Knight Frank: The average rent of the best floor of high-quality shopping centers in Shenzhen decreased slightly by 0.4% at the end of 2025.

Sina Finance News on March 31st, today, Jones Lang LaSalle released the first quarter of 2026 Shenzhen retail market report, research shows that cautious expansion by merchants has slowed down the clearance of some projects. In order to increase the rental rates and create a better shopping atmosphere, some projects in the cultivation period have proactively reduced rents. The average rent of the best floor of Shenzhen high-quality shopping centers has slightly decreased by 0.4% to 694.1 yuan per square meter per month compared to the end of 2025. At the same time, the homogenization competition pressure between brands, coupled with uncertainty about future macroeconomic environment and market trends, has led to most brands taking a conservative stance on business expansion, slowing down investment pace; however, relatively mature high-quality shopping centers have benefited from customer traffic resilience, with rent stabilizing, and negotiations between landlords and tenants causing some high-quality shopping centers to struggle slightly in terms of vacant space clearance. Jones Lang LaSalle believes that by the end of 2027, Shenzhen is expected to have 1.057 million square meters of high-quality shopping centers gradually opening. The planned new supply in 2026 is 347,000 square meters, which will temporarily alleviate the competition pressure of existing projects and provide a time window for upgrading, renovation, and refined operations.