"Alongside policy support for traditional occupiers, a new source of demand is emerging from more client-facing uses of office space. While this remains relatively limited in scale, it is helping support leasing activity in selected buildings."

"Leasing demand has remained broadly stable, but the upcoming wave of new supply is expected to place greater pressure on landlords and intensify competition across submarkets."

"Although occupier sentiment improved and leasing activity picked up in Q1/2026, most landlords remained cautious, offering highly competitive terms to attract tenants amid continued market pressure."

"In the current environment, institutional investors remain cautious. Even so, 2025 en-bloc deals showed clearer preferences, with buyers placing greater emphasis on cash flow and long-term stability."

"Q4/2025 leasing activity improved noticeably, but the market remains structurally oversupplied, and further vacancy pressure is likely as new projects come online in 2026."

"We are moving from a volume-driven market to one defined by selectivity, execution and cash-flow resilience."

"The sustained influx of new office supply in the coming years will intensify market competition and usher the supply–demand rebalancing process into a more challenging phase."

"East Financial City will formally enter the market next year. With a concentrated wave of completions, this submarket is set to remain a key focus for occupiers and landlords over the coming years."

"In addition to the continued low level of new supply, Chengdu’s large population base—coupled with sustained net inflows—remains the strongest underpinning for the city’s consumer market."

"In the current market, value is created through operations, not optimism. Assets that can be run well will outperform, regardless of headline sentiment."