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Shenzhen MarketBeat Reports

Xiaoduan Zhang • 29/12/2023
Cushman & Wakefield MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.

Q4 2023 Highlights

Office: New supply into the office market is boosting absorption while exerting pressure on rents.

Retail: F&B continues to be a growing retail force.

Capital Market: Shenzhen capital market activity accelerated significantly at year-end 2023, with 16 deals concluded in Q4.

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

CURRENT MARKETBEATS

Office Buildings CBD
Shenzhen Office MarketBeat

New Grade A space in Q4 took full-year supply to 845,530 sq m, up 41.4% y-o-y. Annual net absorption reached 392,599 sq m, up 77.2% y-o-y, with stable demand from the finance sector. The supply influx also pressured overall vacancy, up to 26.1%; and citywide average rents, down 8.4% y-o-y to RMB186.5 per sq m per month.

Click here to download the report

Shopping Retail
Shenzhen Retail MarketBeat

The Qianhai Uniway mall opening in Q4 took 2023 full-year new supply to 313,000 sq m. F&B operators sustained expansion in the quarter, taking a growing share of new tenant entrants. Strong occupancy rates at prime malls maintained the overall vacancy rate q-o-q at 8.9%. Competition at lower-tier properties squeezed the citywide monthly rental level 0.6% y-o-y to RMB802.9 per sq m.
 

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Warehouse Internal Rack
Shenzhen Capital Markets MarketBeat

The pace of investment transactions in the Shenzhen market accelerated significantly at year-end 2023, driven by local governments and state-owned enterprises (SOEs) contributing to more than 80% of the transaction volume. The total deal count for 2023 was 51 deals, up 34.2% y-o-y, while total investment volume fell slightly by 5.6% y-o-y to RMB41.4 billion (US$5.8 billion). Owner-occupier transactions still dominated in 2023, taking 54.5% of total volume. We anticipate that occupier buyers will remain the mainstay, with demand from LGFV and for investment enclaves still standing out.
 

Click here to download the report

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