“存量厮杀“时代，北京写字楼抛出各种优惠保“续租留存”

Core Insights - The Beijing office market is experiencing a continued decline in incremental demand, resulting in a tenant-favorable environment as of Q3 2025 [1] - The overall vacancy rate for Grade A office buildings in Beijing has decreased by 0.3 percentage points to 15.5%, indicating a trend of easing market pressure [1] - The decline in vacancy rates is attributed to limited new supply, with zero new additions in Q3, and a focus on tenant retention by landlords [1][2] Market Dynamics - The shift from "user growth" to "stock competition" in the Beijing office market has led landlords to prioritize tenant retention, especially in projects with high vacancy rates [1] - Landlords are offering more favorable renewal terms and additional services, such as common area renovations, to stabilize tenant structures [1] - Average rental price for Grade A office buildings has decreased to 223 RMB per square meter per month, reflecting a 3.2% decline quarter-over-quarter [5] Submarket Trends - There is a noticeable narrowing of average rental price differences between submarkets, leading to intensified price competition that extends beyond regional markets [2] - Areas like Wangjing and Jiuxianqiao are experiencing significant tenant inflows due to aggressive strategies from landlords, such as extended rent-free periods [2] - Vacancy rates vary significantly across regions, with areas like Zhongguancun and Financial Street showing lower vacancy rates compared to high vacancy levels in Tongzhou and Lize [5] Future Outlook - The overall downward trend in rental prices is expected to continue at least until 2027, as tenant rental capacity remains under pressure [5]