Investment Rating - The report indicates a positive outlook for the Beijing real estate market, particularly in the office and logistics sectors, driven by institutional investor activity and market demand [3][28]. Core Insights - The Beijing office market saw a continuous increase in relocation transactions, with significant demand from the TMT sector, while the retail property market remains active with ongoing upgrades to older projects [3][11]. - The logistics market is experiencing heightened demand for cost reduction and upgrades, with a notable shift towards lower-cost alternatives [3][16]. - The overall property investment market is characterized by a balanced distribution of transaction types, with institutional investors accounting for over half of the transaction volume [3][28]. Summary by Sections Office Market - In Q4 2024, two new projects in Zhongguancun and Lize added 129,000 square meters of office space, but the total new supply for the year was only 192,000 square meters, a 74% decrease year-on-year [5]. - New leasing demand decreased by 5% year-on-year, but relocation transactions accounted for 80% of new leasing area, setting a historical record [5]. - The TMT sector was the primary driver of new leasing demand, followed by the financial sector, which saw a decline due to industry consolidation [5][20]. Retail Market - The retail property market welcomed four major shopping centers in Q4 2024, bringing total new supply close to 1 million square meters for the year [11]. - Consumer spending faced pressure, with a 2.8% year-on-year decline in total retail sales, particularly in dining and apparel sectors [12]. - The average rent for shopping centers decreased by 1.2% for the year, with non-core areas seeing more significant adjustments [13]. Logistics Market - The logistics market recorded a total new supply of 332,000 square meters in 2024, with a negative net absorption of -93,000 square meters for the year [16]. - The demand for third-party logistics was significant, accounting for 35% of new leasing area, while traditional manufacturing demand declined [16]. - The average rent fell to 50.8 yuan per square meter per month, with a year-on-year decline of 9.2% [17]. Investment Market - In Q4 2024, the property investment market recorded 16 transactions totaling 9.93 billion yuan, a 129% increase quarter-on-quarter [28]. - Institutional investors accounted for 51% of the transaction volume, reflecting a shift in buyer composition [28]. - The report highlights a growing interest in retail properties and industrial logistics, with a more balanced distribution of asset types in transactions [28][29].

Investment Rating - The report does not explicitly state an investment rating for the Suzhou office market. Core Insights - The Suzhou office market has seen a significant decline in new rental demand, with a net absorption of -6,759 square meters in the third quarter of 2024, indicating a weak market performance [15][17]. - The overall vacancy rate has increased to 23.6%, up by 0.2 percentage points from the previous quarter, reflecting a growing supply-demand imbalance [15][17]. - Average rental prices have continued to decline, with the current rate at 78.9 yuan per square meter per month, down 0.8% from the previous quarter [15][19]. Market Overview - The total stock of office space in Suzhou is approximately 3,409,886 square meters, with an average rental price of 78.9 yuan per square meter per month and a vacancy rate of 23.0% [11]. - The report highlights that there were no new projects launched in the third quarter of 2024, contributing to the negative net absorption [15][17]. - The demand for office space is primarily driven by the industrial manufacturing sector, followed by the financial sector, particularly insurance, and professional services [25][26]. Supply and Demand Analysis - The report indicates that the supply of office space is expected to remain robust, with an anticipated supply of 396,000 square meters from 2024 to 2027 [29]. - The demand analysis shows that internal capital remains the dominant force in the market, despite an overall slowdown in new rental demand [27]. - The report notes that the rental demand is concentrated in the East and West Lake areas of Suzhou [27]. Rental Trends - The average rental price has been on a downward trend, with a reported decrease of 0.8% in the third quarter of 2024 [19]. - The report indicates that some projects are adjusting their rental strategies due to market competition and rising vacancy rates [19]. Future Outlook - The report forecasts a continued decline in net absorption and an increase in vacancy rates, with expectations of a challenging market environment in the near term [31].

