Core Insights - The report by Knight Frank indicates a recovery in Beijing's Grade A office market in Q2 2025, with net absorption turning positive at 12,960 square meters [1][2] - Average rental rates have decreased by 1.6% to RMB 233.1 per square meter per month, with a narrowing decline compared to previous quarters [2][3] Market Demand and Supply - Limited new supply in the first half of 2025, with only one new project completed; no new projects are expected in the second half of 2025 [2] - Vacancy rate in Beijing's Grade A office market decreased by 0.2 percentage points to 18.4%, stabilizing compared to Q4 2024 [2] Sector Performance - The technology sector led leasing transactions, accounting for 34% of total transaction area, followed by finance and professional services at 22% and 16% respectively [2] - High-quality state-owned enterprises are becoming more cautious in their office expansion plans, impacting the core area office market [2] Rental Trends - Financial Street's rental rates fell below RMB 400, decreasing by 6.1% to RMB 389.2 per square meter per month, with a year-on-year decline of 8.7% [3] - Central Business District rents decreased by 2.8% to RMB 255.4 per square meter, down 12.5% year-on-year; vacancy rate decreased by 0.7 percentage points to 15.1% [3] - Zhongguancun area saw a rental rate of RMB 258.2 per square meter, with a 1.0% decrease and a significant vacancy rate drop of 3.2 percentage points to 12.8% [3] Future Outlook - Knight Frank anticipates a peak supply year in 2026, with 757,000 square meters of office space expected [4] - The domestic consumption-boosting policies have positively impacted market demand, leading tenants to prioritize flexible lease terms [4]

Group 1: Shanghai Office Market - The Grade A office market in Shanghai is experiencing pressure on both volume and price, with a net absorption of only 85,300 square meters in Q2 2025, down 18.4% quarter-on-quarter and 67.6% year-on-year [4] - The vacancy rate for Grade A offices has risen to 23.6% by the end of the quarter, while average rental prices have decreased to 6.99 RMB/square meter/day, reflecting a 1.9% decline [4] - Four new projects added approximately 240,000 square meters of supply, intensifying market competition, with core and emerging business districts each contributing two new projects [4] Group 2: Leasing Demand Structure - Retail trade, manufacturing, and TMT sectors dominate leasing demand, accounting for 28% and 23% respectively, with the financial sector following at 15% [5] - The biopharmaceutical sector has seen a rise in leasing demand, reaching 10% due to significant relocations by well-known domestic and international pharmaceutical companies [5] - The market is expected to face significant supply pressure in the second half of the year, with approximately 1 million square meters of new supply anticipated [5] Group 3: Retail Market Dynamics - The retail market in Shanghai shows a clear distinction between core and non-core business districts, with core districts maintaining an average rental price of 1,877 RMB/month/square meter and an occupancy rate of 94.71% [7] - New projects are focusing on experiential retail, with innovative shopping centers emerging in non-core areas to attract younger consumers [8] - The commercial market is expected to evolve into a new phase of differentiation and upgrading, driven by policy support and market dynamics [11] Group 4: Bulk Property Market - The bulk property transaction market in Shanghai recorded a total transaction value of 15.8 billion RMB in the first half of 2025, with 37 transactions completed, reflecting a significant decline compared to previous years [11] - Domestic investors are showing strong resilience, while foreign investors are strategically withdrawing, leading to a bifurcation in the market [11] - The types of properties being transacted include office, commercial, and residential, with a notable increase in interest in long-term rental apartments and public REITs [12] Group 5: Foreign Investment in Manufacturing - The number of foreign manufacturing and R&D projects in the Yangtze River Delta has slightly decreased, with Europe remaining a key source of investment, particularly from Germany [14] - Automotive and healthcare sectors are the primary focus for foreign investments, with significant projects established in Shanghai [15] - The trend indicates a shift towards larger foreign projects, while smaller enterprises are increasingly setting up in Jiangsu [15] Group 6: Financial Institutions and Project Management - Financial institutions have played a crucial role in ensuring project delivery through various mechanisms, including special loans and asset restructuring [16] - The focus is shifting from risk management to value creation in post-investment management, highlighting the importance of collaboration among government, financial institutions, and developers [16] - The ongoing "guarantee delivery" initiative is expected to enhance the operational efficiency of projects, transitioning from policy-driven support to market-driven sustainability [16] Group 7: Overall Market Outlook - Shanghai is accelerating its development as an international economic, financial, trade, shipping, and innovation center, with policies aimed at optimizing the business environment [17] - The real estate market is expected to benefit from these policies, providing fertile ground for various enterprises to invest and grow in Shanghai [17] - The company aims to leverage its expertise to attract quality projects and resources while closely monitoring policy adjustments and market trends [17]

