Mainland China, Hong Kong premium office supply to peak as demand lags, Cushman says
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Cushman & Wakefield reports that prime office supply in mainland China and Hong Kong is projected to peak in 2026, while demand lags due to economic slowdown and global uncertainties. In 2025, premium office inventory in 21 major Greater China cities increased to 99.2 million square meters, but net absorption failed to keep pace, raising overall vacancy rates to 25.4%. Hong Kong, Shanghai, and Shenzhen saw significant multinational firm leasing activity, while prime office rents declined across gateway markets, with Beijing experiencing the largest drop. New grade A office supply is expected to decrease from 8.5 million square meters in 2026 to 4.9 million square meters in 2028.
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AI-ExtractedPrime office rents declined between 3.9 per cent and 16 per cent in 2025 in gateway markets.
Total office net absorption rose only 2.3 million square metres, pushing overall vacancy rates across the region up by 1 percentage point to 25.4 per cent.
Premium office inventory in 21 major cities in Greater China amounted to 99.2 million square metres at the end of 2025.
New grade A office supply was estimated to reach about 8.5 million square metres this year.
Prime office supply in mainland Chinese cities and Hong Kong is estimated to peak this year.
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