China Figures Q4 2024

OFFICE

New nationwide new office supply totalled 1.27 million sq. m. in Q4 2024, an increase of 32% q-o-q and 24% y-o-y. Net absorption improved on a q-o-q basis, rising by 46% q-o-q to 640,000 sq. m., although this marked a decline of 10% y-o-y. Nationwide office average vacancy rose 1-pps. y-o-y to 23.5%, while average rents dipped by a further 2.2% q-o-q.


RETAIL

New retail supply and net absorption reached 1.11 million sq. m. and 970,000 sq. m., respectively, in Q4 2024. Vacancy stablised at 7.3%. New supply and net absorption reached 3.73 million sq. m. and 3.52 million sq. m., respectively, for 2024, up 3% and 34% y-o-y.


LOGISTICS

National warehouse net absorption reached 2.5 million sq. m. in Q4 2024, a rise of 43% q-o-q. Cross-border e-commerce platforms continued to expand as new supply came on stream in south China, while domestic demand-related sectors expanded on the back of new stimulus. New supply reached 2.8 million sq. m. while average vacancy ended the year at 21.2%.


INVESTMENT

Commercial real estate investment volume totaled RMB 33.0 billion in Q4 2024, falling 49.4% q-o-q and 55.6% y-o-. Full-year transaction volume registered RMB 209.3 billion, a decline of 13% y-o-y, but the number of transactions increased by 6% to a record high. Offices accounted for largest share of investment volume, while numerous disposals by developers boosted retail investment volume.