Group 1: Guangzhou Real Estate Market - The Guangzhou real estate market is showing signs of recovery driven by policy guidance, industrial innovation, and consumption upgrades, creating significant opportunities for global enterprises and investors [1] - In the first half of 2025, the Guangzhou Grade A office market is expected to see an increase of 98,000 square meters in new supply, raising total stock to 7.603 million square meters [1][3] - The retail sector anticipates an additional 398,000 square meters of supply in the second half of the year, with experiential consumption and leisure brands expected to drive growth [1][5] Group 2: Corporate Expansion and Investment Trends - Chinese enterprises are actively expanding overseas, particularly in the manufacturing sector, marking a shift from product exports to a more systematic industrial layout [2] - Key drivers for this trend include excess capacity, rising costs, trade barriers, policy support, and diverse market demands [2] - Southeast Asia is emerging as a focal point for Chinese manufacturing investments due to its strong economic growth, youthful population, and rising middle-class consumption [2] Group 3: Office Market Dynamics - In the first half of 2025, Guangzhou's Grade A office market saw a total supply increase of 323,000 square meters, with total stock reaching 7.506 million square meters, a year-on-year growth of 6.1% [3] - The International Financial City and Pazhou areas are leading in absorption, with a combined net absorption of 54,000 square meters [3] - The financial, media, entertainment, retail, and trade sectors are performing well, contributing over half of the market transactions [3] Group 4: Retail Market Developments - The retail market in Guangzhou experienced a slight expansion of 1.0% in total stock, reaching 7.632 million square meters in the first half of 2025 [5] - Brand expansion has slowed, with a focus on optimizing existing projects and introducing new brands through diverse promotional activities [5] - By the end of 2025, total retail stock is expected to exceed 8 million square meters, driven by consumer preferences for quality and experiential value [5]

Core Insights - The report by JLL indicates that the rental decline in Beijing's office market is continuing to narrow, with a half-year net absorption of 194,000 square meters, representing a year-on-year increase of 2.5% [1] - The total stock of Grade A office space in Beijing remains at 13.68 million square meters, with no new supply entering the market in the second quarter [1] - The vacancy rate has decreased by 1.4 percentage points to 16.9% compared to the end of 2024, while the five core business districts saw a net absorption of 111,000 square meters, up 9.0% year-on-year [1] Rental Trends - The average rental price in the overall market has decreased by 2.3% to RMB 221.94 per square meter per month, while the five core business districts experienced a 2.6% decline to RMB 257.58 per square meter per month [1] - The rental decline has been observed over seven consecutive quarters since the second half of 2023, but the rate of decline is showing signs of narrowing [1] Leasing Activity - In the second quarter, lease renewals accounted for 29.2% of the total leasing transactions [1] - The TMT (Technology, Media, and Telecommunications) sector has been a significant contributor to new leases, with a 55% share of the total transactions driven by AI and telecommunications companies [1] - Retail leasing demand, boosted by consumer stimulus policies, accounted for 8.5% of the total leasing activity, ranking fourth [1] Future Outlook - The second half of the year is expected to see no new supply in the Grade A office market, which may lead to a further reduction in the vacancy rate [2] - From 2026 to 2028, approximately 1.8 million square meters of new supply is anticipated, with 70% of this supply concentrated in the Central Business District and Wangjing-Jiu Xianqiao area [2] - It is projected that rental prices may stabilize by the end of 2025 [2]

