Anonymous1 day ago
DeepSeek, Alibaba, and a wave of AI startups are driving a measurable uptick in office leasing across China's Tier-1 cities, with TMT firms accounting for over 70% of new Beijing leases in Q1 2025. But with national vacancy rates above 20%, over 300 million square meters of space under construction, and rents still falling double-digits in top markets, analysts at Oxford Economics and Capital Economics warn the structural oversupply could take a decade to absorb — raising the question of whether a handful of high-profile tenants can compensate for an industry-wide crisis.