"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."

"The government and landlords are working to enhance the office tenant experience, strengthen tenant retention, and support corporate growth. They are also assisting enterprises with overseas expansion, legal consultation, digital transformation, and the streamlining of approval processes."

"The market remains under significant pressure, as structural oversupply and sluggish occupier sentiment weigh heavily on leasing activity. Landlords are increasingly resorting to aggressive incentives and flexible leasing models in a bid to retain tenants and stabilise occupancy."

"While it’s encouraging to see a more proactive government stance, its impact on the market will take time to materialise, and the full extent remains uncertain, meaning any market recovery is likely to be gradual."

"While it’s encouraging to see a more proactive government stance, its impact on the market will take time to materialise, and the full extent remains uncertain, meaning any market recovery is likely to be gradual."

"Industrial real estate, pivotal to manufacturing's growth, is integral to China's economic ascent. Amid global supply chain shifts, the Chinese manufacturing sector is compelled to upscale and assert greater autonomy."

"Increased government support for the economy will take time to impact businesses. However, this support is expected to gradually lead to higher activity levels and increased office demand."

"A challenging market environment persists, yet strategic government initiatives and adaptive landlord strategies signal a cautiously optimistic outlook for the Shanghai office property market."