"Several renowned retail brands have increasingly set foot or expanded in Shenzhen in the last two years as the city has continued to leverage its economic resilience and strong demographics. However, the retail property leasing market has demonstrated a growing concern for the recurrent covid cases and more fundamentally, the related prevention and control measures with negative consequences for the retail operations across the board."

"The IT sector has become the largest source of new transactions in 2021 for the fi rst time, accounting for 23% of the total newly leased area."

"Beijing Grade A office market kicked off with a weak start, as absorptions declined and the vacancy rate increased in Q1/2022. Besides, rents in major prime and sub-prime markets may rebound slightly in the short term, but rental growth in the long run is still expected to remain subdued."