Note: Data for 2025 as of November Source: JLL Research

Therefore, Grade A office buildings in these emerging districts are receiving large-scale office upgrade demand and relocations from small-to-medium-sized tenants from emerging industries. By the end of 2025, the average vacancy rates in the Pazhou and GZIFT submarkets declined by more than 6 and 13 percentage points, respectively, from their three-year highs. As the market strengthened, the rate of rental decline also slowed. The quarterly decrease in rent narrowed from nearly 5% to less than 2% in the fourth quarter of 2025.