机构：三季度北京甲级写字楼净吸纳量创年内新高，中关村表现亮眼

Core Insights - The Beijing Grade A office market is experiencing a significant trend of absorption, with a net absorption of 125,000 square meters in Q3 2025, marking the highest quarterly absorption this year and the ninth consecutive quarter of absorption [1] - The vacancy rate in the market has decreased to 19.3%, down nearly 1 percentage point from the previous quarter, indicating effective short-term alleviation of market vacancy pressure [1] Market Dynamics - The demand structure of the Beijing office market is being reshaped by technological innovation, leading to a positive cycle of "industrial innovation concentration - spatial value premium" [2] - Despite an overall improvement in market demand, performance varies significantly across sub-markets, with only those with concentrated demand showing a notable reduction in vacancy pressure [2] - The overall market rent continues to decline, with net effective rent decreasing by 3.5% quarter-on-quarter to 227.3 yuan per square meter, indicating a strategy of "price for volume" to achieve absorption [2] Sub-Market Performance - The Zhongguancun sub-market has seen a net absorption of over 63,000 square meters in Q3, marking the second instance in five quarters where net absorption exceeded 60,000 square meters [2] - The vacancy rate in the Zhongguancun sub-market has significantly decreased to 15.1%, down 3.9 percentage points quarter-on-quarter and 4.6 percentage points year-on-year, indicating a substantial recovery compared to two years ago [2] - Among 24 monitored Grade A office projects, 14 have a vacancy rate below 10%, with 10 projects having a vacancy rate below 5%, suggesting a strong demand in this sub-market [2] Future Outlook - The current market still requires stronger and sustainable new demand to support the future supply of Grade A offices under construction [3] - The dual cycles of "technological innovation" and "office market rebalancing" are expected to drive the Beijing office market towards a new phase focused on quality transformation and efficiency improvement [3]