Group 1 - The total stock of Grade A office buildings in Shenzhen increased by 5.4% year-on-year to 11.992 million square meters as of the end of Q3 2023, with technology companies being the main driver of market demand growth [1] - The average vacancy rate for Grade A office buildings in Shenzhen reached 31.6% by the end of Q3 2023, reflecting a structural upward trend, with a quarter-on-quarter increase of 1 percentage point and a year-on-year increase of 1.7 percentage points [1] - The rental index for Grade A office buildings in Shenzhen decreased by 1.9% quarter-on-quarter and 12% year-on-year, with average rent falling to 136.7 yuan per square meter per month [1] Group 2 - The Baozhong area in Shenzhen is experiencing significant development opportunities, transitioning from a supporting area for Qianhai to a core axis in the Greater Bay Area, with over 60% of new demand in Q3 coming from fintech, professional services, and headquarters-type enterprises [2] - The Baozhong area is becoming a strategic location for enterprises and capital in the Guangdong-Hong Kong-Macao Greater Bay Area due to its comprehensive facilities and significant "value gap" advantages [2]

Core Insights - High-end office buildings in major cities are resorting to "rent-free" strategies to attract tenants due to rising vacancy rates and declining demand [1][2][3] - The current economic environment has weakened the demand for office space, particularly affecting private enterprises with lower risk tolerance [2][3] - Major cities are implementing rent-free policies to stimulate economic activity and attract talent, mirroring previous government strategies like consumer vouchers [3][4] Group 1: Market Conditions - Major cities like Guangzhou, Beijing, and Suzhou are experiencing office vacancy rates nearing or exceeding 20%, leading to significant rent declines [1][2] - The oversupply of office space is partly due to past real estate practices where commercial land was converted into office buildings, creating a mismatch in supply and demand [1][2] Group 2: Rent-Free Policies - Cities such as Suzhou and Guangzhou are offering substantial rent reductions, with Suzhou providing up to two years of rent-free space for qualifying businesses [4][5] - The rent-free initiatives are primarily targeting strategic emerging industries, ensuring that only high-potential companies benefit from these incentives [6] Group 3: Competitive Landscape - The "zero rent" policy has sparked a competitive environment among cities, with neighboring regions enhancing their offerings to attract businesses [7] - Despite concerns about potential "internal competition," the rent-free policies are seen as a means to enhance long-term competitiveness rather than merely providing cash flow support [8]

首先，头部科技企业的大规模办公需求在上半年已集中释放，导致三季度新增需求动力不足；其次，科 技企业聚集的中关村等区域可租赁面积快速减少，限制了该区域的新租活动。此外，部分大面积办公需 求开始向周边商务园区转移；再加上整体市场中，更多业主在续租或重组租约时愿意提供更优惠条件， 一定程度上延缓了新租决策；最后，市场需求结构呈现小型化趋势，进一步影响了新租总面积的统计。 从租赁类型来看，搬迁需求仍是市场主流，占新租总面积的75%。租户流动路径呈现出鲜明特点：金融 街、通州等区域以区内流动为主；中关村、望京、奥体等科技中心子市场之间的流动较为活跃；而 CBD和丽泽则成为跨区搬迁的主要承接区域。 2025年第三季度，北京办公楼市场整体呈现出新租活跃度阶段性回落的态势。尽管部分行业仍显示出一 定的扩张意愿，但受多重因素影响，整体市场仍处于缓慢复苏的通道之中。结构性调整持续深化，甲级 写字楼表现相对稳健，而乙级楼宇则面临较大去化压力。 在世邦魏理仕日前举行的三季度北京商办市场分享会上，华北区研究部负责人孙祖天向包括《中国经营 报》在内的媒体指出，当前市场"以价换量"效果分化。科技、金融、消费等行业仍有扩张计划，但受整 体经 ...

