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Demand failed to keep pace, with total office net absorption rising only 2.3 million square metres, pushing overall vacancy rates across the region up by 1 percentage point to 25.4 per cent over the period, it added.
Prime office rents declined between 3.9 per cent and 16 per cent in 2025 in gateway markets, with Beijing seeing the largest retreat, the report showed.
“Large-scale future supply, combined with global uncertainties and structural pressures on the domestic economy, will further exacerbate broad-based market headwinds,” said Xiaoduan Zhang, head of research for south and central China at Cushman. “But accelerated development of new quality productive forces and ongoing supportive policies will drive gradual leasing demand growth in relevant sectors.”
