近年来，"它经济"(即宠物经济)发展迅速，宠物相关消费规模逐年增长，与此相对应，宠物经济在购物 中心中的业态也愈加多元化。戴德梁行最新研究报告显示，2025年，深圳零售物业市场迎来诸多供应亮 点，对提振市场信心、激活消费潜力产生积极影响。 消费场景提质升级供应端发力促进内需提振 甲级写字楼面临去化压力，细分赛道支撑局部租赁活跃度 写字楼市场与经济产业发展高度相关，当前宏观经济及前景的不确定性令多数企业在租赁决策上保持谨 慎。2025年四个一线城市净吸纳量合计117.5万平方米，较上年小幅下降3.2%，处于低位持稳的状态。 其中，深圳全年实现净吸纳量26.4万平方米，在71.2万平方米的大规模供应刺激下较上年增加59.6%， 但不及新增供应量的一半。 "降本增效"仍是企业职场策略当中最重要的考量因素，意味着在增量需求疲软的当下，控制成本并助力 企业效率提升是撬动企业对办公物业需求的前提条件，这也预示在租户掌握主导权的市场中，"以价换 量"仍将是主流趋势。受此影响，截至2025年四季度末，全市甲级写字楼平均租金向下调整至每月每平 方米149.4元，较去年末下滑11.7%。 2025年，深圳多个优质购物中心开门迎客 ...

本报记者 董红艳 北京报道 从区域上看，中关村板块成为年度最大亮点，办公新增需求呈现爆发式增长。据高力国际发布的数据， 中关村甲级写字楼市场2025年全年净吸纳量超17.6万平米，占全市总量的53%，创下近20年来的峰值纪 录，成为引领北京写字楼市场复苏的核心引擎。 2025年，房地产行业仍处于深度调整周期，价格低位循环、有效需求乏力等核心矛盾尚未根本化解。而 新质生产力方面，量子计算、可控核聚变等前沿赛道技术成果密集落地。 写字楼市场的冷暖变化，堪称经济景气度的"风向标"。2025年北京甲级写字楼市场呈现复苏态势，四季 度末空置率降至19.2%，同比下降1.5个百分点；全年空置率获得整体回调。中关村板块凭借科创产业集 聚优势，成为拉动市场回暖的核心动力源。 需要警惕的是，市场复苏基础仍不稳固。据高力国际向《华夏时报》记者透露的信息，2026年北京甲级 写字楼核心市场将迎来超70万平方米的新增供应，这一增量将直接推动年末空置率走高，市场承压格局 或将加剧。 高吸纳叠加低供给 2025年末，北京写字楼市场空置率实现实质性回落。据高力国际方面数据，北京甲级写字楼市场空置率 在今年四季度末降至19.2%，同比下降约 ...

全联房地产商会写字楼分会执行会长、房讯指数CORC首席研究员刘凯认为，当前商业地产市场正站 在"内卷"与"进化"的十字路口，商业办公市场的企稳回升仍然需要一个过程。 刘凯提出，未来中国写字楼产业园行业需要六大范式变革：一是产品范式从"以产品为中心"到"以用户 为中心"，二是经营范式从"增量扩张"到"存量优化"，三是运营范式从"空间改造"到"城市更新"，四是资 产范式从公募REITs到资产数字化，五是科技范式从"互联网+"时代到"AI+"时代，六是竞争范式从"内卷 式"竞争到"竞合式"共赢。 产业园领域的供需情况同样受到关注。根据房讯指数CORC统计，当前全国产业园区总建筑面积已突破 60亿平方米，每年新增供应量1.4亿平方米，实际需求增速低于供给扩张速度。目前全国省级以上开发 区平均空置率超35%，部分新建园区甚至达到60%。我国产业园市场需求开始从数量扩张向质量提升发 展，从城市功能区集聚向产业功能集聚发展，从传统行业导向向新质生产力导向发展。 21世纪经济报道记者李莎 北京报道 日前，中国写字楼产业园发展论坛第22届年会在北京举行，主题 为"内卷与进化：商业办公的范式变革"。 北京市投资促进服务中心党组成 ...