Core Insights - The office rental market in Shenzhen has entered a low-cost era, with significant reductions in rental prices and availability of government subsidies for entrepreneurs [1][2] - The average rent for Grade A office buildings in Shenzhen has decreased by 5.3% to 160.1 RMB per square meter as of Q2 2023, compared to the peak rent of 276.6 RMB per square meter in 2018, representing a decline of over 40% [1][2] Group 1: Market Dynamics - There is an abundance of office space available in Shenzhen, leading to lower rental costs for startups [1] - Property owners are adopting aggressive pricing strategies to retain tenants, as the cost of retaining a customer is lower than acquiring a new one [1][2] - The trend of moving from industrial parks to Grade A office buildings is driven by the expiration of preferential policies and the appeal of longer rent-free periods and subsidies [1] Group 2: Future Outlook - The Shenzhen office market is expected to see further rental declines of 2.7% and 3.1% in Q1 and Q2 of 2025, respectively, as owners respond to market pressures [2] - The local government is actively supporting the incubation and development of key industries, providing low-cost, high-quality office spaces [2] - Shenzhen's strong industrial foundation, particularly in hard technology sectors like AI, smart manufacturing, and semiconductors, is expected to drive structural growth in the office market, contributing to future market recovery [2]

Group 1 - The rental decline in Beijing's office market continues to narrow, with a vacancy rate decreasing by 1.4 percentage points to 16.9% compared to the end of 2024 [1] - There was no new supply in the second quarter of 2025, maintaining the total stock of Grade A office space at 13.68 million square meters, with a quarterly net absorption of 39,677 square meters across the city [1] - The overall net absorption for the first half of the year reached 194,000 square meters, a year-on-year increase of 2.5%, while the five core business districts saw a net absorption of 111,000 square meters, up 9.0% [1] Group 2 - The demand for leasing from technology, internet, and consumer sectors remains active, with renewal leases accounting for 29.2% of total leasing transactions in the second quarter [3] - The TMT sector, driven by AI and telecommunications companies, accounted for 55% of new leases and relocations, while the professional services sector, boosted by law firms, increased its share to 13.1% [3] - Retail leasing demand, supported by consumption stimulus policies, represented 8.5% of total leasing activity, ranking fourth [3] Group 3 - The forecast for the second half of the year indicates no new supply in Beijing's Grade A office market, which may lead to further reductions in vacancy rates [4] - The market is currently in a stabilization phase, with rental concessions nearing their limit, and rents are expected to stabilize by the end of 2025 [4] - The industrial park market is experiencing a transitional phase, particularly in the biopharmaceutical sector, leading to increased supply-demand imbalances and downward pressure on rents [4]

来自科技企业的强劲需求，正在成为推动北京写字楼市场回温的主要动力。 CBRE世邦魏理仕近日发布报告指出，今年第二季度，位于石景山和菜市口的两个新项目交付使用，为 北京写字楼市场带来14.8万平方米的新增办公面积。整个上半年，北京写字楼新增供应总量为18万平方 米，已经完成全年预期总量的83%。 需求方面，市场情绪延续向好，使得上半年全市新租交易总面积同比上涨33%。 其中，上半年北京写字楼市场新租需求的三大主力行业依次是TMT（40%）、金融（20%）和专业服务 （12%）。TMT板块中，除人工智能、大数据和平台互联网等支柱赛道持续释放需求外，游戏类需求占 比亦有所提升；金融行业新租活动以同区整合搬迁为主；专业服务业中，内资律所和咨询类租户的升级 需求持续。 从需求面积段看，5000平方米及以上大面积交易数量呈温和回升的态势。 租金方面，受新兴区域分流和租户降本诉求的影响，上半年北京写字楼市场租金累计下降5.5%，至每 月每平方米241.7元。 该机构指出，今年下半年，北京仅有一个写字楼项目投放市场，新增供应相对有限。但相较于需求的恢 复速度，市场的总体供应仍然充裕。因此，业主之间的竞争依然激烈。多位从业者认 ...

