Asia Pacific Office Outlook 2024

GUANGZHOU

DEMAND & VACANCY

N E T A B S O R P T I O N ( S QM ) A N D VAC A N C Y R AT E ( % )

FORECAST

-50,000 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000

35.0%

30.0%

 Visits to Guangzhou's Grade A offices have picked up since the beginning of 2023.  Comparing with 2022, the city's net absorption in 2023 will improve, raising to 54,110 sqm. Going forward, leasing demand is expected to recover against the backdrop of an optimized business environment and the gradual transformation and upgrading of industrial structures.  The large amount of new supply coming to the market will stimulate demand while driving the city's vacancy rate to remain high.

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

2021

2022

2023F 2024F 2025F 2026F 2027F Net Absorption Vacancy Rate

Source: Cushman & Wakefield