北京零售市场2024第三季度

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The Beijing retail market is experiencing significant changes with the opening of new shopping centers, contributing to a total retail space of 1.545 million square meters as of Q3 2024, marking a year-on-year increase of 10.8% in stock [2][3] - The average rent for prime retail properties in core business districts is ¥2,180 per square meter per month, reflecting ongoing demand despite economic pressures [2][10] - The report highlights a trend of upgrading older commercial projects in response to the increasing competition from new shopping centers and changing consumer preferences towards experiential retail [3][5] Market Overview - In Q3 2024, Beijing's retail market welcomed the opening of three major shopping centers, adding 236,000 square meters of quality retail space [3] - The total retail space in Beijing is projected to exceed 1.2 million square meters for the year, the highest in nearly a decade, driven by the development of international consumption centers [5] - The report notes a decline in retail sales in Beijing, with a 0.8% year-on-year decrease in total retail sales from January to July 2024, particularly in the dining sector, which saw a 4.2% drop [4] Rental and Vacancy Rates - The average rent in the retail market has shown fluctuations, with a current average of ¥2,180 per square meter per month, while the overall vacancy rate stands at 10.8% [2][10] - Specific business districts exhibit varying vacancy rates, with the Central Business District at 5.32% and Sanlitun at 2.95% [10] New Supply and Future Projects - A total of eight retail projects have entered the market in 2024, contributing 756,000 square meters of retail space, with more projects expected to open in Q4 [5] - Future supply is projected to reach 2.73 million square meters by 2027, indicating robust growth in the retail sector [10]