Accessibility StatementSkip Navigation JLL's Capital Markets group secured refinancing for CIP Real Estate and Almanac Realty Investors' diversified portfolio of 42 shallow bay industrial properties PHOENIX, Oct. 20, 2025 /PRNewswire/ -- JLL's Capital Markets group announced today that it has arranged an $820 million refinancing for a national industrial portfolio comprising 42 shallow bay industrial properties totalling 6.1 million square feet across six states. JLL represented the borrower, a joint ventur ...

值得一提的是，随着上海旅游市场持续回暖，国际游客显著增长。在国内外旅游市场的共同助力下，上 海酒店市场整体业绩持续向好。数据显示，2025年1至8月，上海国际游客接待量达552万人次，同比增 长37.1%，增速保持稳定；同期全市五星级酒店入住率同比去年同期上升2.2个百分点，尽管平均房价微 降1.0%，但每间可售房收入仍实现2.3%的增长。 仲量联行认为，这标志着办公楼市场在阶段性调整后有望迎来复苏曙光。其他资产类别中，产业园区的 成交金额占比为11%，零售物业和长租公寓的金额分别占8%和6%。 从需求端结构看，投资性需求占比高达91%，稳居绝对主导地位。高净值投资者与各类企业买家持续活 跃，展现出其对上海大宗资产长期增值潜力的信心。从区域分布看，中环以内项目贡献了86%的成交金 额与81%的成交宗数，热度持续回归核心区域。 仲量联行投资及资本市场华东区负责人孙翎展望说，未来随着宏观经济政策持续发力、外资配置意愿回 升，以及核心地段稀缺资产持续释放，预计上海商业地产投资市场将在第四季度延续稳中向好趋势。 新华财经上海10月20日电（记者郑钧天）仲量联行近日发布的《2025年第三季度上海房地产市场回顾与 展望》 ...

出海与科技赛道成深圳商办市场需求修复关键动力。 仲量联行华南区与华西区商业地产部负责人李文杰表示，随着深圳科技企业加速向价值链高端转型，越 来越多的企业更加重视研发迭代效率、团队协作质量以及与产业生态的联动。这一趋势直接推动了集中 化、灵活性强且能彰显企业文化的高品质办公空间需求。 不过，从办公楼市场的整体需求来看，目前尚未出现明显扩大。上述机构数据显示，第三季度，深圳甲 级办公楼市场迎来六个新项目入市，合计供应约38万平方米，新增供应的集中释放推动全市空置率环比 上升1.1个百分点。 这一现状也促使业主加大租金让步力度，并且在新租及续租谈判中展现出更高的灵活性，愿意调整租金 及相关条款，以稳定或吸引优质租户，同时，部分租户把握租金调整机遇，从乙级办公楼或创意园区搬 迁至甲级项目，实现了办公环境与品牌形象的双重提升。 深圳消费电子类企业在出海方面持续活跃，正在驱动当地办公市场需求修复。 据深圳海关披露的数据，2025年前8个月，深圳电脑及其零部件、音视频设备及其零件出口分别同比增 长10.5%和6.1%。企业增长势头延续，对办公楼的需求有所提高。 仲量联行近日发布的市场报告显示，2025年第三季度，有多家具有 ...

Core Insights - The Beijing property investment market in Q3 2025 recorded 11 major transactions totaling approximately 3.434 billion yuan, reflecting a 41% decrease quarter-on-quarter and a 75% decline year-on-year, indicating a cautious market trend [1] - "Bottom-fishing" investment demand has been concentrated, particularly favoring small to medium-sized, income-generating assets, with emerging enterprises becoming key players in the market [2][3] Transaction Characteristics - The focus remains on retail properties, long-term rental apartments, and industrial parks, with a notable transaction being the acquisition of the Kangqiao Daxing Life Science Park by the Kangqiao Life Science Infrastructure Core Fund, which has a total scale of 925 million yuan [2] - Office properties accounted for 38% of the total transaction value in Q3, highlighting a significant interest in business parks [2] - The majority of transactions were small-scale, with many being judicial sales, indicating a trend towards opportunistic buying [3] Buyer Composition - Corporate buyers represented 73% of the transactions, with a strong demand for scarce quality assets, including self-use office purchases by educational and domestic enterprises [4][5] - Institutional investors are still actively seeking investment opportunities, focusing on the operational capabilities and cash flow performance of assets, with a notable example being an insurance company acquiring a life science park [6] Market Dynamics - The market is characterized by domestic capital dominance, with a focus on specific niche sectors, as institutional investors prioritize asset stability and operational capability [7] - The emergence of corporate buyers seeking long-term asset allocation has contributed to the market's activity, contrasting with traditional short-term investment approaches [7] Seller Composition - Real estate companies accounted for 69% of the total transaction value, driven by developers' need for cash flow, with significant transactions involving the transfer of stakes in ongoing projects [8] - The rapid clearance of properties by developers is seen as a positive signal for market confidence, suggesting a potential recovery in the real estate sector [8]

