“The market is still best characterised as tenant-favoured at present, given the current economic and market development contexts, but the tech-driven growth in China’s economy during the 15th Five-Year Plan period should generate growing office demand for the market in the long run.”

CARLBY XIE, SAVILLS RESEARCH



Leasing activities pick up

• One new Grade A office building was completed in Q3/2025, adding 136,000 sqm leasable office space to the market. Citywide stock expanded by 1.8% QoQ and 8.0% YoY to 7.6 million sqm.

• Guangzhou’s office leasing market picked up in Q3/2025 with increasing leasing inquiries and transaction activities.

• International Financial Town and Pazhou continued to absorb upgrade demand from local companies, pushing the total quarterly net take-up of emerging submarkets to 80,890 sqm in Q3/2025.

• The citywide average vacancy rate edged up 0.4 ppt QoQ to 22.9% by end-Q3/2025 due to the new supply.

• The citywide average rent decreased to RMB124.9 psm pmth by the end of Q3/2025 with rental index down 2.0% QoQ and 7.7% YoY.

• Seven new projects with a combined office GFA of 352,640 sqm are scheduled for completion in Q4/2025, pushing the city’s office market stock to grow by 11.3% YoY.