政策聚力 信心修复

Group 1: Office Market Insights - The net absorption of grade A office space in major cities reached 652,000 square meters in Q3 2024, showing a slight decline compared to the previous quarter[8] - First-tier cities saw a significant rebound in net absorption, while 1.5 and second-tier cities struggled to stimulate demand despite rental strategies[8] - The overall rental prices for grade A office spaces continued to decline, with Shanghai experiencing a 4.7% decrease and Beijing a 3.1% decrease in rental rates[9] Group 2: Retail Market Dynamics - The retail market faced pressure, with the total retail sales of consumer goods in China exceeding 35.3 trillion yuan, growing by 3.3% year-on-year, but the growth rate has slowed compared to the first half of the year[12] - In Q3 2024, 23 new retail projects opened across 21 major cities, adding 226.1 million square meters of supply, a 34.3% increase from the previous quarter[14] - The average vacancy rate for quality retail properties in 21 cities was 10.1%, with some cities experiencing an increase in vacancy due to supply pressures[15] Group 3: Residential Market Trends - National residential investment continued to face pressure, with cumulative investment in residential development down by 10.5% year-on-year, totaling 6 trillion yuan in the first three quarters of 2024[19] - The average sales price of new residential properties in first-tier cities fell by 0.5% in September, while second-tier cities saw a 0.7% decline[19] - The cumulative sales area of residential properties in the first nine months of 2024 was 700 million square meters, a year-on-year decrease of 17.1%[19] Group 4: Logistics Market Overview - The net absorption in the logistics real estate market recorded 1.86 million square meters in Q3 2024, a year-on-year decline of 21%[24] - New supply in the logistics sector decreased significantly, with 1.84 million square meters completed in Q3, a 50% drop from the previous quarter[26] - Despite a slight recovery in demand due to seasonal factors, overall rental rates remained under pressure as owners continued to lower expectations to improve occupancy rates[24]