Group 1: Office Market Insights - In Q2, Beijing's office market saw a continued narrowing of rental declines, with no new supply entering the market, maintaining a total stock of 13.68 million square meters of Grade A office space [1] - Lease renewals accounted for 29.2% of total leasing transactions in the quarter, with the TMT sector leading new leases at 55%, followed by professional services at 13.1%, and finance at 10.9% [1] - The vacancy rate is expected to continue decreasing in the second half of the year due to ongoing market absorption, with no new supply anticipated until 2026-2028, when approximately 1.8 million square meters will be introduced [1] Group 2: Retail Market Developments - The retail market in Beijing added 200,000 square meters of quality retail space from three new projects, bringing the total shopping center stock to 16.86 million square meters [2] - Ongoing renovations and upgrades are being supported by government policies, with several projects like the Beijing Huadong New Chenhui and Beijing Shuang'an Mall completing regional upgrades [2] - Five new quality retail projects are expected to add over 500,000 square meters of retail space in the second half of the year, focusing on suburban developments and traditional shopping area upgrades [2]