ASIA PACIFIC OUTLOOK 2025

SHANGHAI

RENT GROWTH

In response to a recent decline in enterprise leasing capacity, landlords in Shanghai's office market are adjusting their leasing strategies. This has led to a downward trend in rental rates, with rents expected to drop by 7.4% to RMB222 per sq m per month by the end of 2024 and further decline to RMB219 in 2025. While downward pressures on overall rents will continue in both suburban and core markets, the rate of decline is expected to slow in the near future.

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

200 205 210 215 220 225 230 235 240 245 250

FORECAST

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

RMB/SQM/MO

Rent growth (%)

RENT (RMB/SQM/MO) AND RENT GROWTH (% PER ANNUM)

Cushman & Wakefield

ASIA PACIFIC OUTLOOK 2025

Source: Cushman & Wakefield