Core Insights - The average occupancy rate of key office buildings in major Chinese cities has declined to 82.54%, indicating a structural imbalance in supply and demand within the commercial real estate sector [1][3]. Group 1: Market Demand - The significant contraction in demand for office space is primarily driven by major tenants in sectors such as internet, finance, and professional services, which are undergoing deep adjustments and reducing their leased space [3][4]. - As core demand from these sectors decreases, the resulting increase in vacancy rates is inevitable [3]. Group 2: Supply Dynamics - The development cycle of office buildings often misaligns with industry cycles, leading to oversupply when projects initiated during peak demand are completed during downturns [3][4]. - The time required for office projects to move from land acquisition to completion can take three to five years or longer, exacerbating the mismatch between supply and demand [3]. Group 3: Adaptive Reuse Strategies - Many regions have attempted to repurpose vacant office buildings for alternative uses, such as housing or industrial spaces, to mitigate the impact of rising vacancy rates [4][5]. - The concept of "adaptive reuse" has been encouraged through government policies that provide tax incentives and streamline approval processes for converting commercial spaces into residential units [4][5]. Group 4: Urban Planning and Long-term Solutions - To prevent cyclical vacancy crises, urban planning must be more scientifically aligned with population flows and industrial structures, ensuring a balanced supply of residential, commercial, and office spaces [7]. - The demand for office space is closely linked to the performance of industries such as internet, finance, and modern services, necessitating a focus on developing high-quality industries that sustain demand for premium office spaces [7].

Core Viewpoint - Alibaba and Ant Group have acquired the top 13 floors of the "One Island East" building in Hong Kong for $925 million, aiming to establish their headquarters in the city, marking a significant real estate transaction during a downturn in the market [1][4]. Group 1: Transaction Details - The seller, Mandarin Oriental Hotel Group, is controlled by the British Keswick family through the Jardine Matheson Group [2]. - The transaction is expected to be the largest commercial property sale in Hong Kong this year, with the Keswick family still making substantial profits despite selling during a market low [4]. - The average price per square meter for the property is approximately HKD 235,500, with a total floor area of about 301,600 square feet [10]. Group 2: Property Background - "One Island East" was previously the East Hotel, which was converted into a Grade A office building after its closure in March 2019, with an investment of around HKD 5 billion [8]. - The property is strategically located near the subway, offering sea views and proximity to major shopping centers, making it a prime asset [6]. Group 3: Market Context - The value of some office buildings in Hong Kong has decreased by 30%-40% compared to peak levels, with high vacancy rates [8]. - The property was previously estimated at HKD 27 billion in 2017, but the current valuation is around HKD 14 billion, indicating a nearly 50% discount [11]. Group 4: Strategic Moves by Keswick Family - The sale is part of a broader strategy by the Keswick family to restructure their asset portfolio, which includes a plan for privatization of Mandarin Oriental [12][13]. - The family aims to simplify corporate structure and enhance hotel business development through full ownership [16]. - The proceeds from the sale will contribute to a special dividend for shareholders as part of the privatization offer [17]. Group 5: Future Prospects - The entry of a Fortune 500 company like Alibaba is expected to attract other businesses to the "One Island East" project, enhancing its value [11]. - Mandarin Oriental is actively expanding in mainland China, with plans for new luxury hotels and properties in key urban areas [19].

