Group 1 - CBRE Group is the global leader in the real estate service market, holding the 1 position in leasing, property sales, outsourcing, appraisal, and property management markets [1] - Financial institutions have consistently increased asset allocations to the real estate market over the past few years [1]

Economic Performance - In the first half of 2025, Guangzhou's economic performance improved compared to 2024, with positive trends in exports and retail sales [2] - From January to May 2025, Guangzhou's total retail sales reached 469.994 billion yuan, a year-on-year increase of 5.1% [3] Retail Innovation - Guangzhou has been recognized as a pilot city for retail innovation, supported by its strong commercial heritage and a large young population, with 1.68 million university students in 2024 [3] - The city is seeing significant investment in new commercial projects from leading operators like Swire, China Resources, and K11, enhancing the retail landscape [3] Shopping Center Upgrades - In 2026, Guangzhou will mark the fifth year of its initiative to build an international consumption center, with major shopping centers undergoing significant renovations to enhance competitiveness [4] - The focus of these upgrades is shifting from product-centered to consumer-centered experiences, emphasizing emotional value and spatial experience [4] Market Supply and Demand - In the second quarter, Guangzhou saw the addition of two community commercial projects, totaling 213,000 square meters, marking an 8.1% increase compared to the total supply in 2024 [5] - Retail property leasing activity is increasing, particularly in supermarkets and department stores, with notable changes in store formats and offerings [5] Rental Trends - In the first half of 2025, new retail brand leases accounted for 43% of total transactions, followed by dining (41%) and experiential formats (15%) [6] - Retail property rents in Guangzhou continued to decline, with a quarterly drop of 2.5% and a cumulative decrease of 3.6% in the first half of 2025, averaging 21.9 yuan per square meter per day [6] Future Developments - Four new retail projects, totaling approximately 300,000 square meters, are expected to enter the market in the second half of 2025, with a trend towards light asset operations [6]

Group 1 - The core viewpoint of the article indicates a slight recovery in the Shanghai office market in the first half of 2025, driven by strong performance in the finance, consumer goods manufacturing, and technology sectors [2][3] - In the first half of 2025, four new office projects were launched in Shanghai, with a total supply of 302,000 square meters, reflecting a 3.9% decrease compared to the previous period [2] - The net absorption in the Shanghai office market increased by 126.1% to 173,000 square meters, indicating a certain level of market activity despite challenges such as rising vacancy rates [2] Group 2 - The finance sector led the market with a 22% share, driven by demand from funds and non-bank financial institutions [2] - The consumer goods manufacturing sector ranked second with a 17% share, benefiting from the expansion needs of fast-moving consumer goods and home goods companies [2] - The technology, media, and telecommunications (TMT) sector ranked third with a 16% share, primarily driven by the expansion of cross-border e-commerce and internet platform companies [2] Group 3 - The professional services sector ranked fourth with a 10% share, supported by the relocation and expansion needs of legal and media companies [2] - A notable trend is the increasing preference for cooperative operation models among some property owners to enhance property attractiveness, with third-party office operations ranking fifth at 6% [2] - Looking ahead, approximately 770,000 square meters of new office supply is expected in the next six months, which may increase market competition but also enhance market liquidity and rental activity [3]

Core Insights - The Shanghai office market showed a slight recovery in the first half of the year, with demand driven by the finance, consumer goods manufacturing, and technology sectors [1] - The net absorption in the Shanghai office market increased by 126.1% year-on-year to 173,000 square meters [1] - Rental prices in the Shanghai office market decreased by 3.0% to 247.2 yuan per square meter per month, while effective rents fell by 4.3% to 174.4 yuan per square meter per month [1] Industry Demand - The finance sector led the demand for office space with a 22% market share, followed by consumer goods manufacturing at 17%, TMT (Technology, Media, and Telecommunications) at 16%, professional services at 10%, and third-party office operations at 6% [1] - The demand from fast-moving consumer goods and home furnishing companies significantly contributed to the growth in the consumer goods manufacturing sector [1] Investment Market - The Shanghai property investment market recorded 36 transactions totaling 23.01 billion yuan, a decrease of 29.7% compared to the same period last year [2] - Retail properties accounted for 28% of transaction volume, primarily involving commercial properties with stable leases, with 70% of transactions completed through judicial auctions [2] - Institutional investors were the most active buyers, contributing 69% of the total transaction volume, focusing on core office buildings, long-term rental apartments, and consumer-related properties [2] Future Outlook - Approximately 770,000 square meters of new office supply is expected in the next six months, which may increase market competition but also enhance market liquidity and leasing activity [1] - The core office assets in prime locations are anticipated to continue attracting risk-averse capital, while the accelerated disposal of non-performing assets may create investment opportunities [2]

