机构：2025年第三季度北京办公楼市场整体供应平稳 甲级结构性优化显著

Core Insights - The report by CBRE indicates a phase of decline in new leasing activity in Beijing's office market during Q3 2025, with a significant structural optimization in the Grade A market [1] - The retail property market is facing pressure from established projects seeking transformation, leading to accelerated rent declines [1] Office Market Summary - The overall supply pace in Beijing's office market remained stable, but new leasing transaction area decreased by 31% quarter-on-quarter [1] - Major factors contributing to the decline include the large-scale demand from leading tech companies being released in the first half of the year, a rapid decrease in available rental space in tech-favored areas like Zhongguancun, and a shift in demand towards surrounding business parks [2] - Relocation demand remains dominant, accounting for 75% of the total new leasing area [1] Tenant Movement Characteristics - Distinct tenant movement patterns are observed, with intra-district flows in Financial Street and Tongzhou, and active inter-market flows among tech centers like Zhongguancun and Wangjing [2] - The TMT sector leads demand with a high share of 31%, supported by solutions centered around computing power, AI, big data/cloud computing, and gaming [2] - The financial sector shows a slow recovery, with new leasing numbers increasing by 15% quarter-on-quarter, primarily driven by demands under 1,000 square meters [2] Vacancy and Rental Trends - Despite a decline in new leasing demand and large-scale withdrawals influenced by policy planning, the net absorption for the quarter reached 87,000 square meters, with an overall vacancy rate dropping to 19.7% [2] - Grade A properties contributed nearly 80% to net absorption, with a more significant decline in vacancy rates, indicating an increased demand for quality tenants [2] - Average rental prices decreased by 2.9% to 234.8 yuan per square meter per month, with Financial Street experiencing the largest drop [2] Retail Property Market Summary - No new commercial projects were delivered in the premium retail property market during Q3 2025, with existing projects facing operational pressures due to outdated business models [3] - Retail sales in Beijing have been on a downward trend, particularly in discretionary consumer goods, with dining revenues also showing a year-on-year decline [3] - New store openings in the dining sector decreased by 4 percentage points to 43%, while tea and dessert segments are gaining traction with new store launches [3] Future Outlook for Retail Properties - The next six months are expected to see 394,000 square meters of new retail properties opening in non-core areas, including projects like Zhongguancun Grand Mall [4] - The Ministry of Commerce and other departments have issued policies aimed at boosting service consumption and enhancing the retail property market [4] Business Park Market Summary - In Q3 2025, the Yizhuang Economic Development Zone and Beiqing Road sub-market welcomed a new life sciences park, adding a total of 116,000 square meters [5] - New projects are adopting a "R&D + pilot + production" mixed-use space model, highlighting the trend of business parks evolving from single office spaces to comprehensive industry platforms [5] Property Investment Market Summary - The property investment market recorded 11 major transactions in Q3 2025, with a total transaction value of approximately 3.434 billion yuan, reflecting a 41% quarter-on-quarter decline and a 75% year-on-year drop [6] - The market remains cautious, with most transactions being under 500 million yuan, and corporate buyers accounting for 8 of the transactions, indicating a continued demand for scarce quality assets [6] - Institutional investors are actively seeking investment opportunities, focusing on operational capabilities and cash return performance when evaluating assets [6]