“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.”

SOPHY PAN, SAVILLS RESEARCH



Consumer services sector has increasing demand

• In Q3/2025, no new projects entered the market citywide, with Grade A office stock remaining at approximately 4.703 million sq m.

• Citywide vacancy rate edged up to 33.5%, up 0.1 ppts QoQ.

• Citywide average rent declined QoQ to RMB 85.4 psm pmth.

• Financial institutions continue to dominate the Grade A office leasing market, accounting for 22% of total new leasing space.

• The consumer services sector accounted for nearly 12% of the city’s new lease area, the third-largest source of demand.

• The professional services’ demand share declined to 9%, primarily due to a significant slowdown in law firm expansion.

• Asset repositioning through functional conversion has emerged as a new trend in the office market.