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East China Tier II Cities Office Market Update H1 2022

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A large amount of new supply will lead to a highly competitive market

Insights & recommendations

In H1 2022, the office market in Tier II cities was stable, but with sporadic social distancing restrictions, rents trended downward, and absorption declined compared to H2 2021. Due to the large number of new buildings entering the market, overall rent showed a slight decline, and vacancy rose slightly. The TMT, finance and professional service industries were the main demand drivers. With corporations restructuring and upgrading their offices, along with favorable incentive policies, some enterprises relocated to chase subsidies or upgrade their locations.

  •  There is a large volume of new supply planned. We recommend landlords provide more flexible leasing terms, pay attention to tenants' upgrading needs, and provide better supporting facilities to attract and retain tenants. We also recommend landlords pay attention to the potential needs of emerging industries, such as biomedicine.

East China Tier II Cities Office Market Update H1 2022

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