China Figures Q3 2026

Office

Nationwide net absorption rose 45% q-o-q and 66% y-o-y to 820,000 sq. m., the highest single-quarter total since Q4 2021, with 85% contributed by Shenzhen, Shanghai, Beijing and Hangzhou. New supply reached 1.07 million sq. m., a decline of 19% y-o-y. Vacancy held flat q-o-q at 25.0%. The nationwide average rental index fell 1.9% q-o-q, bringing the y-t-d decline to 6%, 2.3 pps. narrower than a year earlier.

Retail

New nationwide retail property supply totalled 720,000 sq. m. in Q3 2026, flat q-o-q. Net absorption fell 17% q-o-q to 620,000 sq. m. as shopping malls continued repositioning and some new projects opened below expected occupancy. Nationwide vacancy held at 7.5% at quarter end. Shopping mall ground-floor rents fell 0.5% q-o-q, with the y-t-d decline standing at 1.3%, 0.5 pps. wider than a year earlier.

Logistics

 Nationwide net absorption reached 2.63 million sq. m. in Q3 2026, up 24% y-o-y, with 3PL tenants accounting for 45% of new leasing volume. New supply totalled 1.88 million sq. m., over 1.0 million sq. m. of which was located in South China. The national average vacancy rate fell 1.1 pps q-o-q to 17.4%, while the national rental index declined 4.1% q-o-q.

Investment

A total of 102 transactions worth RMB 32.1 billion were completed nationwide in Q3 2026, a drop of 62% q-o-q and 47% y-o-y, amid a lack of large portfolio transactions. Logistics continued to drive new economy asset investment. Shanghai core office investment rebounded, with the city contributing 83% of national office transaction volume.