北京甲级写字楼：租金调整趋缓

Group 1: Market Overview - In 2025, Beijing's office market is entering a critical phase of deep adjustment and structural reconstruction, characterized by a dominant trend of lease renewals and increased tenant bargaining power, leading to continued rent adjustments for Grade A office spaces [1][2] - The investment side is seeing a significant contraction in large transactions, with commercial retail assets gaining popularity, supported by the implementation of policies expanding the underlying assets for public REITs, injecting new momentum into the market [1][2] Group 2: Leasing Market Insights - The demand side of Beijing's Grade A office market remains rational, with a notable increase in tenant cost control awareness, leading to cautious relocation behaviors [2] - By the end of 2025, the overall vacancy rate in the Grade A office market decreased slightly by 0.3 percentage points to 15.2%, with a net absorption of 21,790 square meters, indicating signs of market improvement despite a slight decline from the previous quarter [2][4] Group 3: Rental Trends - The average monthly rent for Grade A offices in Beijing in Q4 2025 was 210 yuan per square meter, reflecting a month-on-month decline of 5.6% and a year-on-year drop of 16.3%, although the pace of rent decline is showing signs of slowing [4] - It is projected that the average rent decline in 2026 will narrow to 6.6%, influenced by the anticipated delivery of 700,000 square meters of new projects, primarily concentrated in the eastern submarket [4] Group 4: Investment Market Dynamics - The total amount of large transactions in Beijing's commercial real estate market in 2025 was approximately 18 billion yuan, a decrease of 58% compared to 2024, reflecting a cautious investment sentiment [2][7] - Retail assets have become the focus of capital attention, demonstrating strong anti-cyclical properties, with significant transactions indicating a revaluation of retail asset values [7] Group 5: Policy Impacts and Future Outlook - Recent policy breakthroughs, including the inclusion of super-grade and Grade A office projects in public REITs pilot programs, are expected to bring long-term benefits to the commercial real estate market [7] - The expansion of the public REITs market is anticipated to enhance liquidity for commercial office assets, effectively revitalizing some asset holders facing liquidity pressures [7][8] - Looking ahead to 2026, the Beijing office market will face challenges from concentrated new supply and slow demand recovery, with a potential rise in vacancy rates, while rent declines are expected to further narrow [8]