CENTEK(SZ:000931) Zheng Quan Ri Bao Wang·2025-09-24 07:20Core Insights - The report highlights that the Beijing office market is experiencing a structural recovery driven by technological innovation and new productivity, which is reshaping market demand and creating a positive cycle of "industrial innovation concentration - spatial value premium" [1] - In Q3 2025, the net absorption of Grade A office space in Beijing reached a record high for the year, with a quarterly net absorption of 125,000 square meters, marking nine consecutive quarters of absorption [1] - The vacancy rate in the market decreased to 19.3%, reflecting a nearly 1 percentage point drop from the previous quarter, indicating a short-term alleviation of vacancy pressure [1] Market Performance - The demand side of the market has shown significant improvement, but performance across sub-markets remains uneven, with new demand concentrated in a few sub-markets [2] - The Zhongguancun sub-market has seen a substantial increase in office demand, with a net absorption of over 63,000 square meters in Q3, marking the second time in five quarters that it exceeded 60,000 square meters in a single quarter [2] - The vacancy rate in Zhongguancun dropped significantly to 15.1%, with a quarterly decline of 3.9 percentage points and a year-on-year decline of 4.6 percentage points [2] Future Outlook - The report suggests that while tech companies are generating new office space demand, their scale is not yet sufficient to stabilize the overall market, indicating a need for stronger and sustainable demand growth [3] - The market is undergoing a dynamic balance between demand variables and supply constants, with a shift towards high-quality assets as companies move away from inefficient properties [3] - The report emphasizes the need for market participants to innovate management models and operational paradigms to transition from a "low-efficiency red sea" to a "value-innovation blue ocean" [3]