ASIA PACIFIC OUTLOOK 2025

GUANGZHOU

KEY MESSAGES

Supply

Demand

Rents

Key Outlook

In the next few years, the Guangzhou office market will see a peak in supply, which will exert greater pressure on the market. As the macroeconomic environment continues to improve, combined with strong policy support, the release of corporate demand for R&D, industrial and office properties will accelerate.

From 2025 to 2029, the Guangzhou office market is expected to add around 2.7 million sq m of new office space, with citywide stock set to reach 9.4 million sq m in 2029.

Net absorption is expected to peak at around 400,000 sq m in 2026, as the large volume of new supply will stimulate market demand.

Pressured by the uncertain external environment and high supply, landlords will adopt price for-volume leasing strategies. In the short term, the overall rental level will continue to decline. With an expected clearer economic environment and a slowdown in supply, the rate of rental level decline is expected to gradually narrow, and rents may return to positive growth in 2027.

The continued influx of new supply will keep the city's vacancy rate high in the coming years.

Peak new supply is expected in 2026, when more than 860,000 sq m of new space will enter the market.

The market will remain tenant - favourable for the next few years, and landlords will adopt flexible leasing strategies to help stabilize occupancy rates.

The continued entry of a large volume of new supply will intensify market competition and reshape the Grade A office market.

Cushman & Wakefield

ASIA PACIFIC OUTLOOK 2025