澳大利亚办公室 指标 2025年第四季度澳大利亚办公市场关键租赁和资本市场指标 需求增强推动租金增长上涨 网络吸收量再次增长 澳大利亚CBD办公楼的净吸纳量在2025 年下半年再次上升，达到71,541平方米 ，使年度吸纳量达到135,279平方米—— 自2022年以来最高。这一增长是全面的 ，所有主要CBD地点都经历了正面的净 吸纳。 吸收量在2025年。然而，平均 CBD空置率在下半年仍上升了0.5%，达 到14.8%。这一增长反映了新供应的交 付，尤其是在墨尔本、布里斯班和阿德 莱德。 来源：莱坊研究，PCA 强劲的出租表现 在许多首都城市，优质办公楼租赁增长 率显著上升。阿德莱德和布里斯班继续 脱颖而出，年度有效租金增长率异常强 劲。2025年下半年，悉尼和墨尔本中央 商务区的租金也取得了显著增长势头。 主要受加速推动 核心区域的租金。第四季度，优质和/或 核心建筑的表现与市场其他部分之间的 差距继续扩大。 2026年新供应量减少 国家办公用品供应链将在未来五年内逐渐 减少。在未来三年内，预计主要商务区的 发展供应链将提供约68万平方米的新供应 ——接近十年平均水平的近一半。 The pipeline ...

RESEARCH In focus Logistics | | | Madrid market. Occupancy. Take-up During the first nine months of 2025, the logistics market has shown dynamic activi- ty, with a take-up exceeding 763,000 sq m. The outlook for the rest of the year is op- timistic, suggesting that the annual total could reach one million square meters lea- sed, in line with the average of the last three years (Chart 1). This development confirms the trend that began in 2024, when Madrid surpas- sed one million square meters of logistics le ...

Thailand Research Hotel 2H 2025 An overview review of Hotel market in 2H 2025 by Knight Frank Thailand knightfrank.co.th/research Thailand's tourism and hotel markets entered a phase of normalisation in 2025, with demand stabilising below prior peak levels amid continued supply growth and shifting traveller behaviour. While domestic travel provided an important demand buffer, softer international arrivals and limited pricing power placed pressure on hotel performance, particularly outside peak periods. Look ...

Investment Rating - The report indicates a positive outlook for the South East office market, with a focus on high-quality, amenity-rich assets, suggesting a favorable investment environment for the coming years [5][15]. Core Insights - 2025 is projected to achieve the highest annual take-up figures since 2019, with a total of 3.4 million sq ft leased, reflecting an 8% increase compared to 2024 [7]. - The demand is primarily driven by the Financial and Business Services sector, accounting for 26% of total take-up, followed closely by the TMT sector at 23% [7]. - Grade A accommodation represented 79% of all take-up in 2025, highlighting a continued flight to quality among occupiers [7]. - Availability in the market decreased to 16.2 million sq ft, with a notable contraction in prime segments [7]. - The development pipeline remains limited, with 1.8 million sq ft under construction, primarily concentrated in Cambridge and West London [7][15]. Summary by Sections Leasing Overview - Total take-up for 2025 reached 3,374,313 sq ft, which is 8% higher than the five-year average [4]. - Active demand at year-end totaled 3.95 million sq ft, with Financial and Business Services again representing 26% of this demand [7]. - Availability decreased to 16,181,056 sq ft, a 12.3% reduction compared to the five-year average [4]. Investment Overview - Investment volumes for 2025 were £1.3 billion, which is 43% lower than the ten-year average [9]. - The market saw 112 deals completed in 2025, which is 15% higher than the ten-year average [15]. - Prime office yields in the South East remained at 7.00%, indicating attractive opportunities for investors [15]. Market Dynamics - The report notes a significant increase in rental prices, with 40% of markets in the South East registering an uplift, particularly in Cambridge and Oxford, which saw rental growth of 27% and 16% respectively [7]. - The overall vacancy rate improved to 10.2% in Q4 2025, down from 10.5% in Q4 2024, with Grade A vacancy decreasing to 6.6% [7]. - The report emphasizes the importance of high-quality space, as evidenced by the strong demand for Grade A accommodation [7][15].

