Core Insights - The Beijing office market is experiencing a phase of reduced new leasing activity in Q3 2025, with overall market conditions still in a slow recovery phase despite some sectors showing expansion intentions [1] - The market is characterized by a structural adjustment, with Grade A office buildings performing relatively well while Grade B buildings face significant de-leasing pressure [1] Market Activity - New leasing transactions in Q3 saw a significant decline of 31% quarter-on-quarter, with no new projects entering the market [2] - The main factors contributing to this decline include the prior release of demand from major tech companies, a rapid decrease in available leasing space in tech hubs, and a shift of large office demands to surrounding business parks [2] - The majority of new leasing activity (75%) is driven by relocation needs, with notable tenant movement patterns observed in various districts [2] Sector Performance - The TMT (Technology, Media, and Telecommunications) sector remains the largest demand driver, accounting for 31% of new leasing activity, particularly in areas focused on computing solutions and AI [2] - The financial sector shows a slow recovery with a 15% increase in new leases, primarily from small to medium-sized spaces [3] - The pharmaceutical and life sciences sectors have performed well, with some companies relocating to enhance their corporate image [3] Vacancy and Rental Trends - The net absorption in the Beijing office market reached 87,000 square meters, with an overall vacancy rate slightly decreasing to 19.7% [3] - Grade A office buildings contributed nearly 80% of the net absorption, indicating a sustained demand for high-quality office spaces [3] - Average rental prices in the city decreased by 2.9% quarter-on-quarter to 234.8 yuan per square meter, with the financial street area experiencing the largest rental decline [3] Future Outlook - The market is expected to see only one new project delivered in Shijingshan over the next six months, with a slight decrease in overall vacancy rates anticipated as supply pressures ease [4] - The introduction of composite parks is accelerating, with new projects focusing on integrated spaces for research, testing, and production [4] - The overall net absorption in business parks recorded 60,000 square meters, down 37% quarter-on-quarter, but still showing year-on-year growth [5] Regional Dynamics - Different regions are experiencing varied performance, with tech centers like Zhongguancun showing the best net absorption and the lowest vacancy rates [3] - The average vacancy rate in business parks rose by 0.4 percentage points to 24.7%, with rental prices continuing to face downward pressure [5] - The demand for high-quality, multifunctional spaces remains strong, particularly in sectors like AI and healthcare, while traditional office products without transformation strategies face significant challenges [6]
三季度北京写字楼新租活跃度阶段性回落 以价换量效果分化
Zhong Guo Jing Ying Bao·2025-10-14 17:14