CENTEK(SZ:000931) Feng Huang Wang·2026-01-04 01:30Group 1 - The core viewpoint indicates that the demand for Beijing's Grade A office market is expected to recover significantly in certain areas by 2025, driven by the rise of new productivity enterprises [1] - In Q4 2025, the net absorption of Grade A office space in Beijing is projected to be approximately 83,000 square meters, contributing to an annual net absorption of 330,000 square meters [1] - The Zhongguancun area is identified as the key engine for the recovery of Beijing's office market, with a net absorption of over 176,000 square meters in 2025, accounting for 53% of the city's total [1] Group 2 - Despite the increase in demand for Grade A office space over the past two years, rental adjustments continue, with a notable regional disparity in market conditions [2] - The average net effective rent for Grade A office space in Beijing has decreased to 222 RMB per square meter by the end of the year, reflecting an 11.5% year-on-year decline [3] - Looking ahead to 2026, systemic issues related to insufficient macro demand are expected to hinder the sustained recovery of the office market, with potential tenant downsizing and relocations impacting new demand [3]