Research

China Retail Property Market
Annual Report 2024

JLL presents the annual report with comprehensive analysis derived from tracking 40 major cities.

March 03, 2025

2024 has been designated as China's "Consumption Promotion Year," aimed at driving structural upgrades through trade-in programs and service innovation. JLL's comprehensive analysis of China's 40 major cities, including 21 Key Cities, highlights the following key trends in retail property market: 

Supply-Side: 

  • The prime retail stock in 21 key cities reached 149 million sqm, with 8.7 million sqm new supply added in 2024.

  • Nationwide, the total retail stock across the 40 tracked major Chinese cities exceeded 200 million sqm.

Demand-Side: 

  • Economic challenges have led to a reduction in discretionary spending, resulting in decreased new lease demand for fashion and F&B sectors in shopping malls.

  • In the evolution of consumption behaviors along with the rise of younger generations – GenZ, retail sectors such as entertainment, experience-based retailing, and strong IP-driven consumption have demonstrated a resilient, stabilizing or even expanding momentum against the broader retail market downturn.

Performance Metrics:   
 

  • Average ground-floor rents of prime malls saw a 3.3% YoY decline, a steeper drop compared to 2023.

  • Vacant retail spaces are gradually being reoccupied, with over half of the cities reporting a decline in vacancy rates.

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