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卖不出去的写字楼要改成住宅区了?
虎嗅APP·2025-08-23 09:08

Core Viewpoint - Shanghai has adjusted its "commercial to residential" ban for the first time in eight years, encouraging the transformation of commercial buildings to include rental housing and other functions to address high vacancy rates and commuting issues in major cities [4][6][8]. Group 1: Policy Changes - The new policy allows for the conversion of certain commercial buildings into rental housing, but it is not a blanket approval for "commercial to residential" conversions [6][7]. - The policy aims to expand the functionality of commercial buildings, including areas like rental housing, elderly care, cultural sports, and technological innovation [6][7]. Group 2: Market Context - Major cities like Beijing, Guangzhou, and Shenzhen are experiencing average vacancy rates of around 20% for Grade A office buildings, indicating a significant supply-demand imbalance [17][18]. - The high vacancy rates have led to a cycle of declining rents and asset devaluation, necessitating a shift in policy to address these challenges [18][20]. Group 3: Historical Background - Since 2017, various cities have implemented strict bans on "commercial to residential" conversions, which were initially aimed at curbing market chaos during a period of rapid real estate expansion [9][12]. - The introduction of these bans resulted in a significant decline in commercial property sales, with sales dropping from 1.3 trillion yuan in 2018 to 320.8 billion yuan by 2024 [13]. Group 4: Implications for Urban Development - The recent policy shift represents a move towards encouraging functional optimization of commercial properties, potentially leading to a more sustainable urban development model [15][32]. - "Commercial to residential" conversions can alleviate high inventory pressures in the commercial market and provide new solutions for activating existing assets [32][34]. Group 5: Challenges Ahead - While the policy opens new possibilities for urban living, it also raises concerns about management issues, safety standards, and community acceptance of mixed-use developments [39][40].