北京写字楼市场2024年第三季度

Investment Rating - The report indicates a downward trend in rental prices for office spaces in Beijing, suggesting a cautious investment outlook for the sector [3][7]. Core Insights - The rental prices for office spaces in Beijing have decreased by 4.7% quarter-on-quarter and 13.5% year-on-year, reaching RMB 266.1 per square meter per month [3]. - The overall vacancy rate in Beijing's office market has increased to 18.2%, with a slight rise of 0.2 percentage points from the previous quarter [3]. - The demand for office spaces is shifting, with traditional industries such as finance, TMT, and professional services dominating the leasing market, accounting for 35.7%, 24.2%, and 20.0% of total leasing area respectively [6]. - New projects entering the market are expected to further increase the overall vacancy rate, leading to continued downward pressure on rental prices in the fourth quarter [7]. Summary by Sections Market Key Indicators - As of the second quarter of 2024, Beijing's GDP growth rate is projected at 5.8%, with a CPI growth rate of -1.7% and a real estate development investment growth rate of 0.1% [2]. Office Market Performance - In the third quarter of 2024, the net absorption of office space in Beijing was 24,000 square meters, with core business districts seeing a net absorption of 31,000 square meters [3]. - The report highlights that landlords are adopting more attractive leasing strategies, including lower rents and extended rent-free periods to attract tenants [3]. Future Supply and Demand - By 2027, the projected new supply of office space in Beijing is estimated at 1.678 million square meters, with a supply-demand ratio of only 12% [7]. - The report anticipates a gradual recovery in demand for office spaces as economic conditions improve and new supply remains limited [7]. Major Leasing Transactions - Key leasing transactions in the third quarter include companies like 超威半导体 and 深圳市小赢信息技术, indicating active leasing activity in the market [12]. Upcoming Projects - Notable upcoming projects include the 国家会议中心二期南北塔 and 鼎好DH3二期, expected to be delivered in the fourth quarter of 2024 [13].