Market Overview and Outlook - The Guangzhou Grade A office market is gradually recovering, but growth momentum still needs to accumulate [1] - In Q3 2024, leasing demand in Guangzhou cooled slightly, with net absorption dropping to 22,073 sqm [1] - The average Grade A office rent in Guangzhou stabilized, with a slight decrease of 0.1% QoQ to RMB 134.8 per sqm [1] - The overall vacancy rate increased by 0.5 percentage points QoQ to 12.6%, influenced by new supply and slowing demand [1] - Newly established companies and expansion demands showed resilience, indicating a gradual recovery in the market [1] - TMT, public services, and financial sectors were the main drivers of leasing demand, with TMT showing particularly strong growth [1] - One major office transaction was recorded in Q3, with a transaction value of RMB 1.96 billion, signaling a recovery in large-scale transactions [1] Supply and Demand Dynamics - In Q4 2024, delayed office projects are expected to enter the market, adding over 100,000 sqm of new supply [2] - The annual net absorption in Guangzhou over the past decade averaged 300,000 sqm, but by Q3 2024, it only reached 80,000 sqm [2] - A backlog of leasing demand is expected to be released by the end of the year, driven by both supply and demand growth [2] - Rents and vacancy rates are expected to remain within reasonable cyclical fluctuations, without significant volatility [2] Rent Trends - In Q3 2024, Guangzhou office rents showed signs of stabilization, with average rents dropping to RMB 134.9 per sqm per month, a 0.1% QoQ decline [6] - Submarkets outside Zhujiang New Town showed relatively stable rents, with mild QoQ changes, indicating a trend towards stabilization [6] - Zhujiang New Town adopted more aggressive pricing strategies, resulting in a 2.2% QoQ rent decline [6] - Over 100,000 sqm of new supply is expected in Q4 2024, which may intensify downward pressure on rents [6] Submarket Performance - In Q3 2024, Tianhe North had an average rent of RMB 128.5 per sqm per month, with a vacancy rate of 7.6% [7] - Zhujiang New Town's average rent was RMB 149.3 per sqm per month, with a vacancy rate of 11.3% [7] - Yuexiu's average rent was RMB 115.2 per sqm per month, with a vacancy rate of 8.2% [7] - Pazhou's average rent was RMB 122.4 per sqm per month, with a vacancy rate of 19.5% [7] - Financial City's average rent was RMB 104.4 per sqm per month, with a vacancy rate of 31.7% [7] Leasing Activity - In Q3 2024, relocation activities dominated leasing, accounting for 58% of total activity [8] - Newly established companies accounted for 25% of leasing demand, showing strong resilience [8] - Expansion demand was twice the reduction demand, indicating a stabilizing market [8] - TMT led the leasing demand with a 36.8% share, followed by public services at 10.9% and financial services at 10.0% [9] - The insurance sector contributed nearly 80% of the financial sector's leasing demand in July-August 2024 [9] Investment Market - In Q3 2024, the Guangzhou office investment market showed signs of recovery with one major transaction worth RMB 1.96 billion [11] - The transaction involved the acquisition of a Grade A office project with a total GFA of 56,970 sqm, at a unit price of RMB 34,404.07 per sqm [11] - The transaction was completed in two stages, with the second stage finalized in August 2024 [11] - Low valuations and attractive investment returns are expected to attract more external capital in Q4 2024 [11] Regional Data - As of Q3 2024, Zhujiang New Town had a total Grade A office stock of 4.46 million sqm, with an average rent of RMB 149.3 per sqm per month and a vacancy rate of 11.3% [12] - Tianhe North had a total stock of 1.13 million sqm, with an average rent of RMB 128.5 per sqm per month and a vacancy rate of 7.6% [12] - Financial City had a total stock of 210,000 sqm, with an average rent of RMB 104.4 per sqm per month and a vacancy rate of 31.7% [12] - Pazhou had a total stock of 2.14 million sqm, with an average rent of RMB 122.4 per sqm per month and a vacancy rate of 19.5% [12] - Yuexiu had a total stock of 1.59 million sqm, with an average rent of RMB 115.2 per sqm per month and a vacancy rate of 8.2% [12]

