1H 2024 China Retail Market Report

Tracking over 1,600 commercial projects across 21 key cities, JLL presents a comprehensive overview of China's retail market dynamics.

Supply: Q1 saw low new supply, with a slight increase in Q2. Overall, H1 supply fell 20.4% y-o-y, totaling 2.94 million sqm. Demand recovery remains slow, leading to cautious development.

Demand: Consumer demand is still weak. Catering sector demand is declining, while fashion is back on top. Entertainment, experience, and lifestyle services remain key leasing focuses. Anime culture is a new demand source in malls.

Key Indicators: The average vacancy rate has declined for five consecutive quarters. However, lower-tier cities face high vacancy rates, prompting incentive measures to boost occupancy. Average ground floor rents in prime shopping centers fell by 0.7 ppts in H1.

JLL's prime retail property market coverage in China