北京甲级写字楼空置率持续下降， “抄底型”主导物业投资

Group 1: Beijing Grade A Office Market - The Beijing Grade A office market is expected to exhibit stable supply, differentiated demand, and overall pressure in the near future [1] - In Q3 2025, there were no new projects launched, while demand continued to improve, with a net absorption of approximately 89,000 square meters, an increase of 8.1% quarter-on-quarter [1] - Cumulative net absorption for the first three quarters of 2025 reached 223,000 square meters, a year-on-year increase of 31.5%, indicating a clear recovery trend in leasing demand [1] - The average vacancy rate in Beijing's Grade A office market decreased to 19.0% by the end of Q3, down 0.6 percentage points quarter-on-quarter and 1.1 percentage points year-on-year [1] - Average rent for Grade A offices in Q3 2025 fell by 2.1% to 223.7 yuan per square meter per month, with the rate of decline narrowing due to improved market supply and demand conditions [1] Group 2: Beijing Property Investment Market - The Beijing property investment market in Q3 2025 saw a dominance of small-scale and "bottom-fishing" investments, with emerging corporate buyers becoming key players [2] - A total of 11 major transactions were recorded in the property investment market, with a cumulative transaction amount of approximately 3.434 billion yuan, reflecting a 41% quarter-on-quarter decline and a 75% year-on-year drop [2] - The buyer structure showed that corporate buyers contributed to 8 transactions, continuing to seek scarce quality assets [2] - Institutional investors are actively seeking investment opportunities, focusing more on the operational capabilities of asset managers and cash return performance when evaluating assets [2] - There is a growing trend of corporate buyers focusing on long-term asset allocation rather than short-term returns, emphasizing the cross-cycle long-term value of core assets [2]