"In Q3/2024, the first new project of the year, Lanrun Ruichen Centre, brought nearly 30,000 sq m of new supply to the market. Leasing demand remained weak, but total surrender space declined significantly. In Q4/2024, approximately 100,000 sq m of new supply is expected in Tianfu New District, intensifying competition in the area."

"Chengdu is expected to see 200,000 sqm of Grade A office supply in H2/2024, adding to the over 4 million sqm of total stock at the time. The market will continue to face greater destocking pressure, as it may be difficult for rental demand to grow significantly in the short term."