Core Viewpoint - The commercial real estate market is experiencing a dichotomy, with office rental prices under pressure in many regions, while Beijing's market, particularly in the CBD, shows strong demand driven by technology innovation companies [1][3]. Group 1: Market Dynamics - The overall commercial real estate market is slowing down, but the Beijing office market is witnessing a surge in demand, particularly in the high-end segment [1]. - The net absorption of Grade A office space in Beijing reached a record high in Q3 2025, indicating robust demand despite broader market challenges [1]. Group 2: Project Overview - The Z3 super Grade A office project, located in Beijing's CBD, is developed by Beijing Jintonggang Real Estate Development Co., with investments from Prologis, CICC, and Hongkong Land, and designed by the renowned Foster + Partners [3]. - The project aims to address the evolving needs of the Z generation by creating a flexible and integrated workspace that combines experience, community, and adaptability [3][4]. Group 3: Design and Features - Z3 incorporates approximately 16% of physical variable space, allowing for various office configurations, and includes shared amenities such as theaters and fitness centers, reflecting trends observed in companies like Google and Amazon [3][4]. - The design features large glass facades for panoramic views, soundproofing elements, and sustainable architecture aimed at achieving green building certifications [4]. Group 4: Investment Rationale - The project partners emphasize the synergy of their combined expertise in industrial operations, financial resources, and commercial management to create a closed-loop model of investment, construction, and operation [4]. - Z3 is nearing completion, with an expected handover in mid-2026, and its success in attracting tech companies will be a key indicator of its market viability [4].

Core Insights - The Chinese office market is experiencing significant challenges, including oversupply, high vacancy rates, and declining rental prices, leading to a deep adjustment phase [1][2][3] - There is a notable market differentiation, with core areas in first-tier cities also facing tenant demands for rent reductions [2][3] - Financial risks are emerging due to low asset yields, shrinking valuations, and difficulties in large transactions and REITs exits, indicating potential debt defaults and increased bad debts for financial institutions [1][2] Group 1: Market Conditions - The office market is under pressure with increasing supply and decreasing demand, resulting in a rise in vacancy rates and a decline in rental levels [2][3] - New emerging business districts are showing positive leasing performance due to high cost-effectiveness, despite overall market challenges [3][4] - The transition from a high-leverage model to a cash flow-oriented model in real estate is underway, with a focus on sustainable investment strategies [4][5] Group 2: Financial Risks and Recommendations - The need for careful evaluation of collateral values in mortgage lending is emphasized to prevent overvaluation and excessive lending [2][3] - Recommendations include reducing new office supply, promoting the conversion of old office buildings to rental housing, and enhancing operational efficiency [5][6] - The establishment of a multi-tiered REITs market is suggested to facilitate asset circulation and encourage long-term capital investment [4][6] Group 3: Policy and Structural Changes - Government policies play a crucial role in the office market, with recent initiatives aimed at flexible land use and urban renewal to optimize space and functionality [7][8] - The flexibility in land use conversion is seen as a potential solution to alleviate the office market's challenges, allowing for the transformation of inefficient office spaces into long-term rental apartments [7][8] - The importance of enhancing collaboration among various government departments to adapt planning and zoning regulations to market changes is highlighted [6][7]

Core Insights - The conference focused on the current state of China's office market and potential financial risks, emphasizing the need for systemic prevention and resolution strategies [1][3] Market Conditions - China's office market is experiencing significant pressure due to oversupply, insufficient demand, high vacancy rates, and declining rental prices, leading to a deep adjustment phase [3] - The overall market is under pressure, with a notable decline in rental levels and an increase in vacancy rates, while supply continues to rise [4][9] Financial Risks - The low yield and shrinking valuations of office assets, combined with a slowdown in large transactions and difficulties in exit channels like REITs, indicate potential financial risks such as debt defaults and rising bad debts in financial institutions [3][4] - Emphasis on the importance of cautious valuation practices for mortgage loans to prevent over-leveraging and ensure that valuations align with market trends [5] Recommendations for Market Stabilization - Long-term strategies should focus on economic growth and industrial upgrades, while short-term measures should include controlling new supply and promoting the de-stocking of existing properties [4] - Suggestions include establishing dynamic assessment mechanisms, setting up stabilization funds, guiding long-term capital into the market, and exploring asset securitization to stabilize market expectations [4][10] Market Dynamics - The market is currently in an adjustment cycle, with supply continuing to increase and leasing activities primarily driven by corporate relocations [7] - Certain emerging business districts are performing well due to high cost-performance ratios, while sectors like TMT, finance, and manufacturing show stable demand [7][8] Policy and Structural Changes - The transition from a high-debt, high-leverage model to a cash flow-oriented model in real estate is underway, with a focus on enhancing the attractiveness of commercial properties despite current challenges [8] - Recommendations for policy adjustments include reducing new commercial land supply, promoting the conversion of commercial properties to rental housing, and encouraging the upgrade of old projects [9][10] Investment Climate - The public REITs market is active at the primary issuance level, attracting many asset owners, although large transactions remain low, indicating a market still in the bottoming process [8] - The flexibility in land use conversion is seen as a potential effective channel for alleviating pressures in the office market, with examples of successful conversions to long-term rental apartments [11]

