机构：北京办公楼租赁市场加速重构定价逻辑

Core Insights - The report by JLL highlights the resilience and steady growth of Beijing's real estate market in 2025, driven by the core AI industry and a shift from a "downturn cycle" to "re-pricing" in the office market [1] - The demand for office space is increasingly rational, with a significant rise in lease renewals as tenants gain bargaining power [2] - The investment market saw a notable decline in large transactions, with a total of approximately 18 billion yuan in 2025, down 58% year-on-year [3] Office Market - The overall demand for Grade A office space remains weak, leading tenants to prefer lease renewals over relocations due to high costs [2] - By the end of 2025, the vacancy rate for Grade A office buildings in Beijing slightly decreased to 15.2%, with net absorption at 21,790 square meters [2] - Average monthly rent for Grade A office space fell to 210 yuan per square meter, a decrease of 5.6% quarter-on-quarter and 16.3% year-on-year [3] Investment Market - The large transaction market in Beijing slowed down significantly, with total transaction volume for the year at approximately 18 billion yuan, marking a 58% decline from the previous year [3] - Retail assets are gaining more attention from investors, as evidenced by a strategic partnership between Ingka and Gaohe Capital to manage shopping center assets [3] - The expansion of public REITs to include commercial office and hotel projects is expected to enhance market liquidity and asset management [4] Retail Market - Consumer retail sales in 2025 experienced a negative growth of 3.1%, leading brands to adopt a cautious approach to expansion [5] - New supply in the retail sector was concentrated in the first half of the year, with over 800,000 square meters added, while the second half saw a significant slowdown [5] - The demand for retail space is increasingly driven by emotional value and cultural identity, with consumers willing to pay for experiences [5] Industrial and Logistics Market - The demand in the industrial logistics sector was primarily driven by cost-cutting relocations, with low new expansion activity [6] - The average effective rent in the market decreased by 4.3% in the fourth quarter, leading to a narrowing of regional price differences [7] - The market is expected to stabilize as demand from industries requiring high-quality warehousing, such as automotive and pharmaceuticals, begins to recover [7] Hotel Market - The high-end hotel market in Beijing faced challenges in the second half of 2025, with average occupancy rates and revenue per available room declining by over 4% year-on-year [8] - The addition of 1,505 new hotel rooms in the second half of 2025 indicates a maturing market, with expectations for steady growth in new supply over the next two years [8] - The clarity in the path for hotel REITs is anticipated to enhance asset performance and attract new investment opportunities [9]