甲级办公市场结构性优化显著，零售物业和仓储物流租金加速调整

Office Market - New leasing activity in Beijing's office market showed a temporary decline, with a 31% quarter-on-quarter drop in total new leasing area [2] - The overall vacancy rate decreased to 19.7%, with nearly 80% of net absorption coming from Grade A offices [3] - Average rental prices fell by 2.9% to 234.8 yuan per square meter per month, with the most significant declines observed in the Financial Street area [3] Retail Property Market - The retail property market faced pressure, with no new commercial projects delivered and existing projects seeking transformation due to operational challenges [4] - The average rental price for shopping centers decreased by 0.6% to 30.6 yuan per square meter per day, particularly in secondary business districts [6] - New store openings in the food and beverage sector decreased, while lifestyle services remained active in non-core shopping centers [5] Warehouse and Logistics Market - The warehouse and logistics market saw a continued loss of clients in traditional areas, with a slight increase in vacancy rates to 29.6% [7] - New supply included a 40,000 square meter expansion in the Yizhuang Economic Development Zone, with manufacturing and food sectors leading new leasing activity [8] - Average rental prices in the warehouse sector fell by 5.3% to 42.8 yuan per square meter per month [7] Business Park Market - The business park market experienced a trend towards composite parks, with new projects focusing on R&D, pilot testing, and production [9] - Net absorption in the business park sector recorded 60,000 square meters, a 37% decrease from the previous quarter, but still showing year-on-year growth [9] - The average rental price for business parks decreased by 2.5% to 134.3 yuan per square meter per month [10] Property Investment Market - The property investment market recorded 11 major transactions totaling approximately 3.434 billion yuan, a 41% quarter-on-quarter decline [11] - Emerging corporate buyers became key players in the investment market, focusing on long-term asset allocation rather than short-term returns [12] - The market saw a rise in "bottom-fishing" investments, particularly in small to medium-sized properties [12]