Guangzhou Records First Drop in Leased Office Space in a Decade

Net rental growth of prime office space in Guangzhou slipped into reverse in 2022 for the first time in 10 years, signaling cooling business activity in the southern China metropolis, according to global real estate consultancy Cushman & Wakefield.

The net leased area in Grade A office buildings in Guangzhou declined by 1,130 square meters in 2022 from 2021, Cushman & Wakefield data showed. Measured as net absorption volume, the figure is a deduction of commercial space vacated by tenants and made available on the commercial space market from total space leased up.