It's still Caixin who dares to say it! "In 2025, the supply and demand ratio of Grade A office buildings in the three first-tier cities will exceed 2 times, with vacancy rates all surpassing reasonable thresholds." The core points are three sentences: 1. Shanghai, Guangzhou, and Shenzhen office buildings have more supply than demand, with vacancy rates soaring, approaching 30% in Shenzhen. 2. Supply continues to increase, while corporate demand continues to shrink. 3. Office buildings are becoming high-management difficulty stock assets.