Shenzhen’s Leased Office Space Contracts in Q3, Driving Up Vacancy Rate

The net rental growth of Shenzhen’s prime office buildings slipped into negative in the third quarter of the year, pushing up the vacancy rate to 22.7%, data from global real estate consultancy Cushman & Wakefield shows.

In the tech hub, there has been more drop-off and reduction in rental space of 21,000 square meters than those newly leased areas in Grade-A office buildings in Q3, according to the data.