仲量联行：去年北京办公楼续租成交逐渐占据主导地位

Group 1 - The core viewpoint of the reports indicates that the Beijing real estate market is experiencing significant changes, with a shift towards tenant-led negotiations in the office sector and a decline in large transaction volumes in the investment market [1] - In 2025, the leasing of office spaces in Beijing is dominated by renewals, with tenants gaining increased bargaining power, leading to a more transparent pricing environment [1] - The total volume of large transactions in Beijing's commercial real estate market for 2025 is approximately 18 billion, representing a 58% decrease compared to 2024 [1] Group 2 - The recent expansion of public REITs to include commercial office and hotel projects is expected to enhance market liquidity and alleviate liquidity pressures for asset holders [2] - The hotel market in Beijing is anticipated to face challenges in price decline and slow revenue recovery in the second half of 2025, but demand remains optimistic due to improved customer structure and evolving consumer power [2] - The steady advancement of hotel asset securitization will compel asset holders to focus more on long-term value and stable performance, providing new investment opportunities [2]