Offices in China’s biggest cities are emptier than they were during stringent Covid lockdowns in what analysts say is a sign of how the country’s economic slowdown has hurt business confidence.
In June at least a fifth of high-end office space was vacant in the tech hub of Shenzhen, according to data from three real estate agencies, while office vacancy rates in Beijing, Guangzhou and Shanghai are also higher than in June 2022. Overall, rents are at least a tenth lower than they were two years ago.
The rise of flexible working has made it hard for developers to fill office space in cities such as London and San Francisco but in Chinese cities, where far fewer people work from home, analysts say a slowing economy is at fault.
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