“Tech occupiers continued to expand in Shenzhen in 2025, supporting office leasing demand, with Nanshan standing out as the leading submarket and net absorption expected to remain strong into 2026.” – Vincent Li , Savills Research



Tech expansion underpins absorption

• The market recorded a three-year high in new supply in 2025. A total of 21 projects, with combined office GFA of 1.18 million sqm, were delivered, lifting total Grade A stock by 9.4% YoY by YE2025.

• Technology occupiers continued to expand, driving upgrade, relocation, and expansion demand across Shenzhen’s Grade A office market.

• Leasing appetite also remained resilient among financial services (banks and securities), retail and trade (e-commerce and retailers), and transportation (logistics and supply-chain) occupiers.

• Net absorption increased to 664,000 sqm, the highest level since 2021 and 16.9% above the five-year average.

• More office-to-hotel conversion cases were recorded in 2025, extending a trend seen in recent years and likely to continue.

• Citywide vacancy edged down by 0.2 ppts in Q4/2025 to 31.4% but remained 0.8 ppts higher YoY.

• Grade A office rents fell 1.9% in Q4/2025 to an average of RMB132.6 psm pmth, down 10.6% YoY.