Shanghai Figures Q2 2026

Office
Four new projects totalling 261,302 sq. m. were completed in Q2 2026. Net absorption rose by 14% q-o-q to 168,104 sq. m., making six consecutive quarters of growth. TMT, finance, and business service led new demand, with funds and internet firms displaying solid expansion momentum.

Retail
Four new malls providing 472,000 sq. m. of space were added this quarter. Net absorption totaled 431,964 sq. m., while vacancy remained at 9.2%. New fashion and F&B dominated leasing demand, with functional outdoor wear and specialty tea brands among the most active tenants.

Logistics
Two new projects totaling 202,000 sq. m. were completed during the period. Driven by strong demand from 3PLs and the manufacturing sector, net absorption reached 124,000 sq. m.. The addition of new supply pushed up the vacancy rate by 0.1 pps. q-o-q to 22.6%. 

Business Park
TMT remained the largest demand driver, accounting for 48.6% of leasing activity, led by system solutions (22.0%), semiconductors (10.0%), and gaming (9.6%). Consumer retail, industrial manufacturing, and professional services followed.

Investment
A total of 35 transactions worth approximately RMB 14.44 billion were recorded in Q2 2026. For the half year, 61 transactions amounting to RMB 27.35 billion were recorded. Both transaction count and total volume rose q-o-q, indicating improving market activity.