Q3 2020 Market Report

In Q3, certain demand suppressed in H1 was released. However, as two new buildings entered the market with a total GFA of 190,000 sqm, the city’s vacancy rate was pushed up to 19.1%. Due to the increasing vacancy rate and tenants’ tight budget, several landlords without healthy tenant mix or under leasing pressure kept lowering rents and being flexible in rental negotiations, the Grade A office market thus saw rental decline in Q3.