Core Insights - The overall leasing activity in Shenzhen's Grade A office market has declined in Q3, with net absorption at approximately 125,000 square meters and continued downward pressure on rental prices [1][2] - Some companies are taking advantage of the rental price adjustments to upgrade their office spaces in a cost-effective manner, while the development of overseas markets and technology companies is driving structural recovery in demand [1][4] Supply and Demand Dynamics - In Q3, six new projects were launched in Shenzhen, adding about 380,000 square meters of supply, which increased the overall vacancy rate by 1.1 percentage points to 27.6% [2] - The vacancy rate in the existing market remains relatively stable, with some non-core areas attracting tenants due to competitive leasing conditions [2] - Companies are adopting cautious leasing strategies focused on cost control and space efficiency, leading to more negotiations for lease restructuring [2][3] Sector-Specific Demand - Technology companies remain the primary demand drivers in Shenzhen's office market, accounting for about 30% of leasing transactions, with active segments including consumer electronics, AI applications, and digital marketing [3] - Financial institutions, particularly securities and insurance firms, continue to show some leasing demand, while demand from professional services remains subdued [3] Emerging Trends - Shenzhen's consumer electronics companies are increasingly expanding overseas, becoming a new driving force for office market demand, with several firms leasing or upgrading to Grade A offices for overseas marketing and brand management [4] - The market is expected to see over 1 million square meters of new Grade A office supply in the next 12 months, while some financial and tech firms may reduce their leased space due to moving back to self-built headquarters [4] Policy Developments - Recent policies in Shenzhen encourage flexible adjustments of existing office building uses, allowing for temporary conversions to hotels, medical facilities, and affordable housing, which may help diversify office operations and alleviate vacancy pressures [5]

Core Insights - The demand for Grade A office space in Beijing has significantly increased in Q3, with a net absorption of 125,000 square meters, marking a new high for the year [3][6] - The vacancy rate for Grade A office space in Beijing has decreased to 19.3%, a nearly 1 percentage point drop from the previous quarter, indicating a short-term alleviation of vacancy pressure [3][4] - Despite improvements, the overall market remains under pressure, with a strategy of "trading price for volume" being the primary method for market de-leveraging [4][6] Market Dynamics - The demand for office space is closely linked to the development of industries, particularly influenced by the needs of technology innovation enterprises [2][5] - The market is experiencing structural recovery and regional differentiation, with demand concentrated in specific sub-markets, particularly in Zhongguancun [4][6] - The average effective rent has decreased by 3.5% to 227.3 yuan per square meter per month, indicating ongoing downward pressure on rental prices [6] Zhongguancun Sub-Market - Zhongguancun has shown significant improvement, with a net absorption of over 63,000 square meters in Q3, marking the second consecutive quarter of net absorption exceeding 60,000 square meters [6][8] - The vacancy rate in Zhongguancun has dropped to 15.1%, with a 3.9 percentage point decrease from the previous quarter and a 5.9 percentage point decrease compared to two years ago [6][7] - There are indications that Zhongguancun may be the first sub-market in Beijing to stabilize and potentially increase rental prices due to sustained demand from technology innovation [8]

Core Insights - The Shanghai Grade A office market is experiencing a slight decrease in vacancy rates and continued downward pressure on rents due to the interplay of new supply and demand changes, with professional services, finance, and TMT sectors being the main demand drivers [1][2] Market Supply and Demand - In Q3 2025, four new Grade A office projects were delivered in Shanghai, adding 222,400 square meters of quality office space to the market [1] - The net absorption recorded in the quarter was 89,000 square meters, representing a 3.9% increase quarter-on-quarter [1] - The overall vacancy rate for Grade A offices decreased slightly to 23.5% [1] - Average transaction rents fell by 3.6%, with the average monthly rent at 205 RMB per square meter [1] Year-on-Year Trends - Year-on-year, the vacancy rate has decreased, but the total stock has increased, while rents continue to decline [1] - The market is expected to see three more projects completed in Q4, adding a total of 260,000 square meters of supply, which would push the total stock of Grade A offices in Shanghai to over 18 million square meters [2] Sector Performance - The professional services sector accounted for 26.7% of leasing demand, with incubators and co-working spaces favoring areas like Xuhui Riverside and Yangpu [2] - The finance sector, primarily consisting of securities, investment, and fund companies, represented 20.8% of leasing demand [2] - The TMT sector accounted for 14.9% of demand, driven by strong needs from data, AI, and high-tech companies [2] - Other sectors such as retail trade, cultural entertainment, and accommodation and dining also contributed to leasing demand, with respective shares of 8.2%, 5.9%, and 5.0% [2] - Sectors like construction and real estate, transportation logistics, and healthcare had relatively low demand, each below 5% [2] Supply and Demand Trends - From 2020 to Q3 2025, the Shanghai Grade A office market has shown fluctuating trends in new supply and net absorption, with 2023 witnessing the highest discrepancy between the two [2] - The supply pressure continues to impact the market, despite a return to relatively stable levels of new supply and net absorption in the first three quarters of 2025 [2]