Group 1 - The core viewpoint of the report indicates a recovery in the leasing market for Grade A office spaces in Guangzhou during the first half of 2025, with increased inquiry and viewing activity compared to the end of 2024 [1] - The supply of Grade A office spaces in Guangzhou slowed down in Q2 2025, with only one new project delivered, leading to a total stock of 6.937 million square meters [1] - The net absorption in the city recorded 152,000 square meters, a year-on-year decrease of 13.3%, while the vacancy rate increased by 0.9 percentage points to 19.8% [1] Group 2 - In terms of regional performance, Haizhu District's Pazhou became the most active leasing area in Q2, with a vacancy rate decreasing by 1.7 percentage points quarter-on-quarter and 3.6 percentage points year-on-year to 23.2% [1] - The average rent for office spaces in the city decreased by 1.4% to 123.5 yuan per square meter per month, with the decline narrowing by 3.3 percentage points compared to the previous quarter [1] - The TMT sector led the leasing demand with a 30.2% share of the total leased area, followed by the financial sector at 16.8% and trade and retail at 16.3% [2] Group 3 - The report highlights the potential of emerging business districts, particularly Guangzhou International Financial City, where infrastructure improvements are attracting financial institutions to establish headquarters [2] - The establishment of a conducive office environment in new business districts is expected to enhance market attention and resource attraction [2]

Group 1: Office Market Overview - In the first half of 2025, Shenzhen saw a new supply of 235,000 square meters of Grade A office space, bringing the total stock to 8.605 million square meters [1] - The net absorption of Grade A office space in Shenzhen reached 68,000 square meters in the first half of the year, driven by the demand from high-tech industries and headquarters-type properties [2] - An additional 1.22 million square meters of Grade A office space is expected to be available by the end of the year, with projections indicating that total stock could exceed 10 million square meters by the end of 2027 [2] Group 2: Retail Market Performance - The retail market in Shenzhen experienced a significant supply increase, with 303,000 square meters of new quality shopping centers introduced, raising the total stock to 7.477 million square meters [3] - Major contributors to the new supply included K11 ECOAST and Luohu Yitian Holiday Plaza, while new developments like Taizi Bay招商花园城 and PA MALL are enhancing the shopping experience [3] - Over the next three years, approximately 1.264 million square meters of quality shopping centers are planned to enter the market, with a significant portion located in the western districts [3] Group 3: Buyer Trends in Office Market - In the first half of the year, the total transaction volume for office properties in Shenzhen reached nearly 8 billion, primarily driven by self-use buyers, indicating strong demand for self-use office space [4] - Notable self-use buyers include listed companies and state-owned enterprises such as BOE Technology Group and Guotai Junan, which have been active in acquiring office buildings for their own operations [4] Group 4: Future Market Outlook - Market participants are encouraged to leverage favorable policy conditions, such as interest rate cuts, to identify investment opportunities in clearly defined sectors [5] - The rise of new economic sectors is expected to keep infrastructure investments in focus, particularly in data centers and the biopharmaceutical sector, which are anticipated to attract significant investment [5]

房地产服务和咨询顾问公司戴德梁行2日发布的数据显示，2025年第二季度，上海甲级写字楼市场量价 继续承压。第二季度净吸纳量为8.53万平方米，同比下滑67.6%，环比下滑18.4%。受新增供应冲击，市 场空置率有所攀升，至季度末达23.6%；甲级写字楼平均租金承压下行，降至6.99元／平方米／天，环 比跌幅1.9%。 而从细分行业来看，零售贸易制造业更倾向于传统核心商圈及优势新兴商圈，近期奢侈品、体育用品等 零售企业表现尤为亮眼；TMT行业则布局热门新兴商圈及新项目，主要有平台网络软件服务型企业改 善型搬迁、电商平台扩租需求，以及汽车软件平台企业续租成交。生物医药企业受上海市加快打造全球 生物医药研发经济和产业化高地政策影响，企业升级搬迁或扩租需求持续释放，成为拉动行业租赁需求 的重要力量。 围绕推动高质量发展首要任务和构建新发展格局战略任务，上海正在加快建设国际经济、金融、贸易、 航运和科技创新中心，进一步强化城市核心功能。"政策的调控为房地产市场发展指明了方向，通过优 化营商环境、加大产业扶持力度，为各类企业在沪投资兴业提供肥沃土壤。"戴德梁行华东区董事总经 理黎庆文表示。 （文章来源：新华财经） 戴德梁 ...