"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."

"The market starts 2025with a positive net take-upin the first quarter despitethe seasonality and otherissues. But the expectedannual new supply which isnearly one million sqm willsabotage the stability ofthe leasing market thisyear."

"The overall market landscape is expected to remain largely unchanged in 2025 given the current global political and economic contexts, occupiers’ stringent cost control, as well as a nine-year supply peak. The importance of domestic demand speaks for itself."

"Landlords remained proactive in attracting tenants and pursuing market digestions in the face of persistently challenging market conditions."

"Guangzhou released new initiative dubbing the city as a gourmet paradise at a global scale. This is expected to raise enthusiasm of the catering business owners in the short term and nurture a better environment for relatedretailers/operators store opening in the mid- to longterm."

"Emerging areas with quality buildings and competitive rentals managed to absorb considerable relocation demand from traditional areas and achieved over 50% QoQ increase in net take-up."