2024-01-30-莱坊-Shanghai_Office_Market_Report_Q4_2023_6页_1mb

报告摘要

Economic Slowdown: The market faced a slower-than-expected economic recovery, impacting corporate leasing and renewals, leading to ongoing challenges.
Supply Increase: New completions in Q4 reached 437,177 sqm, pushing annual supply to a near-pre-pandemic record of 1.369 million sqm.
Weak Demand: Leasing demand remained subdued, driven by budget constraints and cost-cutting measures. Lease renewals dominated transactions (over 70%) in Q4.
Vacancy Rate: Average vacancy rate increased slightly to 19.2% QoQ, although vacancy in core CBDs showed modest improvement.
Rent Decline: Rents fell significantly QoQ (3.1%) and YoY (6.7%), reaching RMB7.93 per sqm/day. Core CBDs saw average rent reach RMB10.86 per sqm/day. Significant rental concessions were made by landlords to retain tenants and attract new, budget-conscious lessees.
Outlook: Continuing economic weakness is expected to push companies towards cost reduction and efficiency, making strategies like offering quantity over price advantageous for landlords.

Supply: Q4 saw six new projects (c.a. 437,000 sqm) enter the market, concentrated in areas like North Bund (Hongqiao CBD), Xuhui Binjiang, and Post Expo. Pipeline indicated significant future supply through 2026+.
Demand: Demand primarily from technology/media/telecom (TMT), financial, and professional services sectors. Significant decline in foreign company leasing demand.
Vacancy: Market vacancy rate rose QoQ, though core CBDs saw slight improvement. Emerging neighborhoods offered competitive advantages due to lower rental prices and modern facilities.

Marketwide: Average Grade-A rent decreased QoQ (7.1%) and YoY (6.7%).
Core CBD: Average rent reached RMB10.86 per sqm/day in core CBDs.
Little Lujiazui: Rents declined significantly (4.9%) due to aggressive landlord concessions.
Emerging Areas: Average rents were lower (c.a. RMB6.45 per sqm/day) but saw YoY increases to offset vacancy. Market conditions remain challenging.

Activity: 17 large transactions worth over RMB15 billion occurred in Q4. Cumulative activity throughout 2023 exceeded RMB40 billion.
Buyer Type: Owner-occupier buyers significantly influenced the market.
Location/Strategy: High demand for emerging market properties due to their price advantage and potential, even if market share increases are long-term.

Market inventory exceeds 25 million sqm.
Specific CBDs (e.g., Hongqiao CBD, Little Lujiazui, The Bund) showed varying rental levels and vacancy rates.
Investment advisory and detailed market analysis services remain available from the research providers.

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