Jones Lang LaSalle(US:JLL) Zheng Quan Ri Bao·2025-10-15 04:36Group 1 - The report by JLL indicates that the demand for office space in Beijing remains weak, with retail property rents experiencing a further decline, although there are new highlights from IP consumption and emotional spending [1][2] - The Beijing office market is entering a new normal, with the breaking down of rental barriers enhancing cross-regional mobility, despite overall pressure on the commercial real estate market due to insufficient effective demand [1] - The leasing activity for Grade A office buildings in Beijing continues to decline, with a focus on existing tenants, and the overall vacancy rate for Grade A office space decreased by 0.3 percentage points to 15.5% [1] Group 2 - Tenant rental capacity continues to decline, with expectations for overall rents to decrease at least until 2027 [2] - The retail market in Beijing is under significant pressure, with a rapid turnover of dining brands and an increase in new dining brand openings, despite many closures [2] - The high-end residential market in Beijing saw a significant drop in supply, with over 60% of transaction volume in Q3 coming from new properties launched in the first half of the year, driven by improving financial conditions [2]