戴德梁行：二季度北京写字楼租金降幅收窄 外资加速布局境内REITs市场

Office Market - In Q2, Beijing's office market saw no new supply, maintaining a total stock of 13.68 million square meters, with a net absorption of 39,677 square meters in the city and -3,984 square meters in the five core business districts [2] - The rental market experienced a 2.3% month-on-month decline to RMB 221.94 per square meter, while the five core business districts saw a 2.6% decline to RMB 257.58 per square meter, indicating a narrowing of the rental decline trend [2] - The vacancy rate decreased by 1.4 percentage points to 16.9% compared to the end of 2024, with a half-year net absorption of 194,000 square meters, up 2.5% year-on-year [2] Retail Market - The retail market in Beijing added three new projects, contributing 200,000 square meters of quality retail space, bringing the total stock to 1.686 million square meters [4] - Five new quality retail projects are expected to be added in the second half of the year, providing over 500,000 square meters of retail space, with a focus on suburban new builds and traditional business district upgrades [4] - Policies supporting the retail market's upgrade include the "Beijing Fashion Consumption Expansion Action Plan," which aims to enhance market consumption potential through upgrades and brand introductions [4] Capital Market - Foreign investment in China's public REITs market has significantly increased, reflecting long-term confidence in Chinese assets [5] - The first foreign-initiated consumption REIT, with a total scale of approximately RMB 2.8 billion, was reported by Huaxia Fund, including assets from Guangzhou and Changsha [5] - The establishment of foreign projects is expected to enhance market confidence in public REITs and attract more quality assets [5] Industrial Market - The industrial park market in Beijing is experiencing a phase of supply increase and structural demand changes, particularly in the biopharmaceutical sector [6] - Short-term supply-demand imbalances are leading to sustained downward pressure on rental prices, with operators shifting towards a "service + ecosystem" competitive landscape [6] - Long-term potential demand is anticipated from the development of high-tech industries and innovation in Beijing [6]