北京办公楼租赁市场加速重构供需关系及定价逻辑

Core Insights - The Beijing office leasing market is experiencing a shift towards lease renewals, with tenants gaining increased bargaining power as of 2025 [1][2] - The demand is becoming more rational, and a structural oversupply is reshaping the supply-demand relationship and pricing logic [1] Group 1: Market Trends - By the end of 2025, the overall vacancy rate for Grade A office buildings in Beijing decreased by 0.3 percentage points to 15.2%, indicating slight market improvement [1] - The net absorption in the city reached 21,790 square meters, showing a slight decline compared to the previous quarter [1] - The CBD and Wangjing areas performed relatively well in terms of absorption, benefiting from significant rent reductions by landlords to attract tenants [1] Group 2: Rental Pricing - The average monthly rent for Grade A office buildings in Beijing was 210 yuan per square meter in Q4 2025, reflecting a 5.6% decrease quarter-on-quarter and a 16.3% decline year-on-year [2] - The rental decline is expected to slow down, with an anticipated average rent drop of 6.6% for the entire year of 2026, indicating some stabilization in certain sub-markets [2] - Landlords are prioritizing maintaining occupancy rates over pursuing rent increases, as the market remains tenant-driven [2]