Core Insights - The Beijing Grade A office market shows positive signs in Q2, with demand rebounding, a slight decrease in vacancy rates, and a continued narrowing of rental declines, indicating a stabilization trend [1][2]. Market Demand and Supply - In the first half of 2025, new supply in the Beijing Grade A office market is extremely limited, with only one new project, the China Overseas Financial Center Tower 1, entering the market [2]. - The average vacancy rate for Grade A offices in Beijing recorded 18.4% at the end of Q2, a slight decrease of 0.2 percentage points from the previous quarter, reversing the upward trend seen in Q1 [2][3]. - The net absorption in Q2 reached 12,960 square meters, marking a significant increase in market activity [2]. Sector Performance - The technology sector has become the main driver of leasing activity, accounting for 34% of the total leasing area in the first half of the year [2]. - Major tech companies, such as ByteDance, have signed large leases totaling 56,700 square meters in key areas, contributing significantly to market vitality [2]. - The financial sector (22% share) and professional services (16% share) also play important roles in demand, with notable transactions including relocations by Changjiang Securities and other firms [3]. Rental Trends - The average rental price for Grade A offices in Beijing decreased by 1.6% to 233.1 yuan per square meter per month in Q2 [3][4]. - The rental decline has been narrowing compared to a 7.4% drop in Q4 2024, indicating reduced downward pressure on the market [3]. - The financial district saw a significant rental drop of 6.1%, with average rents falling below 400 yuan per square meter per month due to state-owned enterprises returning to self-owned properties [3][4]. Submarket Analysis - The Central Business District (CBD) experienced a rental decline of 2.8% to 255.4 yuan per square meter per month, with an improved vacancy rate of 15.1% [4]. - The Zhongguancun area, benefiting from tech policies and expansions, showed the best performance with a minor rental decline of 1.0% and a significant drop in vacancy rates to 12.8% [4]. Future Outlook - A peak in Grade A office supply is expected in 2026, with an estimated 757,000 square meters of new supply, primarily from projects in the CBD [5]. - The uncertain global economic environment and domestic consumption policies are influencing tenant attitudes towards flexible lease terms [5]. - Owners are expected to focus on enhancing soft competitiveness, such as upgrading building services and offering customized fit-outs, to attract and retain quality tenants [5].
科技企业支撑需求回暖 北京甲级写字楼市场筑底企稳
Zhong Guo Jing Ying Bao·2025-07-11 16:23