Asia Pacific Office Outlook 2024

GUANGZHOU

RENT GROWTH

R E N T ( R M B / S QM / MO ) A N D R E N T G R OWT H ( % P E R A N N U M )

FORECAST

100 120 140 160 180 200

-8.0% -7.0% -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0%

 New supply in emerging areas will bring competition to the market. With the increase in leasable space, the bargaining power of tenants will be enhanced. In the short term, rents will remain on a downward trend.  However, as both the economic environment and market demand stabilise, the rate of rental decline will continue to narrow. Combined with the expected end of the office supply peak, rent growth for office space in Guangzhou is forecast to return to positive in 2027.

0 20 40 60 80

2021

2022

2023F 2024F 2025F 2026F 2027F

Rent (RMB/SQM/MO)

Rent growth (%)

Source: Cushman & Wakefield