Asia Pacific Office Outlook 2024

SHENZHEN

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

250

-9.0% -8.0% -7.0% -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0%

200

 Amid the sluggish demand influenced by the fluctuating economic environment and high supply pressure, landlords generally trimmed rents further in 2023 to attract and retain tenants, resulting in a deep fall in citywide average rents.  The downward trend in rents is expected to continue but with a softer decline starting from 2024. A return to positive rental growth may be possible in 2027.  As Grade A office rental costs continue to slide, it is expected tenants’ office space upgrades with lower costs will become more common.

150

100

50

0

2021

2022

2023F 2024F 2025F 2026F 2027F

Rent (RMB/SQM/MO)

Rent growth (%)

Source: Cushman & Wakefield