Market Overview and Outlook - The Beijing Grade A office market showed signs of recovery in Q3 2024, with a decrease in vacancy rates and an increase in net absorption, despite a decline in rents [2] - The average Grade A rent in Beijing decreased by 1.9% QoQ to RMB 275.6 per square meter per month [2] - The vacancy rate dropped by 0.4 percentage points QoQ to 17.6%, and net absorption remained high at 85,263 square meters [2][5] - A new Grade A office project, Beijing Hunan Investment Building in Lize, was completed, adding 40,000 square meters to the market, bringing the total Grade A office stock to 13.116 million square meters [2] - Two new Grade A office projects are expected to be completed in Q4 2024, adding approximately 140,000 square meters, which may further increase vacancy rates and put downward pressure on rents [2] Demand and Supply Dynamics - High-tech industry tenants were a key driver of market activity, with relocation demand increasing due to cost-saving measures and the pursuit of better value-for-money office spaces [6] - The market saw increased activity from state-owned enterprises and large tenants, but overall demand remained dominated by relocations rather than new demand [6] - The Lize area is expected to see significant new supply in the coming years, with projects like the National Financial Information Building adding 60,000 square meters of leasable office space [6] Rent Trends - Rents continued to decline in Q3 2024, with a 1.9% QoQ drop, and are expected to remain under pressure due to ongoing price reductions by landlords [7] - The Wangjing-Jiuxianqiao submarket saw increased activity, with rents rising due to strong demand from tech companies, while other submarkets experienced varying degrees of rent declines [7] Investment Market - Two major transactions were recorded in Q3 2024, both led by domestic investors [8] - Alibaba Pictures acquired a 70% stake in Huayi Headquarters Building for RMB 350 million, while Xinhua News Agency invested RMB 1 billion to acquire an 85.05% stake in Guojin Company, which holds assets in the National Financial Information Building [8] Submarket Performance - Key submarkets such as Zhongguancun, Financial Street, and CBD showed varying performance in terms of stock, rents, and vacancy rates [8][9] - Emerging markets like Lize and Fengtai had lower rents and higher vacancy rates compared to established submarkets [8][9]

UK Real Estate Navigator Q1 2024 A quarterly review of the UK commercial real estate market knightfrank.com/research Knight UK REAL ESTATE NAVIGATOR Q12024 Frank ECONOMIC CAPITAL MARKETS OFFICES DISTRIALITION INDUSTRIAL& RETAIL& SPECIALST UPDATE E SECTORS STFINCS Economic update Global ald UKeconoly CONTACT: VICTORIAORMOND,CEA Knight UK REAL ESTATE NAVIGATOR Q12024 Frank ECONOMIC CAPITAL OFFICES DIS TRIALITION INDUSTRIAL& RETAILS SPECIALST UPDATE MARKETS LEISURE SECTORS DQMTACTS Global economy The glnbal ec ...

LOGIC: North East �� Knight �� Frank Q1 2024 Occupier and investment market trends in the logistics and industrial sector. knightfrank.com/research LOGIC:NORTH EAST Occupier Market Prime rents remain resilient, despite moderation in take up and upward trend in supply MODERATE FIRST QUARTER FOR TAKE UP Take up of industrial units over 50,000 sq ft in theNorth East region totalled 178,000 sq ft in the first quarter of 2024. One freehold and one leasehold deal completed; 4 Opus Park, Preston Farm in Stockton-o ...

Jakarta Retail Market Overview 2H 2023 The bi-yearly Jakarta retail market overview analyzes latest development trends, provides insights and tracks market dynamics of all retail shopping centers located in Jakarta. knightfrank.co.id/research Retail Market Update The retail market experienced its continuous recovery driven by increased consumer activities and shopping back in full swing. Pressures on purchasing power may continue to intensify due to rising food and fuel prices. Fig 1: Jakarta Retail Market ...