Beijing ($45/sqft, 18.5% vacancy) and Shenzhen ($40/sqft, 24.8% vacancy) compete on different axes: Beijing on talent depth and Shenzhen on rent and tax.
Beijing ($45/sqft, 18.5% vacancy) and Shenzhen ($40/sqft, 24.8% vacancy) compete on different axes: Beijing on talent depth and Shenzhen on rent and tax.
| Metric | Beijing | Shenzhen |
|---|---|---|
| Region | APAC | APAC |
| Country | China | China |
| Class A rent (USD/sqft/yr) | $45 | $40 |
| Class A rent (local) | 320 CNY | 290 CNY |
| Vacancy | 18.5% | 24.8% |
| Trend | softening | softening |
| Prime yield | 5.6% | 5.4% |
| Premium flex / seat / month (USD) | $580 | $540 |
| Submarkets covered | 5 | 5 |
| Corporate tax | 25% | 25% |
| Metric | Beijing | Shenzhen |
|---|---|---|
| Typical term | 5 yrs | 5 yrs |
| Typical rent-free | 8 mos | 10 mos |
| Lease norms | Net leases. 5-7 year terms standard. Free rent of 6-12 months and TI of CNY 1,000-2,000/sqm typical on a 5-year Class A deal. | Net leases. 5-7 year terms standard. Free rent of 8-15 months and TI of CNY 1,000-2,000/sqm typical on a 5-year deal. Concession environment is rich. |
| Tax note | 25% standard Chinese corporate income tax. 15% reduced rate for High and New Technology Enterprises (HNTE). Beijing offers tech-sector subsidies in Zhongguancun and the Beijing Free Trade Zone. | 25% standard Chinese corporate income tax. 15% Qianhai Free Trade Zone rate for qualifying enterprises. HNTE (15%) and other tech-sector incentives available. |
| Metric | Beijing | Shenzhen |
|---|---|---|
| Talent index (0–100) | 90 | 88 |
| Talent note | Deepest tech, finance, and government affairs talent in China. Strong feed from Tsinghua, Peking University, Renmin University, and a deep network of T-1 universities. Mandarin-only operating environment for most domestic tenants. | Deep tech, hardware engineering, and consumer electronics talent. Strong feed from Shenzhen University, Southern University of Science and Technology, and proximity to Hong Kong universities. Mandarin and Cantonese operating environment. |
Beijing: Beijing Subway (27+ lines, the world's largest by length). Beijing Capital Airport (PEK) and Daxing Airport (PKX) both rail-served. CBD walking access from multiple subway interchanges.
Shenzhen: Shenzhen Metro (16+ lines). Shenzhen Bao'an Airport (SZX) rail-served via Line 11. High-speed rail to Guangzhou (~30 minutes), Hong Kong (~14 minutes via Futian-West Kowloon).
Shenzhen is the cheaper Class A market on a USD basis.
Beijing has the deeper talent index (90/100 vs 88/100).
Tax rates are tied.
Beijing typical term is 5 years with 8 months free; Shenzhen runs 5 years with 10 months free.
Beijing: Beijing Subway (27+ lines, the world's largest by length). Beijing Capital Airport (PEK) and Daxing Airport (PKX) both rail-served. CBD walking access from multiple subway interchanges. Shenzhen: Shenzhen Metro (16+ lines). Shenzhen Bao'an Airport (SZX) rail-served via Line 11. High-speed rail to Guangzhou (~30 minutes), Hong Kong (~14 minutes via Futian-West Kowloon).
Score Beijing, Shenzhen and up to two more markets side-by-side on Class A rent, vacancy, talent, corporate tax, and premium flex pricing — all in USD.
Reviewed by Kenji Watanabe — APAC contributing editor. Last updated 2026-04-15. See our methodology and editorial standards.