Group 1 - The report by JLL indicates that the demand for office space in Beijing remains weak, with retail property rents experiencing a further decline, although there are new highlights from IP consumption and emotional spending [1][2] - The Beijing office market is entering a new normal, with the breaking down of rental barriers enhancing cross-regional mobility, despite overall pressure on the commercial real estate market due to insufficient effective demand [1] - The leasing activity for Grade A office buildings in Beijing continues to decline, with a focus on existing tenants, and the overall vacancy rate for Grade A office space decreased by 0.3 percentage points to 15.5% [1] Group 2 - Tenant rental capacity continues to decline, with expectations for overall rents to decrease at least until 2027 [2] - The retail market in Beijing is under significant pressure, with a rapid turnover of dining brands and an increase in new dining brand openings, despite many closures [2] - The high-end residential market in Beijing saw a significant drop in supply, with over 60% of transaction volume in Q3 coming from new properties launched in the first half of the year, driven by improving financial conditions [2]

Core Insights - JLL's Capital Markets Group has arranged a $1.2 billion refinancing package for NorthPark Center, a premier shopping destination in Dallas, Texas [1][2] Financing Details - The refinancing package is led by Wells Fargo, with participation from Morgan Stanley and Goldman Sachs [2] - The new financing will retire the existing mortgage, with excess proceeds used to redeem equity interests and return full ownership to the Nasher/Haemisegger family [2] Property Overview - NorthPark Center, celebrating its 60th anniversary, spans 1.9 million square feet and features over 190 tenants, including major anchors like Neiman Marcus, Nordstrom, and Macy's [3] - The shopping center boasts a high occupancy rate of 98.6% and is recognized as one of the top five shopping destinations in the United States [3] Strategic Location - The center is strategically located at the intersection of Northwest Hwy and US-75, providing excellent accessibility and visibility [4] - It draws visitors from the Dallas-Fort Worth metroplex and affluent neighborhoods, benefiting from proximity to major employment areas [4] Cultural Significance - NorthPark Center features a collection of over 50 works of art, making it a cultural destination that enhances the shopping and dining experience [5] - The center hosts rotating exhibitions and public art programs, collaborating with various artists and institutions [5] Market Commentary - JLL's Managing Director Timothy Joyce highlighted the refinancing as a demonstration of the strength of premier retail assets in major markets, emphasizing the property's exceptional performance metrics and elevated shopping experience [6]

Core Insights - The recent equity change of the landmark Bohua Plaza in Shanghai indicates a significant investment shift, with the acquisition led by China Post Insurance's private equity fund, signaling strong market interest in prime real estate assets [1] - The third quarter of 2025 saw a notable recovery in Shanghai's commercial real estate investment market, with a total transaction amount of 14.97 billion yuan, reflecting a 78.1% increase quarter-on-quarter [1][2] - The office asset class regained dominance in the market, accounting for 75% of transaction value and 53% of transaction volume in the third quarter [1][2] Investment Market Overview - The third quarter recorded 17 asset transactions, with an average transaction value of 881 million yuan, significantly higher than previous averages [1] - Four transactions exceeded 1 billion yuan, and 47% of transactions were above 500 million yuan, indicating a robust investment climate [1] - Investment demand remains strong, with 91% of transactions driven by investment-oriented buyers, reflecting confidence in the long-term value of large assets in Shanghai [2] Retail Property Insights - The vacancy rate in Shanghai's core retail areas decreased by 0.8 percentage points to 8.8%, driven by increased demand for flagship and concept stores [2] - Despite the decrease in vacancy rates, retail rents continued to decline, with core area rents dropping by 1.4% to 42.5 yuan per square meter per day [2][3] - The overall retail market faces challenges, but government support for consumer spending is expected to gradually restore market confidence [3] Hotel Market Performance - Shanghai's hotel market showed positive performance, with international tourist arrivals reaching 5.52 million in the first eight months of 2025, a 37.1% year-on-year increase [3] - The occupancy rate of five-star hotels rose by 2.2 percentage points, although average room rates slightly decreased [3] - Despite the recovery in business and leisure travel, hotel operators remain cautiously optimistic about overall revenue for the year due to challenges in the restaurant sector [3]

Core Insights - The Beijing office market is entering a new normal by Q3 2025, with a breaking down of rental barriers between regions enhancing cross-regional liquidity [1] - Despite overall market pressure, the investment market continues to focus on retail properties, long-term rental apartments, and industrial parks, with retail showing highlights in IP and emotional consumption [1][2] - The overall rental decline trend in Beijing is expected to continue at least until 2027, with a slight decrease in vacancy rates for Grade A office buildings [1] Group 1: Office Market Trends - The overall vacancy rate for Grade A office buildings in Beijing slightly decreased by 0.3 percentage points to 15.5% in Q3 [1] - The rental prices in the market continue to decline, with no new supply entering the market since the beginning of 2025, leading to a focus on retaining existing tenants [1] - The decision-making cycle for companies regarding relocation has been extended due to high renovation costs and narrowing price differences between renewing and new leases [1] Group 2: Retail Market Developments - Despite challenges, the retail real estate market has new growth highlights, such as the continued popularity of IP and emotional consumption, and the rise of the first-store economy [2] - Outdoor sports brands have become a significant driver in the fashion sector, accounting for 18% of the new store area in Q3 [2] - Domestic buyers remain the dominant force in the investment market, focusing on the safety of asset cash flows and long-term capital value, particularly in retail properties, long-term rental apartments, and industrial parks [2]

