Supply of grade A office buildings in Shenzhen is expected to hit a new high of 1.5 million square meters, with most of them located in Futian, Nanshan and Bao’an. Demand remained steady, with rents and prices seeing small changes.
In the third quarter, 11 office buildings hit the market. Apart from three buildings reserved for self-use, the other eight buildings, located in Luohu, Futian and Nanshan, were released onto the rental market, pushing the city’s inventory to 7.096 million square meters.
Demand remained steady, with nearly 90,000 square meters of grade A office buildings being sold in the third quarter with nearly 70% of them located in Futian.
Data showed that rents of grade A office buildings in Shenzhen increased to RMB 232.4 per square meter, up 1.3% month-on-month and 1.3% year-on-year. Prices increased by 1.2% month-on-month to RMB 57,140 per square meter, representing a 0.5% decline from a year earlier.