Investment Rating - The report indicates a positive outlook for the Chengdu real estate market, particularly in the office and retail sectors, driven by increased supply and demand recovery [1][20]. Core Insights - Chengdu is positioned as a western economic center and is expected to benefit from national strategic initiatives, leading to high-quality development opportunities [1]. - The office market in Chengdu saw a significant increase in supply, with approximately 325,000 square meters added in Q3 2024, marking the largest quarterly supply in nearly a decade [2][3]. - Despite the high supply, demand remains subdued, with net absorption recorded at only 16,000 square meters, a decrease of 59.5% compared to the previous quarter [3]. - The vacancy rate for the overall market increased by 2.3 percentage points to 26.5%, with Grade A office vacancy rising to 33.7% [3]. - The TMT sector continues to dominate demand, accounting for 28.5% of new leases, followed by the financial and consumer services sectors [4][6]. - The retail market experienced a temporary boost in foot traffic during the summer, but overall consumer spending growth slowed to 1.9% from January to August [10][11]. Summary by Sections Office Market - In Q3 2024, the Chengdu office market saw a net absorption of 16,000 square meters, with a significant increase in supply leading to a higher vacancy rate [3][4]. - The demand for smaller office spaces (300-500 square meters) increased, while larger spaces (3,000 square meters and above) saw a decline [5]. - The upcoming Q4 2024 is expected to see an additional 309,000 square meters of office space delivered, pushing total stock over 10 million square meters [5]. Retail Market - The retail property market did not see new shopping center openings in Q3 2024, but two new projects added 150,000 square meters of commercial space [9]. - The demand for retail space is shifting, with local brands expanding and a notable increase in the number of first stores opening in key commercial areas [11][12]. - The retail market is expected to see 320,000 square meters of new supply in Q4 2024, indicating a recovery in the sector [13]. Logistics and Warehousing Market - The logistics market recorded negative net absorption for the third consecutive quarter, primarily due to reduced demand from e-commerce [16]. - The overall vacancy rate in the logistics sector increased to 11.7%, with rental prices declining by 4.5% [16][19]. - The upcoming Q4 2024 is projected to introduce 169,000 square meters of new high-standard warehouses [16]. Investment Market - In Q3 2024, the Chengdu investment market recorded two major transactions totaling approximately 160 million yuan, primarily involving commercial and logistics properties [20]. - Recent financial policies are expected to boost confidence in the real estate market, with core assets likely to recover first due to their higher asset value [21].

2024年 第三季度深圳房地产市场 回顾 CBRE 办公楼市场科技需求持续发力 深莞惠物流市场租金稳步上涨 2024年第三季度末,国务院批复深圳 城市定位再升级,都市核心区再扩 容,这一利好预计将带动深圳经济修 | --- | --- | |----------------------------------|-------| | | | | | | | 复提速,并推动多区域市场不断向 | | | 好。聚焦第三季度,深圳优质办公楼 | | | 市场，科技需求继续领衔市场，人工 | | | 智能、智能家居、机器人企业租赁持 | | | 续发力。优质零售物业市场迎来新项 | | | 目开业潮，但空置率依然保持低位。 | | | --- | --- | --- | |----------------------------------|-------|-------| | | | | | 密集供应带动以服饰为首的零售需求 | | | | 引领市场，与此同时餐饮业活跃度持 | | | | 续。优质物流仓储市场低空置率继续 | | | | 推动深莞惠三地租金稳升，跨境电商 | | | | 需求波动令租金涨幅小幅收窄。优 ...

Office Market - The Beijing office market saw a 49% QoQ increase in new lease transaction area, but it was still 7% lower YoY [3] - Relocation activities dominated the new lease market, accounting for 82% of the total new lease area, an 11 percentage point increase QoQ [3] - Financial technology, fund, and insurance tenants drove the financial sector back to the top of demand, while TMT remained stable in second place [3] - The overall vacancy rate dropped by 0.7 percentage points QoQ to 21.0%, but the average rent fell by 3.1% QoQ to RMB 265.8 per square meter per month [3] - Emerging submarkets like Lize, Shijingshan, and Tongzhou contributed 86% of the net absorption, which increased by 160% QoQ to 125,000 square meters [3] Retail Market - The Beijing retail market saw a slight decline in vacancy rate to 7.2% QoQ, with the opening of Tongzhou Shoukai MixC injecting new vitality [6] - High-end retail and dining demand remained weak, with some international brands closing stores, while affordable dining and snack brands saw growth [6] - The average first-floor rent in shopping centers fell by 0.7% QoQ to RMB 31.4 per square meter per day, with notable declines in Zhongguancun, Wangjing, Xidan, and CBD [7] - Future supply includes 960,000 square meters of new retail space in non-core areas, with projects like Haidian Joy City and Changping Shadi Wanda Plaza [8] Logistics Market - Beijing's logistics market saw no new high-standard warehouse projects in Q3 2024, with transaction volume down 25% QoQ [9] - Net absorption was negative for the third consecutive quarter at -38,000 square meters, pushing the vacancy rate to a record high of 24.4% [9] - Average rents fell by 4.1% QoQ to RMB 51.9 per square meter per month, with Tongzhou and Majuqiao showing relatively higher activity [9] - Langfang and Tianjin saw increased demand, with net absorption rising by 56% and 8.3% QoQ, respectively, driven by manufacturing and third-party logistics [10] Business Parks - The Beijing business park market recorded one new project delivery in Q3 2024, adding 39,000 square meters of industrial space [12] - Net absorption hit a historic low of -63,000 square meters, driven by TMT sector adjustments and limited new demand [13] - TMT accounted for nearly 50% of new lease demand, while the healthcare sector remained stable at 20% [14] - Average rents fell by 1.1% QoQ to RMB 150.8 per square meter per month, with some submarkets like Zhongguancun Software Park showing resilience [14] Investment Market - Beijing's property investment market recorded nine transactions totaling RMB 4.34 billion in Q3 2024, down 64% QoQ and 73% YoY [19] - Retail and office properties accounted for 28% and 20% of total transaction volume, respectively, with retail activity boosted by REITs expansion [19] - Core areas accounted for half of the transaction volume, with the largest deal being the Chongwenmen New View Business Building in Dongcheng District [20] - Investor interest in core assets increased as asset prices continued to decline, with capitalisation rates expanding across sectors [20]

