"Q4/2025 leasing activity improved noticeably, but the market remains structurally oversupplied, and further vacancy pressure is likely as new projects come online in 2026."

"We are moving from a volume-driven market to one defined by selectivity, execution and cash-flow resilience."

"The sustained influx of new office supply in the coming years will intensify market competition and usher the supply–demand rebalancing process into a more challenging phase."

"East Financial City will formally enter the market next year. With a concentrated wave of completions, this submarket is set to remain a key focus for occupiers and landlords over the coming years."

"In addition to the continued low level of new supply, Chengdu’s large population base—coupled with sustained net inflows—remains the strongest underpinning for the city’s consumer market."

"Emerging submarkets, particularly International Financial Town and Pazhou, continued to underpin leasing activity in 2025, though elevated vacancy reflects an ongoing structural adjustment as new supply outpaced demand."

"New landmark openings are accelerating a quality-driven shift in Guangzhou’s retail market, particularly in leading secondary locations where both environment and tenant profiles are improving."

"In the current market, value is created through operations, not optimism. Assets that can be run well will outperform, regardless of headline sentiment."

"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."