Zhong Zheng Wang·2025-10-24 01:13Core Viewpoint - The new consumption trend is driving differentiation in offline retail, with a slowdown in the opening pace of new commercial projects and intensified competition among existing ones [1] Group 1: Market Conditions - The overall operating situation is characterized by a slight decline in average rents while maintaining stable occupancy rates [1] - The adjustment process in the market is accelerating due to increased competition among existing commercial projects [1] Group 2: Performance of Commercial Real Estate - Some high-quality brand commercial real estate companies are achieving growth in both sales and rents due to their strong positioning and proactive operational capabilities [1] - In the context of the new consumption wave, high-energy markets are placing greater emphasis on the practical and emotional value of consumption [1] Group 3: Market Segmentation - Outlets and themed commercial spaces, particularly those representing the "second dimension," are performing exceptionally well [1] - In lower-tier markets, commercial real estate companies with scale advantages and abundant first-store resources are at a competitive advantage [1]