ASIA PACIFIC OUTLOOK 2025

SHENZHEN

RENT GROWTH

In 2024, citywide average rents dropped further, primarily due to subdued demand.

250

0.0%

FORECAST

Influenced by the pressure of high vacancy rates, the continuation of the downward trend in rents is likely to be seen in the future, coupled with adjustments to related leasing expenses.

-2.0%

200

-4.0%

150

-6.0%

100

In the coming years, attracting tenants is

-8.0%

expected to involve offering lower rents, extended rent free periods, and personalised fit-out services.

50

-10.0%

-12.0%

0

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