经营活动承压 | 2025年5月商办与办公空间发展报告

Core Insights - The office rental market is facing challenges such as investment contraction, weak demand, and high inventory levels, with a short-term recovery dependent on macroeconomic improvement and corporate confidence restoration [4][6][10] - The average office rent in key cities has shown a slight month-on-month increase of 1% to 2.78 yuan per square meter per day, although it remains down 10.88% year-on-year [4][8] - The small and medium-sized enterprises (SMEs) development index has decreased slightly, indicating a fragile recovery foundation for SMEs [16][18] Office Market Performance - The average office rent in eight key cities is 2.78 yuan per square meter per day, with a month-on-month increase of 1% but a year-on-year decrease of 10.88% [4][8] - Beijing's office rent remains the highest at 4.83 yuan per square meter per day, with a month-on-month increase of 6.86% [8] - The rental market is under pressure, with over 75% of sampled projects experiencing a year-on-year decline in occupancy rates [13] Investment Trends - The total investment in office buildings from January to April 2025 was 110.8 billion yuan, down 16.7% year-on-year, while sales fell by 12.3% to 83.9 billion yuan [6] - There were six commercial property transactions totaling 1.657 billion yuan, indicating a shift towards smaller-scale transactions driven by self-use demand [5][23] - The transaction volume for commercial properties is primarily concentrated in first-tier cities, with significant activity in sectors like technology, finance, and healthcare [25][26] Market Dynamics - The office market is transitioning from a single-space leasing model to an integrated service ecosystem, with companies embedding flexible office spaces into traditional projects [20][22] - The demand for office space is becoming more selective, with companies prioritizing location, facilities, and smart technology [10][14] - The introduction of new projects, such as the Shanghai Technology Investment Building, is expected to stabilize occupancy rates in the tech sector [15] Future Outlook - The office rental market is anticipated to stabilize in the second half of 2025, particularly for tech-related office spaces, while traditional office buildings will rely on policy support and innovative models to navigate the cycle [14] - The ongoing structural adjustments in the commercial property market may lead to a gradual recovery, with a focus on high-quality assets and properties with transformation potential [29]