Greater China retail supply/demand trends – new concepts for a changing market
The total prime retail property stock of the core markets in 16 major cities in Greater China tracked totaled 106 million square meters (1.14 billion square feet) in second quarter 2023, according to Cushman & Wakefield in its annual Greater China Retail Supply/Demand Trends report.
Many international and domestic brands either opened their first store or accelerated their business expansion in China, demonstrating an increasing demand for retail space in the market. The total premium core city retail property net absorption across the Greater China market for the first half of the year was 2.66 million square meters (28.6 million billion square feet). The overall vacancy rate seen in the 16 major cities in Greater China decreased to 11 percent in second quarter 2023.
“Since 2023, China’s Ministry of Commerce has organized a number of ‘Consumption Boosting Year’ activities and introduced a series of measures to optimize consumption supply and boost