China office vacancies worse than zero-COVID levels in top cities

Sluggish economic recovery squeezes demand in Beijing, Guangzhou

20231004N shenzhen

Shenzhen logged the worst office vacancy rate among four major Chinese cities in the April-June period. © Reuters

YUSUKE HINATA, Nikkei staff writer

TOKYO -- Office vacancy rates in China are now higher than they were under the country's severe zero-COVID restrictions, delivering a further blow to the nation's struggling property sector.

Vacancies at top-quality Grade A office properties rose on the year in China's top cities -- Beijing, Shanghai, Guangzhou and Shenzhen -- for the April-June quarter, British real estate services provider Savills reports.

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