Zhongzhi Research Institute: The commercial real estate market will continue to exhibit a weak supply and demand trend in 2025

On March 26, the China Index Academy released the “2026 Research Report on the Top 100 Commercial Real Estate Companies in China,” which shows that in 2025, the commercial real estate market will continue to experience weak supply and demand.
From the perspective of scale performance, the commercial real estate market has entered the era of stock, with companies adopting cautious expansion strategies and continuing to focus their layouts in high-tier cities. In 2025, 60% of newly opened shopping centers will be located in first- and second-tier cities.
From the development trend, the commercial real estate industry is welcoming multiple opportunities such as the upgrading of consumer scenarios, revitalization of stock commercial office assets, and pilot programs for commercial real estate REITs, with the industry’s development focus gradually shifting towards “improving quality and efficiency.”

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