How much cheaper is Class B than Class A in Shenzhen?

Typically 30–60% on rent, with materially higher vacancy and weaker concessions. The gap has widened since 2020.

Class B office in Shenzhen typically trades 30–60% below Class A on rent, with materially higher vacancy and a much harder lease-up profile.

Class A asking: 290 CNY/sqft; Class B typically 30–60% below.
Vacancy gap is structural — Class B carries the long tail.
Repricing of Class B is the defining feature of post-2020 office markets.
Conversion (residential / mixed-use) is now a real exit for Class B in many Shenzhen submarkets.

Shenzhen Class A vs Class B office

Class B office in Shenzhen typically trades 30–60% below Class A on rent, with materially higher vacancy and a much harder lease-up profile.

TL;DR

Class A asking: 290 CNY/sqft; Class B typically 30–60% below.
Vacancy gap is structural — Class B carries the long tail.
Repricing of Class B is the defining feature of post-2020 office markets.
Conversion (residential / mixed-use) is now a real exit for Class B in many Shenzhen submarkets.

Why the spread keeps widening

Flight-to-quality has compounded since 2020. Tenants signing 10-year leases default to certified, amenitised Class A — Class B can't compete on talent attraction or ESG scoring. Shenzhen mirrors this global pattern.

Where Class B still wins

Cost-sensitive operations, back-office functions, satellite teams, and budget-constrained scale-ups still find Class B fit-for-purpose. The premium for Class A should always be evaluated against actual ROI, not brand.

Key facts

city	Shenzhen
country	China
region	APAC
classARentLocal	290 CNY/sqft/yr
classARentUsd	$40/sqft/yr
vacancy	24.8%
typicalLeaseYears	5
typicalRentFreeMonths	10
submarkets	5
primeYieldPct	5.4%

Frequently asked questions

How much cheaper is Class B than Class A in Shenzhen?: Typically 30–60% on rent, with materially higher vacancy and weaker concessions. The gap has widened since 2020.

Editorial provenance

Reviewed by Kenji Watanabe — APAC contributing editor. Last updated 2026-04-15. See our methodology and editorial standards.

Primary sources for this page

CBRE Marketview reports — CBRE
JLL Office Insight — JLL
Cushman & Wakefield Marketbeat — Cushman & Wakefield
Savills World Research — Savills
Colliers Global Office Outlook — Colliers

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