Asia Pacific Office Outlook 2024

SHANGHAI

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

1.5%

250

248

1.0%

246

 In 2023, rents have been under pressure and have declined by about 1.5%.  The annual rental growth is likely to register -1% over the next two years, weighed by a higher-than-average vacancy rate. The monthly rental for Shanghai’s Grade A office will drop to around RMB240 per sqm.  With the existing and future high supply volume and absorption challenges, rental growth will likely see a steady slowdown in both suburban and core markets.

0.5%

244

0.0%

242

-0.5%

240

-1.0%

238

-1.5%

236

234

-2.0%

2021

2022

2023F 2024F 2025F 2026F 2027F

Rent (RMB/SQM/MO)

Rent growth (%)

Source: Cushman & Wakefield