The current state of office vacancies in major Chinese cities surpasses

The current office vacancy rates in China have surpassed the levels observed during the country's stringent zero-COVID measures, further exacerbating the challenges faced by the nation's ailing property industry.

There are now available positions in prestigious Grade establishments. According to a survey by Savills, a British real estate services company, there was an increase in office properties in China's major cities, namely Beijing, Shanghai, Guangzhou, and Shenzhen, during the second quarter of the year.

The city of Shenzhen experienced a significant increase in job vacancies, with a growth of 4.1 percentage points compared to the previous year, resulting in a vacancy rate of 27%. This statistic represents the highest vacancy rate among the four cities under consideration. The office rental rate in Guangzhou, which was previously regarded as one of the most robust markets for office space in China, had a significant increase of 5.9 percentage points, reaching a 10-year peak of 20.8%.