2023 H1 Shenyang Office Market Overview
In H1 2023, demand in Shenyang‘s office market solidified as the economy recovers. Energy & chemicals, and financial companies led leasing transactions with net absorption of over 24,000 sqm (258,000 sq ft). Driven by the new supply, vacancy rose slightly by 1.0 percentage point. As business and market sentiment improved, the number of leasing inquiries and showings rebounded from last year, and rents showed a slight increase. Landlords Tenants are increasingly demanding turnkey move-ins. We recommend landlords actively launching small-sized customized products to stay close to these customer needs and strengthen their competitiveness. Tenants We recommend that tenants with relocation plans focus on the value-for-money and project quality, such as new or better located projects, or furnished office space. With the amble supply available, now is a good time to clarify long term real estate strategies and choose projects that match these goals.