Prime Yield Guide – February 2026 This yield guide is for indicative purposes only Knight Frank Intelligence Based on rack rented properties and disregards bond type transactions and was prepared on 04 February 2026. Prime Yield Guide – February 2026 This yield guide is for indicative purposes only and was prepared on 04 February 2026. Knight Frank Intelligence Based on rack rented properties and disregards bond type transactions Click here to view previous data | S E C T O R | | J A N -2 5 | S E P -2 5 | O ...

Melbourne Industrial State of the Market Q4 2025 Vacancy rose further in Q4-25, however incentives remained stable and take-up was resilient. With limited new supply expected over the next 2-years, market conditions are likely to strengthen in 2026. knightfrank.com.au/research Source: ESR (Reservoir Business Hub) Leasing overview Development activity is forecast to slow markedly in 2026 and 2027 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 22.0% 50 70 90 110 130 150 170 2017 2018 2019 2020 2021 2022 2023 2024 2025 2 ...

Investment Rating - The report indicates a continued downward trend in rental prices for Grade-A office buildings in Shanghai, with a recommendation to monitor the market closely for potential recovery opportunities in the future [5][12][16]. Core Insights - The Shanghai Grade-A office market is currently under dual pressure from supply and demand, leading to a rental decline of 3.2% quarter-on-quarter, reaching RMB 6.05 per square meter per day [5][16]. - New supply in Q4 2025 included two projects totaling 216,585 square meters, contributing to a slight increase in vacancy rates to 23.8% [5][12]. - The net absorption for the quarter rose to 82,570 square meters, primarily driven by demand from financial institutions and TMT (Technology, Media, and Telecommunications) companies, while shared office brands continued to expand [5][12][14]. - The upcoming "14th Five-Year Plan" aims to boost domestic demand and promote technological innovation, which may provide moderate recovery opportunities for the office market [5][12]. - Approximately 1.4 million square meters of new office space is planned for release in Shanghai next year [6]. Summary by Sections Supply and Demand - In Q4 2025, the market saw a year-on-year increase of 55% in new supply, with a total annual supply of 1 million square meters, of which 46% was located in emerging markets [12]. - Nearly 80% of rental transactions in Q4 were from renewals and relocations, with an increasing trend in cross-regional moves driven by cost control considerations [12][14]. Rental Trends - The average rental price for Grade-A office buildings continued to decline, with a quarter-on-quarter decrease of 3.2% to RMB 6.05 per square meter per day [16]. - The rental prices in emerging business districts fell by 2.3% to RMB 5.14 per square meter per day, while CBD expansion areas experienced a 3.4% drop to RMB 4.62 per square meter per day [18]. Investment Market - In Q4 2025, the Shanghai office investment market recorded 14 major transactions totaling over RMB 6 billion, with a total of approximately 39 transactions for the year exceeding RMB 30 billion [20][21]. - Owner-occupiers are actively targeting office properties during this low-value period to achieve regional operational goals [21].