Core Insights - The development of commercial real estate is shifting from "functional consumption" to "scenario consumption," reflecting a change in consumer preferences towards emotional and experiential spending [1][6]. Group 1: Urban Renewal and Commercial Projects - Two major urban renewal commercial projects were launched in Beijing in the first half of the year, with a total area of 240,000 square meters [2]. - The Zhonghai Dajixiang project, featuring traditional courtyard-style architecture, has become a top commercial destination in Beijing, achieving high occupancy rates [2][3]. - The overall opening area of commercial projects in the northern Beijing region reached 430,000 square meters, contributing to new commercial vitality [2]. Group 2: Cultural and Community Integration - The urban renewal strategy emphasizes "preserving the old while renewing," focusing on protecting cultural heritage and integrating commercial activities within historical contexts [2][5]. - The "micro-renewal" concept is being applied in certain neighborhoods, preserving traditional structures while introducing modern commercial elements [4][5]. - The integration of local cultural symbols into commercial experiences aims to create sustainable community development through resident participation and cultural preservation [5]. Group 3: Consumer Trends and Market Outlook - The rise of IP and emotional consumption is becoming a driving force in the commercial sector, with collectibles and experiential products gaining popularity among consumers [6]. - The second half of the year is expected to see over 390,000 square meters of retail properties opening in secondary business districts in Beijing, indicating ongoing growth in the market [8]. - Government initiatives are promoting the development of fashion and technology sectors to stimulate consumer activity and enhance the shopping experience [8].

智通财经APP获悉，世邦魏理仕香港顾问及交易服务-商铺部资深董事兼主管温运强表示，2025年上半 年零售市场仍保持稳定。展望下半年，随着本地消费及旅客人流改善，香港零售租赁预计将保持稳定。 餐饮运营商将继续主导租赁需求，特别是针对大众及中端市场的品牌。工业及物流方面，世邦魏理仕香 港顾问及交易服务-工业及物流部执行董事兼主管黎尚文表示，尽管短期内整体市场情绪预计仍将保持 审慎，但香港作为伦敦金属交易所认可的交收地点，除现有四个已获批设施外，对高规格金属储存仓库 的需求将持续上升。预计仓库租金2025年下跌0-5%。 随着旅客人流及人流量持续回升，加上整体零售销售在连续一年多的下跌后逐步稳定，部分零售商正以 审慎乐观的态度重新进场。核心区的租赁需求整体健康，店铺出租率亦逐步改善。核心区一线街铺供应 紧张持续支持租金轻微升幅。 2025年第二季度零售租赁动能较2024年下半年放缓。尽管零售商在此期间普遍保持审慎态度，但整体零 售销售跌幅有所收窄，并于2025年5月扭转下行趋势。核心区的空置率下降0.7个百分点至7.1%。空置率 下降带动租金按季上升0.9%，与2025年第一季度的升幅一致，使上半年的租金增长达到1 ...