Core Insights - The conference focused on the current state of China's office market and potential financial risks, discussing strategies for response and future development [1] Group 1: Market Conditions and Trends - The office market is currently in an adjustment phase with increasing supply and leasing activities primarily driven by corporate relocations [3] - Emerging business districts are achieving positive leasing performance due to their high cost-effectiveness despite overall market pressures [3] - The rise in vacancy rates and rental pressures in commercial office sectors presents challenges, yet lower interest rates enhance investment attractiveness due to higher capitalization rates [4] Group 2: Recommendations and Strategies - Experts suggest a multi-faceted approach to address risks, including long-term reliance on economic growth and industry upgrades, and short-term measures to control new supply and promote inventory reduction [3] - Recommendations include easing rental pricing regulations to encourage upgrades of older office buildings and exploring new uses such as rental housing and elderly care facilities [4] - The promotion of Real Estate Investment Trusts (REITs) in the office market is advised to enhance risk diversification and improve asset liquidity [5] Group 3: Policy and Regulatory Suggestions - There is a call for reducing new commercial land supply and encouraging the transformation of commercial properties into affordable rental housing [4] - Flexibility in land use conversion is seen as a viable channel for alleviating pressures in the office market, with examples of successful conversions to long-term rental apartments [5] - The need for a dynamic assessment mechanism and the establishment of stabilization funds to guide long-term capital into the market is emphasized [3]

Market Overview - The Suzhou office market is under significant pressure in the first half of 2025 due to the aftermath of a supply peak in 2024, with multiple projects delayed and only one new project, Nissin Center, launched in Q2 [3][4] - The overall net absorption in the first half of 2025 was 33,900 square meters, with a vacancy rate reaching 29.7%, the highest in five years [4][6] Rental Market Dynamics - Rental prices have decreased, with the average rent recorded at 69.30 yuan per square meter per month, the lowest in nearly three years [6] - Landlords are offering various incentives such as rent discounts and extended rent-free periods to retain existing tenants and attract new ones [6][11] Demand and Supply Trends - The demand side remains weak, with some companies downsizing or vacating spaces, leading to a contraction in overall transaction volume compared to the previous year [4][8] - The supply of new office space has slowed, with only 37,000 square meters of quality commercial space added in Q2 [4] Sector-Specific Insights - The electronics and technology sectors, along with professional services, have shown active transaction volumes, while emerging manufacturing companies have also seen a year-on-year increase in transactions [8] - Large transactions over 1,000 square meters have been limited, with professional services and finance being the main sources of demand [8] Future Outlook - The second half of 2025 is expected to see the introduction of over 1.7 million square meters of high-quality office projects, intensifying market competition [11] - The focus for office operators will shift from price competition to enhancing the value of office spaces through integration of industry resources and creating a supportive ecosystem for tenants [11][12] Policy and Economic Development - Suzhou has introduced multiple industry policies targeting advanced fields such as AI and biomedicine, aiming to create an attractive industrial development ecosystem [12] - The city signed 417 key projects with a total investment exceeding 341.57 billion yuan, indicating strong industrial aggregation effects [12]