a further 2.2% q-o-q to RMB169.1 per sq m.
 

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Shopping Retail
Shenzhen Retail MarketBeat

New supply paused in Q4, with prime mall stock at 7.2 million sq m. Trade-in programs helped spur renewed consumer demand in the period, with the general retail and F&B sectors leading new store openings. Strengthened occupancy at newer projects saw overall vacancy fall to 8.0%. The average prime mall monthly rent stood at RMB780.2 per sq m.
 

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Warehouse Internal Rack
Shenzhen Capital Markets MarketBeat

Shenzhen capital market volume recorded RMB18.2 billion in 2H 2024, down 10.7% y-o-y. Market activity picked up considerably from the 1H period. Full-year 2024 transaction volume reached RMB23.8 billion, down 44.0% y-o-y. Of the total 32 transactions recorded, just six exceeded RMB1 billion. Ahead, more well-run commercial projects with stable returns will enter the ranks of consumer infrastructure public REITs. The trend of real estate companies selling non-residential assets at low prices to ease capital pressures is expected to continue in 2025. 
 

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Thailand has been experiencing a continuous decline in population for a long time, leading to decreased sales of consumer goods and lower demand for housing. 
 
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