Core Insights - The report by JLL indicates that the rental decline in Shanghai's office market will continue into Q3 2025, driven by cost-driven relocations and upgrades, while some industry demands are showing signs of recovery [1] Office Market - In Q3 2025, the net absorption of Grade A office space in Shanghai reached 190,400 square meters, with cost-driven relocations and upgrades being the primary demand sources [1] - The rental rates for Grade A office space continued to decline, with Central Business District (CBD) rents at 6.6 CNY/sqm/day and non-CBD rents at 4.3 CNY/sqm/day [1] - The narrowing rental gap between Grade A and Grade B offices is prompting more companies to relocate to Grade A buildings for better cost-effectiveness [1] - Landlords are maintaining flexible negotiation terms to retain existing tenants and attract new ones, with some willing to restructure leases under extended terms [1] Vacancy Rates - The vacancy rate in Shanghai's CBD decreased by 0.6 percentage points to 16.3% due to cost-driven demand and no new supply in the quarter [2] - The vacancy rate in non-CBD areas also fell by 0.5 percentage points to 30.5%, driven by upgrade demands from industrial park and suburban tenants [2] Industrial Parks - The net absorption in Shanghai's industrial parks was 41,200 square meters in Q3, with technology and internet companies being the main demand drivers [3] - The overall vacancy rate in Shanghai's industrial parks increased by 0.9 percentage points to 26.1% due to new project completions and cautious leasing demand [3] - The rental rates in industrial parks decreased by 4.4% to 3.5 CNY/sqm/day, reflecting ongoing market pressures [3] Logistics Market - The overall rental rate in Shanghai's logistics market fell by 5.8% to 1.20 CNY/sqm/day, driven by cost-saving demands from tenants [3] Investment Market - In Q3 2025, Shanghai's investment market showed signs of recovery with 17 asset transactions totaling 14.97 billion CNY, a 78.1% increase quarter-on-quarter [4] - The average transaction amount per project was 881 million CNY, significantly higher than previous averages [4] - Office assets dominated the market, accounting for 75% of transaction value and 53% of transaction volume [4] - Investment demand constituted 91% of the market, indicating a strong capital allocation drive [4] - Core area projects contributed 86% of transaction value and 81% of transaction volume, reflecting a return to core area interest [5] - Future expectations for the commercial real estate investment market in Shanghai remain positive, driven by macroeconomic policies and foreign investment interest [5]

Core Insights - The Shenzhen Grade A office market is set to welcome six new projects in Q3 2025, adding approximately 380,000 square meters of supply, primarily concentrated in the Qianhai and Houhai areas [1] - Companies are taking advantage of the rental adjustment period to upgrade their office spaces in a cost-effective manner, while the development of overseas markets and technology firms is driving a structural recovery in demand [1] Leasing Strategies - In Q3, Shenzhen enterprises remain cautious regarding office leasing, focusing on cost control and optimizing space usage efficiency [1] - Many tenants are initiating lease restructuring negotiations to secure better leasing terms due to the price gap between current market rents and existing leases [1] - To stabilize tenant structures and attract quality enterprises, most landlords are significantly increasing flexibility in new and renewal lease negotiations by adjusting rental levels and optimizing lease terms [1] Industry Demand - Technology companies continue to lead the market, contributing approximately 30% of the leasing transaction area for Shenzhen Grade A office buildings in Q3 [1] - Active sectors include consumer electronics, artificial intelligence applications, and digital marketing, driving large-scale leasing transactions in tech parks and Qianhai [1] Emerging Trends - As Shenzhen technology firms accelerate their transition to higher value chains, there is a notable increase in demand for high-quality office spaces that support centralized layouts, high flexibility, and corporate culture [2] - The export momentum of Shenzhen's consumer electronics companies has become a new driving force for office market demand recovery, with exports of computers and audio-video equipment increasing by 10.8% and 5.5% year-on-year, respectively, in the first seven months of 2025 [2] - Several leading and emerging consumer electronics companies have newly leased or upgraded to Grade A office buildings, totaling over 10,000 square meters, primarily for overseas marketing, brand management, and cross-border business expansion [2] Market Outlook - The market is expected to see over one million square meters of new supply in the Grade A office sector within the next 12 months [2] - However, some financial and technology firms may reduce their leased area in market-grade Grade A office projects due to relocating back to self-built headquarters, potentially leading to a temporary increase in market inventory pressure [2]