What is the average Class A rent in Shenzhen?

Around 290 CNY/sqft/yr ($40 USD) across the broader Class A index. Trophy submarkets like Futian CBD command 20–40% above that.

How many months of rent-free are normal in Shenzhen?

10 months on a 5-year deal is the standard benchmark. Lease-up product or tenants with strong covenant strength can push higher.

Are rents rising or falling in Shenzhen?

The Shenzhen Class A market is currently softening. Vacancy is 24.8%, which sets the negotiating context.

Headline Class A rent in Shenzhen is around 290 CNY/sqft/yr ($40 USD), with 10 months of typical rent-free on a 5-year term.

Headline Class A rent: 290 CNY/sqft/yr ($40 USD).
Trophy submarket rents (Futian CBD) push to roughly ¥360/sqm/mo · ≈ $55.8 PSF/yr USD.
Typical concessions on a 5-year deal: 10 months free rent.
Vacancy stands at 24.8% — market trend is softening.
Use effective rent (face minus PV of concessions), not headline, to compare deals.

Shenzhen Class A office rents and incentives

Headline Class A rent in Shenzhen is around 290 CNY/sqft/yr ($40 USD), with 10 months of typical rent-free on a 5-year term.

TL;DR

Headline Class A rent: 290 CNY/sqft/yr ($40 USD).
Trophy submarket rents (Futian CBD) push to roughly ¥360/sqm/mo · ≈ $55.8 PSF/yr USD.
Typical concessions on a 5-year deal: 10 months free rent.
Vacancy stands at 24.8% — market trend is softening.
Use effective rent (face minus PV of concessions), not headline, to compare deals.

Headline rent vs. effective rent

Asking rents in Shenzhen are quoted in CNY per sqft per year. Across the broad Class A index the figure is 290, but the trophy tier in Futian CBD reaches roughly ¥360/sqm/mo · ≈ $55.8 PSF/yr USD. Always discount headline rent by the present value of free rent and fit-out-capex">tenant improvement allowance to land on effective rent — the only number that compares cleanly across deals.

Rent-free and TI

Standard Shenzhen concessions on a 5-year Class A lease run to 10 months of base-rent abatement. Trophy lease-ups can push rent-free 25–40% above that benchmark. Local cost-of-occupancy is also shaped by tax — 25% standard Chinese corporate income tax. 15% Qianhai Free Trade Zone rate for qualifying enterprises. HNTE (15%) and other tech-sector incentives available.

Where rents land by submarket

Futian CBD sits at the top end (~¥360/sqm/mo · ≈ $55.8 PSF/yr USD). Luohu clears around ¥220/sqm/mo · ≈ $34.1 PSF/yr USD as the prime tier. Bao'an Airport Corridor represents the value end at ~¥160/sqm/mo · ≈ $24.8 PSF/yr USD. The full submarket map is on the Shenzhen city page.

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%
trophyRent	¥360/sqm/mo · ≈ $55.8 PSF/yr USD
primeRent	¥220/sqm/mo · ≈ $34.1 PSF/yr USD

Frequently asked questions

What is the average Class A rent in Shenzhen?: Around 290 CNY/sqft/yr ($40 USD) across the broader Class A index. Trophy submarkets like Futian CBD command 20–40% above that.
How many months of rent-free are normal in Shenzhen?: 10 months on a 5-year deal is the standard benchmark. Lease-up product or tenants with strong covenant strength can push higher.
Are rents rising or falling in Shenzhen?: The Shenzhen Class A market is currently softening. Vacancy is 24.8%, which sets the negotiating context.

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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