ASIA PACIFIC OUTLOOK 2025

SHANGHAI

NEW SUPPLY

Shanghai is expected to see an increase in office supply, with approximately 0.9 million sq m of new space slated for launch in 2024. This represents a sizeable portion of the peak new supply seen in 2023 (59%) and a meaningful increase over the supply seen in 2022 (115%). From 2025 to 2028, the market is expected to see the launch of an additional 3.7 million sq m of office space. However, some landlords may adjust their project launches based on market conditions, particularly in the case of developers launching projects in phases. By 2027, Shanghai's total office stock is projected to exceed 20 million sq m, indicating a continually expanding office market.

- 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 1,800,000 2,000,000

FORECAST

NEW SUPPLY (SQM)

2022 2023 2024F 2025F 2026F 2027F 2028F 2029F

Cushman & Wakefield

ASIA PACIFIC OUTLOOK 2025

Source: Cushman & Wakefield