Investment Rating - The report indicates a marginal improvement in the Beijing office market, with a focus on emerging areas, while core market adjustments lead to accelerated rent declines [1][7]. Core Insights - The Beijing office market saw a 49% quarter-on-quarter increase in new lease transaction area, although it remains 7% lower than the same period last year [7]. - The retail property market is experiencing weak demand from high-end brands, while mass consumption continues to grow, leading to a downward trend in market rents [1][10]. - The logistics market in Beijing faces cooling demand, with intensified rent declines and ongoing demand release in surrounding areas [1][14]. - The TMT sector continues to adjust, with only two sub-markets absorbing demand, resulting in overall rent declines [1][18]. Office Market Summary - No new projects were delivered in the office market during the third quarter of 2024, with a net absorption of 125,000 square meters, a 160% increase quarter-on-quarter [7]. - The overall vacancy rate decreased by 0.7 percentage points to 21.0%, but average rents fell by 3.1% to 265.8 yuan per square meter per month [7]. - The demand from the financial sector has returned to the forefront, driven by fintech, funds, and insurance tenants [7][8]. Retail Property Market Summary - The retail property market's vacancy rate slightly decreased to 7.2%, but high-end consumption remains weak, with a 4.6% decline in restaurant and 0.5% in retail revenues [10][11]. - New store openings in high-end brands have slowed, while affordable dining and retail formats are gaining traction [10][11]. - The average rent for first-floor shopping centers fell by 0.7% to 31.4 yuan per square meter per day [11]. Logistics Market Summary - The logistics market recorded a negative net absorption of 38,000 square meters, with an overall vacancy rate reaching a historical high of 24.4% [14]. - Average rents in the logistics sector fell by 4.1% to 51.9 yuan per square meter per month [14]. - The third-party logistics sector accounted for 51% of new lease areas, with demand from manufacturing and consumer goods also noted [14]. Business Park Market Summary - The business park market recorded a historical low net absorption of -63,000 square meters, with TMT sector adjustments leading to limited new lease demand [18][19]. - Only two sub-markets, Zhongguancun Software Park and Shunyi, recorded positive absorption [19]. - Average rents in the business park sector decreased by 1.1% to 150.8 yuan per square meter per month [19]. Property Investment Market Summary - The property investment market in Beijing recorded a total transaction volume of 4.34 billion yuan, down 64% quarter-on-quarter and 73% year-on-year [25][26]. - Retail properties and pure office segments accounted for 28% and 20% of total transaction volume, respectively [25]. - The market is seeing increased activity in consumption infrastructure REITs, with notable transactions in community shopping centers [25][26].

Investment Rating - The report indicates a cautiously optimistic investment rating for the office leasing sector in China over the next three years, with 38% of surveyed tenants planning to increase office space, a slight decrease from 42% in 2023 but higher than the 35% average over the past three years [4][8]. Core Insights - The report highlights that new productivity sectors, particularly technology, internet, manufacturing, and life sciences, are driving demand for office space, while traditional sectors like finance and real estate show weakened momentum [10][34]. - Cost considerations are central to leasing decisions, with flexible lease terms and rental reductions being the primary factors influencing tenants' decisions to renew or relocate [13][14]. - The focus on enhancing employee well-being and optimizing space efficiency is evident, with companies planning to reduce underutilized office space and improve overall office experiences [22][25]. Summary by Sections Section 1: Leasing Demand - Companies exhibit cautious optimism regarding office space expansion, with 38% planning to increase space over the next three years, down from 42% in 2023 [4][8]. - The report notes a significant reduction in the proportion of companies planning to significantly increase or decrease their office space, indicating a shift towards stability in business development [8]. Section 2: Location Strategy - Cost remains the core factor in relocation decisions, with 71% of tenants prioritizing rental reductions or flexible lease terms, followed by 60% considering location advantages [6][13]. - The report emphasizes the importance of amenities and services, with public transport accessibility and commercial facilities being highly valued by tenants [15][16]. Section 3: Office Space - Companies are focusing on optimizing office space usage, with an average occupancy rate of 71%, and many firms planning to reduce underutilized areas [22][25]. - The report indicates a trend towards shared workspaces, with a projected increase in the ratio of employees to desks from 1.19 to approximately 1.3 over the next three years [25]. Section 4: Environmental, Social, and Governance (ESG) - The report shows a growing commitment to sustainability, with 31% of companies having set net-zero targets, and a notable emphasis on green building certifications in leasing decisions [32][34]. - There is a trend towards "brown asset" discounts, with 20% of tenants considering rental reductions for buildings lacking green certifications, reflecting a balance between long-term ESG strategies and short-term financial goals [34][39]. Section 5: Survey Background - The survey conducted by CBRE took place from May 27 to June 30, 2024, involving 237 respondents from various sectors [63].

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