房地产：2024年第四季度西安写字楼与零售市场概况

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The macroeconomic overview of Xi'an shows a GDP of 868.6 billion yuan, with a retail sales total of 363.8 billion yuan, indicating a significant economic activity in the region [2][3][5] - The population of Xi'an at the end of 2023 is reported to be 13.1 million, which supports the consumer market potential [6][7] - The tertiary industry growth rate in Xi'an is 3.3%, which is lower compared to other cities like Qingdao (4.5%) and Tianjin (5.4%) [9] - Real estate development investment growth in Xi'an is at 9.3%, contrasting sharply with negative growth rates in other cities such as Qingdao (-12.2%) and Dalian (-20.6%) [13] Economic Indicators - Xi'an's per capita disposable income for urban residents is 40,967 yuan, which is lower than that of Qingdao (51,337 yuan) and Tianjin (46,078 yuan) [11] - The retail market in Xi'an is characterized by a total stock of 7,634,683 square meters, with an average rent of 237.01 yuan per square meter per month and a vacancy rate of 15.9% [39] - The office market in Xi'an has a total stock of 1,924,453 square meters, with a net absorption of 41,360 square meters and a vacancy rate of 21.27% [23] Market Trends - The report indicates a trend of increasing supply in the retail market, with 313,000 square meters added in the current year, while the net absorption remains positive at 294,100 square meters [39] - The office market is experiencing a stable rental environment, with average rents showing slight fluctuations but maintaining a relatively high occupancy rate [23][39] - The overall economic indicators suggest a mixed outlook for the Xi'an market, with growth in certain sectors like real estate, while facing challenges in others like retail and office space absorption [12][13][39]