China Figures Q2 2026

OFFICE

Nationwide net absorption reached 570,000 sq. m. in Q2 2026, a rise of 9% q-o-q. New set-up and expansion volume grew nearly 30% y-o-y, underpinned by marginal increases in demand. New supply reached 850,000 sq. m., flat q-o-q but a drop of 24% y-o-y. Average vacancy was largely unchanged at 25%. The nationwide average rental index fell 2.2% q-o-q, closing out H1 2026 with a 4.0% decline, narrowing by 1.6-pps. y-o-y.

RETAIL

New nationwide shopping mall supply totalled 700,000 sq. m., slightly below the previous quarter’s figure. Average vacancy edged down 0.1-pps. q-o-q to 7.5%. Average ground-floor rents fell 0.5% q-o-q, bringing the H1 2026 decline to 1.0%.

LOGISTICS

Nationwide logistics net absorption reached 2.73 million sq. m. a rise of 119.6% q-o-q. Third-Party Logistics (3PL) tenants accounted for 54% of new leasing. South China net absorption reached 1.09 million sq. m., the highest in six quarters. New supply remained elevated at 2.13 million sq. m. while rents fell 2.5% q-o-q nationwide.

INVESTMENT

A total of 109 commercial real estate investment transactions worth a combined RMB 83.9 billion were completed in Q2 2026, a rise of 39% q-o-q. Investment volume for H1 2026 reached RMB 144.2 billion, setting a new record for a first half period.