Asia Pacific Office Outlook 2024

SHENZHEN

NEW SUPPLY

N EW S U P P LY ( S QM )

 Approximately 1.09 million sqm of new Grade A office supply is slated to launch in 2023. Of this supply, Qianhai, Futian and Nanshan will take nearly 30%, respectively. The remaining 13.8% belongs to Bao’an submarket.  The market will then see a slight relief in supply with 780,000 sqm completing in 2024, followed by supply completion peaks of around 1.3 million sqm in both 2025 and 2026. The supply influx is set to maintain market pressure.  Amid intensifying market competition, some landlords are believed to have adjusted leasing strategies and

1,600,000

FORECAST

1,400,000

1,200,000

1,000,000

800,000

600,000

400,000

200,000

postponed project launch times in response to the uncertain economic environment.

0

2021

2022

2023F

2024F

2025F

2026F

2027F

Source: Cushman & Wakefield