资产价格回归合理区间，外地资金高频考察上海写字楼

Core Insights - The Shanghai office investment market is undergoing significant changes due to both policy and market dynamics, with increased interest from investors in commercial properties [3][4] - Recent policy changes allow certain commercial properties to be repurposed for other uses, such as rental housing and hotels, which has created new investment opportunities [4][5] Market Trends - A notable increase in investment activity has been observed, with 17 transactions in the third quarter of this year, totaling 14.97 billion yuan, representing a nearly 80% increase quarter-on-quarter [4] - Office assets have regained dominance, accounting for 75% of the total transaction value and 53% of the total number of transactions in the same period [4] Investment Opportunities - The average transaction value for single projects has risen significantly to 881 million yuan, compared to 560 million yuan in 2024 and 420 million yuan in the first half of 2025, indicating a shift towards larger transactions [4] - There is a growing trend among buyers from the renewable energy, technology, and consumer sectors to acquire standalone properties to meet their operational needs, with real estate companies and corporate buyers being the primary participants in the market [4][5] Policy Impact - The new policy allowing the repurposing of existing commercial buildings is expected to stimulate the market by encouraging the reassessment of building functions and enhancing the attractiveness of older properties for investment [5] - The potential for high returns from repurposing office buildings into rental housing or hotels is particularly appealing to investors, as these alternatives often yield favorable returns [5] Future Outlook - The commercial real estate investment market in Shanghai is anticipated to maintain a stable and positive trend in the fourth quarter, supported by ongoing macroeconomic policies and a resurgence in foreign investment interest [5]