Shanghai commercial real estate bulk transactions hit an 11-year low in 2025, with rental prices continuing to fall.

A report recently released by the global renowned commercial real estate service and investment firm, JLL, shows that by 2025, the rental prices of Shanghai's Grade A office buildings, retail properties, logistics real estate, industrial parks, and other commercial real estate sub-sectors are still in a downward trend. The transaction volume in the bulk market continues to decline, but there are signs of moderate recovery in market demand in the fourth quarter. In 2025, Shanghai's commercial real estate bulk transaction market accumulated a total of 89 transactions, recording a transaction volume of approximately 48.7 billion yuan, a 15% year-on-year decline, marking the second consecutive year of decline and also reaching a new low in transaction volume since 2014. Among them, office assets remain the focus of investor allocation, accounting for 52% of the transaction volume. Following that, long-term rental apartments accounted for 15% of the transaction volume, retail properties accounted for 13%, hotels accounted for 8%, industrial parks accounted for 6%, and data centers accounted for 5%.