Core Insights - Urban renewal and consumption upgrade have become hot topics this year, with the term "consumption" appearing 32 times in the government work report, indicating its importance in driving domestic demand [1] - The integration of urban renewal and commercial consumption is crucial for the future development of commercial real estate, as highlighted by industry experts [1] Urban Renewal as a Supply Leader - In Q2, urban renewal projects became the main source of new supply in the retail property market, with notable projects like Zhonghai Dajixiang in Beijing's old city area achieving high opening rates [2] - The total commercial area of the newly opened Changping Super Extreme He Shenghui West District reached 430,000 square meters, catering to diverse consumer needs and revitalizing the commercial landscape in the northern region of Beijing [2] - Despite a 3.7% decline in restaurant revenue from January to May, the restaurant sector showed resilience with a 48% share of all new openings in Q2, while other sectors like tea and juice experienced slower expansion [2] Rental Market Trends - The average rent for shopping centers in Beijing continued to decline in Q2, down 0.7% from the first half of the year to 30.8 yuan per square meter per day, influenced by increased competition and a cautious approach from high-rent brands [3] - The overall net absorption in Beijing for the first half of the year was 162,000 square meters, with a slight increase in the vacancy rate to 7.5% [3] Reshaping Commercial Logic - The shift from functional consumption to experiential consumption is reshaping commercial logic, with urban renewal reflecting three key characteristics: cultural activation, content-driven experiences, and symbiotic operations [4][5] - Projects are increasingly focusing on emotional connections and immersive experiences to attract consumers, as seen in the integration of designer stores and cultural elements in community commercial spaces [6] Future Outlook - The Beijing government is promoting four key development areas in the fashion industry to stimulate consumption, with a focus on technology, health, creativity, and fashion [6] - Predictions indicate that over 390,000 square meters of retail properties will open in secondary business districts in the second half of the year, amidst a reshuffling of the commercial landscape [7]

Group 1 - The report by CBRE indicates that in the first half of 2025, Beijing's total new supply of warehouse logistics projects reached 366,000 square meters, surpassing the total supply for the entire previous year, with all new supply coming from the Pinggu area [1] - Third-party logistics, represented by supply chain and contract logistics companies, dominated the new demand for warehouse logistics projects in Beijing, accounting for 40% of the total new leasing area [1] - The net absorption in Beijing for the first half of the year was 53,000 square meters, showing improvement compared to the negative absorption in the same period last year [1] Group 2 - In the surrounding Beijing market, Langfang delivered a high-standard warehouse project in Gu'an, contributing 86,000 square meters of new supply, with strong demand driven by low-price strategies [2] - The total net absorption in the surrounding Beijing area reached 781,000 square meters in the first half of the year, indicating robust market activity [2] - The report forecasts that in the second half of the year, Beijing will see an additional 1.22 million square meters of new high-standard warehouse facilities, primarily located in Pinggu [2]

Core Insights - The report by CBRE highlights a positive trend in Beijing's office market, particularly in the three major tech hubs: Zhongguancun, Olympic Park, and Wangjing, with a steady improvement in supply-demand structure [1][2] Group 1: Market Overview - In Q2 2025, two new projects in Shijingshan and Caishikou added 148,000 square meters of office space, contributing to a total of 180,000 square meters of new supply in the first half of the year, which is 83% of the annual target [1] - The overall market sentiment remains optimistic, with new leasing transaction area increasing by 33% year-on-year in the first half of the year [1] Group 2: Demand Analysis - The main sectors driving new leasing demand are TMT (40%), finance (20%), and professional services (12%), with TMT showing increased demand in gaming alongside traditional sectors like AI and big data [1] - The net absorption in the city reached 145,000 square meters in Q2, totaling 255,000 square meters for the first half, representing a year-on-year increase of 110% [2] Group 3: Submarket Performance - The three tech hubs accounted for 90% of the large-scale leasing transactions (over 10,000 square meters), with their combined net absorption making up 80% of the city's total [2] - Despite limited new supply expected in the second half of the year, the existing rental space remains sufficient, allowing tenants to find cost-effective solutions [2]

Group 1 - The first batch of "City Partners" in Guangzhou was officially announced, consisting of 15 companies including strategic partners like JD Group, China Post, and Deloitte Consulting [1][2] - The "City Partners" initiative aims to create a "striving community" and has attracted responses from 168 domestic and international companies since its launch [1] - The collaboration covers various key areas such as strategic consulting, digital technology, low-altitude economy, and intelligent manufacturing, involving several Fortune 500 companies [1] Group 2 - The cooperation scope is broad and innovative, focusing on traditional areas like project investment and sports facility renovation, as well as new economic sectors such as low-altitude economy and AI-based music co-creation [2] - The "City Partners" logo was designed by the main designer of the Beijing Winter Olympics mascot, symbolizing Guangzhou's commitment to progress and long-term development [2] - The initiative is expected to invigorate market vitality and contribute to Guangzhou's urban development strategy, enhancing its identity as a major city [2]