Guangzhou Retail Q2/2026

“Guangzhou's large consumer market and solid economic fundamentals continue to support retail leasing demand. While F&B remains the primary driver of expansion, upcoming landmark projects should help attract a broader range of premium retail brands over the coming years”. ---- Carlby Xie, Savills Research



Market Upgrading Continues

• Guangzhou's GDP grew 6.0% YoY in Q1/2026, outpacing Beijing and Shanghai (both 5.9%) as well as Shenzhen (5.8%).

• No new prime shopping centres were completed during 1H/2026. Combined with the temporary withdrawal of one project for refurbishment, total retail stock fell 0.8% QoQ to 7.8 million sqm by the end of Q2/2026.

• Leasing activity rebounded in Q2/2026 as retailers resumed store expansion.

• Citywide net absorption returned to positive territory, reaching 15,000 sqm in Q2/2026 and 11,000 sqm for 1H/2026.

• The citywide vacancy rate fell 0.2 ppts QoQ to 12.3%, down 0.4 ppts YoY.

• F&B remained the dominant source of leasing demand, accounting for more than half of all new store openings.

• Several established brands accelerated their expansion into secondary retail catchments during Q2/2026.

• Average first-floor rents remained broadly stable at RMB609.9 psm pmth, with the rental index unchanged QoQ and down 0.1% YoY.