"While the overall leasing market was relatively calm, some Tech Giants’ office relocation brought about disruptions to the market and, together with the impacts of new completions, the citywide average vacancy rate increased."

"Leasing market uncertainty continued to increase not only because of the persistent imbalance between supply and demand but also the global tariff-driven economic slowdown and other considerations. Stabilising occupancy of office properties becomes more prevalent for most landlords in 2025 regardless of rental changes."

"Abundant policy support since 2023 and the establishment of an efficient and complete industrial system helped attract a growing number of new quality productivity businesses to set up in Shenzhen. This has generated a significant increase in leasing demand for offices and supported the quarterly net take-up growth throughout the year."

"Q3 was so far the best season of 2024 in terms of leasing transaction volume. Some particular submarkets such as Qianhai and Shenzhen Bay SHB managed to attract an increasing amount of relocation leasing demand for financial considerations and premise upgrade."

"Driven by corporates’occupational needs and equally important, landlords’ wish to attract tenants with strong incentives, more leasing demand was unleashed in the market, pushing up the citywide net take-up in this quarter."