"Tech occupiers continued to expand in Shenzhen in 2025, supporting office leasing demand, with Nanshan standing out as the leading submarket and net absorption expected to remain strong into 2026."

"Pudong’s year-end reversal in the rising vacancy trend has been encouraging, but weaker performance in certain parts of Puxi continues to weigh on overall net absorption."

"Leasing demand in Tianjin has shown early signs of recovery, but elevated vacancy will take time to absorb. Policy support linked to the SCO summit should help improve medium-term market confidence."

"Tianjin’s retail market is gradually stabilising, with format upgrades and new consumption scenarios helping to rebuild footfall and support tenant performance."

"In Q3/2025, no new projects were delivered to Chengdu’s Grade A office market. Rents continued to decline, while vacancy rates edged up QoQ. Landlords actively considered converting existing office space into other formats, such as hotels. Meanwhile,  mixed-use development is being incorporated into upcoming project planning."

"While new supply brings fresh energy to the market, it also intensifies leasing pressure, making tenant curation and experiential upgrades more critical than ever."

"Landlords are improving service quality, introducing flexible leasing, and integrating retail elements to enhance tenant satisfaction and retention in a more competitive market."

"Supply and demand disequilibrium remains an outstanding issue for the market for the rest of 2025. However, demand from the IT support and consulting, interactive media, and gaming sectors should provide a new impetus for demand growth, facilitating an upgrade of the city’s office tenant profile in the long run."

"Consumers will still have to keep their purses tight but are still willing to spend and invest in retail products with quality and price excellence, emotional value, and self-entertaining experience."

"Structured by the “good houses” strategy, four residential land plots with a floor area ratio (FAR) below 2.0 were sold in 1H/2025, hitting a four-year high. Thus, more quality low-density houses are expected to launch in the next few years."