去年北京写字楼租金价格累计跌幅超10％，高精尖产业或将带动市场修复

Core Insights - The economic indicators for Beijing in 2025 show no significant improvement, with a vacancy rate of 19.1% in the office market and declining rental prices across various sectors [1][2] Office Market - The total new supply of office space in Beijing for 2025 was only 180,000 square meters, the lowest since 2015, which helped ease market de-stocking pressure [2] - The net absorption for the year reached 438,000 square meters, leading to a year-on-year decrease in vacancy rates by 1.9 percentage points [2] - Average rental prices in Beijing fell by 10.7% over the year, with the average price at 228.5 yuan per square meter per month [2] - Class A office projects are engaging in price competition to attract tenants, while Class B markets are experiencing more significant rental declines [2] Retail Market - The retail market in Beijing saw a supply peak in 2025, with 534,000 square meters of new retail space, all from urban renewal projects [5] - The "first store economy" is thriving, with various flagship stores opening across the city, indicating a shift towards new and differentiated retail offerings [5] - Despite the influx of new supply, a full recovery in consumer spending is expected to take time, with rental prices in secondary markets still under pressure [5] Warehouse and Logistics Market - The warehouse and logistics market faced severe challenges, with new supply reaching 1.4 million square meters and a vacancy rate soaring to 40.7%, both historical highs [7] - Demand has shifted to surrounding areas like Langfang and Tianjin, leading to a stark contrast in rental trends between Beijing and these regions [7] - Average rental prices in Beijing's warehouse market fell to 37.1 yuan per square meter per month, marking a 14.8% decline over the year [7]