Chengdu Class A Office Market

TL;DR

• Western China's deepest gaming cluster — Tencent, NetEase, Hoyoverse satellites.
• Tianfu New Area anchors the post-2015 trophy tier and high-tech zone.
• Class A vacancy north of 22% reflects substantial post-2022 supply delivery.
• Chengdu's western-China hub status anchors structural HQ migration from Shanghai and Shenzhen.

Overview

Chengdu's Class A market is anchored by a deep gaming cluster (Tencent, NetEase satellites; Hoyoverse), consumer-brand HQs, and growing semiconductor and aerospace tenancy. The Tianfu New Area and Chunxi Road core anchor the post-2010 trophy tier. Vacancy is elevated reflecting post-2022 supply delivery.

Market snapshot

Composite of Q1 2026 broker market reports for Chengdu (JLL, CBRE, Cushman & Wakefield, Colliers, Knight Frank, Savills).

Lease norms

Chinese gross structure (rent inclusive of property management fees). 3-5 year terms standard. Rent-free of 6-10 months on 5-year terms plus CNY 1200-2500/sqm TI typical.

Transit & access

Chengdu Metro (13 lines and counting). Chengdu-Chongqing high-speed rail and Chengdu Tianfu International Airport (TFU, opened 2021) plus Shuangliu (CTU). Tianfu Airport is connected by Metro Line 19.

Tax

Chinese corporate tax of 25% (15% for high-tech enterprise certified firms). 13% VAT. Sichuan / Chengdu fiscal incentives for Tianfu New Area.

Talent

Strong tech, gaming, semiconductor, and aerospace talent. Sichuan University, UESTC (University of Electronic Science and Technology of China), and Chengdu University anchor the regional pipeline. Strong post-2015 tech talent migration from Beijing, Shanghai, and Shenzhen.

Notable Class A buildings

• Tianfu Software Park · Tianfu New Area — Major software park anchor.
• IFS Chengdu · Chunxi Road — International Finance Square — heritage CBD trophy.
• Chengdu Global Center · Tianfu New Area — World's largest single building by floor area.
• Raffles City Chengdu · Tianfu New Area
• Tencent Chengdu HQ · Tianfu New Area — Tencent western-China HQ.

Class A submarkets in Chengdu

• Tianfu New Area — Post-2010 trophy and tech district. (trophy)
• Chunxi Road / Chenghua — Heritage CBD trophy core. (trophy)
• High-Tech Zone / Jiaozi Park — Tech and semiconductor corridor. (trophy)
• Jinjiang / Renmin South Road — Boutique CBD submarket. (prime)
• Wenjiang / Pi County — Western suburban Class A and university corridor. (established)

Chengdu deep-dives

• Rents and incentives — What does Class A rent cost and what concessions are typical?
• Sublease market — How deep is sublease">sublease availability and how does it price?
• ESG and LEED stock — How much certified stock exists and what premium does it command?
• Transit and commute — Which submarkets have the strongest transit access?
• Talent and salaries — What does the white-collar talent pool look like and how is it priced?
• Fit-out costs — What does a Class A fit-out">fit-out cost per square foot?
• Flex vs lease — When does premium coworking beat a traditional lease?
• Taxes and incentives — What corporate, occupancy, and property taxes apply?
• Neighborhoods overview — Which Class A submarkets exist and how do they compare?
• Notable buildings — Which trophy assets define the market?
• Class A vs Class B — What is the spread between Class A and Class B and why?
• Leasing conventions — What lease structures, terms, and concessions are normal?
• Expansion checklist — What is the operational checklist for opening here?
• Relocation guide — How do you move into this market from another city?
• Frequently asked questions — Quick answers to the questions occupiers ask most.
• Operating expenses — What service charges, OpEx, and pass-throughs apply on top of rent?
• Growth and availability — How tight is current availability and what does the pipeline look like?
• Sustainability pathways — How do tenants land net-zero or science-based-target leases here?
• Hybrid work policy — How are hybrid policies shaping office demand here?
• Security and redundancy — What security, power, and connectivity redundancy are standard?
• Lab and R&D space — What does R&D-grade or wet-lab space look like in this market?
• Brand experience — How do trophy buildings function as brand experiences and showpieces?
• Fund strategy and flag — Which submarkets carry the strongest investor flag for funds?
• Exit and renewal — How do you handle a Class A renewal or exit cleanly here?
• Market cycle position — Where is this Class A market in its cycle right now?

Frequently asked questions

What is the role of the Tianfu New Area?

Material. Tianfu New Area — south of central Chengdu — anchors the city's principal post-2010 trophy and high-tech submarket. Tencent, NetEase, ByteDance, and a deep gaming cluster.

How does Chengdu compare to other Chinese tier-2 markets?

Chengdu is the deepest tier-2 Class A market in western China. Gaming and consumer-brand depth is comparable to Hangzhou; semiconductor depth is shallower than Suzhou.

What is Hoyoverse's impact?

Hoyoverse (Genshin Impact developer) is anchored in Shanghai but maintains a deep Chengdu studio. Continued gaming HQ tenancy underwrites structural Class A demand.