wuhan office

"KIC Corporate Avenue added new supply to the market, while leasing activity improved during the quarter, supported by relocations and upgrades. Rents remain under pressure, though the pace of decline is easing."

"In 2025, annual new supply reached 358,000 sqm, marking a sharp YoY increase. By year-end, the average vacancy rate rose to 42.7%, a new record high, while the pace of rental correction accelerated through the year."

"During Q3/2025, with rental decline remaining, market take-up increased compared to last quarter. On the demand side, the service sector continued to expand steadily. Co-working space providers’ performance varied."

"With the continuous new supply during H1/2025, the average vacancy rate by quarter-end exceeded 40%. Despite resilience in the IT and service sectors, rental declines accelerated."

"In 2024, annual new supply reached 35,000 sqm, with an over 70% YoY decrease, but net absorption declined YoY as well. By year end, the average vacancy rate was down to 38.2% and the rent decline accelerated throughout the year."

"During Q3/2024, market take-up increased while rental decline accelerated. On the demand side, the service sector continued to expand steadily. In addition, SOEs’ leasing transactions boosted market de-stocking."

"Q2/2024, no new supply was launched onto the Wuhan Grade A Office market for three consecutive quarters. Service sector remained active in the leasing market, pushing the vacancy rate down to 38.8%. Limited new supply present destocking opportunities, but the rental decline is expected to persist."