Outlook 2023 Greater China

SHENZHEN

DEMAND & VACANCY

NET ABSORPTION (SQM) AND VACANCY RATE (%)

FORECAST

40.0%

800,000

 Tenant demand waned notably in 2022 due to economic uncertainty and COVID-19 measures.  The financial industry surpassed

35.0%

700,000

30.0%

600,000

the technology sector as the leading driver of office leasing demand in 2022.

25.0%

500,000

 Net absorption is forecast to be less than 200,000 sq m in 2022 and remain relatively low in 2023, but to gradually recover thereafter.  The vacancy rate is forecast to rise in the coming years due to the impact of the uncertain economic outlook on demand, coupled with high future supply.

20.0%

400,000

15.0%

300,000

10.0%

200,000

5.0%

100,000

0.0%

0

2020

2021

2022F 2023F 2024F 2025F 2026F Net Absorption Vacancy Rate

Source: Cushman & Wakefield