Investment Rating - The report indicates a cautious recovery in the Shenzhen Grade-A office market, with a focus on owner-occupiers driving the investment activity [7][24][26]. Core Insights - The Shenzhen Grade-A office market is experiencing a dual mode of "net absorption recovery under continuous rental pressure," with net absorption reaching 163,123 square meters in Q4 2025, the highest quarterly level for the year [5][18]. - The average effective rent has decreased to RMB 145.6 per square meter per month, reflecting a 1.9% quarter-on-quarter decline, although the rate of decline has slowed compared to previous quarters [5][12]. - The overall transaction volume for the year reached RMB 8.67 billion, indicating a robust recovery from a low valuation base [26]. Supply and Demand Summary - The total supply is expected to exceed 1.04 million square meters, with significant new projects in Qianhai and Shenzhen Headquarters Base [6][23]. - The market is characterized by a temporary interruption in supply due to project delays, leading to a net absorption of 314,000 square meters for the year, which is at the lower end of the past decade's range [18]. - The demand is primarily driven by the TMT sector (47.9%) and financial services (25.9%), with relocation transactions dominating at 54.2% of total activity [19][21][22]. Rental Trends - The average net effective rent for Grade-A offices has shown a continuous decline, with landlords shifting pricing strategies towards targeted incentives to attract tenants [12][15]. - The rental decline has been more pronounced in secondary markets, with Qianhai and Bao'an experiencing the largest decreases of 3.4% and 3.2% respectively [13][17]. - The rental trends indicate a potential for volatility but overall weakness, with future stability dependent on a shift from relocation-driven demand to more sustainable expansion-driven leasing [15][22]. Investment Market Overview - The investment market remains cautious, with owner-occupiers leading the activity, as evidenced by a notable transaction where Fuyao Technology acquired the entire Runrong Building for approximately RMB 710 million [24][25]. - The overall sentiment in the investment market is defensive, with a focus on price discounts and uncertainties in rental structures and cash flows [25].

北京甲级写字楼市场报 告 本报告重点关注北京甲级写字楼市场，包括供需信息、租金、空置率和写字楼 投资市场。 knightfrank.com.cn/研究 Q4 2025第四季度2025年 市场概述 价格调整推动空置率小幅提升 尚未推出相关措施，未来一年北京办公市场的 前景依然不确定。预计空置率将同比增长约20 .5%，租金也预计将下降约9%。 从长远来看，政策对低碳发展、智能系统和 运营效率的重视，结合严格的以质量为导向 的增长目标，预计将加速办公楼资产的区别 化。ESG资信、技术准备度和行业一致性将 越来越决定资产表现，尤其是在满足国有企 业和科技公司的日益变化的需求方面。市场 正迅速从规模驱动型扩张过渡到价值导向的 资产再定位，与政策方向和产业需求相一致 的项目有望在"十五五"规划期间表现突出。 图1：北京甲级写字楼市场指标 [1] 2025 53,000 2025 144,786 2025 219.7 2025 17% 3.9% Q4 新供应 Q4 净吸收 Q4 租金 Q4 空置率 平米 平米 人民币/平方米/月 QoQ变更： QoQ变更： 展望（2026年第一季度）： 展望（2026年第一季度）： Qo ...

北京甲级写字楼市场 季度报告 2025年 第四季度 本报告重点关注北京甲级写字楼市场，包括供应和需求、租金、空置率以及 knightfrank.com.cn/research 写字楼投资市场等方面相关信息 市场概览 以价换量促空置微降 2025年 第 四 季 度，北 京 甲 级 写 字 楼 全市平均有效净租金为每月每平方米人 民币219.7元，环比下降3.9%，同比下降 12.7%；平均空置率为17.0%，环比下降 0.8个百分点，同比下降1.43个百分点，整 体 呈 现 租 金 下 行 、空 置 率 小 幅 改 善 的 态 势。市场延续存量优化主线，新增供应有 限，需求分化、多数子市场承压。仅亦庄凭 借产业导入带来的需求增量实现租金逆 势环比上涨2.2%至每月每平方米84.4 元。由于中关村、丽泽等依托产业集聚的 子市场空置率环比降幅显著，韧性凸显， 市场整体空置率回落至17.0%；而亚奥等 子市场空置率虽然环比降幅趋缓，但同比 仍然上升，供需压力延续。 "十五五"规划（2026-2030年）明确科 技创新引领高质量发展导向，叠加2025 年底中央经济工作会议部署的积极财政 政策和适度宽松货币政策，这为北京 ...