Core Insights - The Beijing Grade A office market is experiencing a significant trend of absorption, with a net absorption of 125,000 square meters in Q3 2025, marking the highest quarterly absorption this year and the ninth consecutive quarter of absorption [1] - The vacancy rate in the market has decreased to 19.3%, down nearly 1 percentage point from the previous quarter, indicating effective short-term alleviation of market vacancy pressure [1] Market Dynamics - The demand structure of the Beijing office market is being reshaped by technological innovation, leading to a positive cycle of "industrial innovation concentration - spatial value premium" [2] - Despite an overall improvement in market demand, performance varies significantly across sub-markets, with only those with concentrated demand showing a notable reduction in vacancy pressure [2] - The overall market rent continues to decline, with net effective rent decreasing by 3.5% quarter-on-quarter to 227.3 yuan per square meter, indicating a strategy of "price for volume" to achieve absorption [2] Sub-Market Performance - The Zhongguancun sub-market has seen a net absorption of over 63,000 square meters in Q3, marking the second instance in five quarters where net absorption exceeded 60,000 square meters [2] - The vacancy rate in the Zhongguancun sub-market has significantly decreased to 15.1%, down 3.9 percentage points quarter-on-quarter and 4.6 percentage points year-on-year, indicating a substantial recovery compared to two years ago [2] - Among 24 monitored Grade A office projects, 14 have a vacancy rate below 10%, with 10 projects having a vacancy rate below 5%, suggesting a strong demand in this sub-market [2] Future Outlook - The current market still requires stronger and sustainable new demand to support the future supply of Grade A offices under construction [3] - The dual cycles of "technological innovation" and "office market rebalancing" are expected to drive the Beijing office market towards a new phase focused on quality transformation and efficiency improvement [3]

机构：三季度北京甲级写字楼市场净吸纳量创年内新高 中新社北京9月24日电 (记者 庞无忌)多元化专业服务与投资管理公司高力国际24日在北京发布的一份报 告显示，三季度北京甲级写字楼市场净吸纳量创年内新高。 报告指出，三季度北京写字楼市场去化进一步加快，净吸纳量达12.5万平方米，已连续九个季度实现去 化，季度平均去化量达到8万平方米。随着需求侧明显放量，北京写字楼市场空置率回落，环比下降近1 个百分点。 高力国际北京公司董事总经理李娟认为，在科技创新驱动的新周期中，更多优质企业选择从低效资产向 优质资产转移。本轮"科技创新周期"和"写字楼市场再平衡周期"的双周期共振，将驱动北京写字楼市场 迈入一场以质量变革和效率提升为核心的供给侧改革。(完) 来源：中国新闻网 编辑：熊思怡 从租金来看，跨板块与跨资产类别竞争强度居高不下，区域市场分化特征进一步凸显。报告指出，三季 度北京写字楼市场整体租金仍处于下行通道，净有效租金环比下降3.5%至每月每平方米227.3元人民 币。 值得注意的是，科技创新正为中关村市场带来源源不断的新增办公需求。中关村写字楼市场已连续五个 季度去化量达到历史较高水平，三季度该子市场净吸纳量再 ...

Core Insights - The Beijing Grade A office market is showing signs of a potential turning point, with the third quarter of this year recording a net absorption of 125,000 square meters, the highest quarterly figure for the year, marking nine consecutive quarters of absorption [1] - The vacancy rate has decreased to 19.3%, a decline of nearly 1 percentage point from the previous quarter, falling below 20% for the first time this year, indicating a short-term alleviation of market vacancy pressure [1] Group 1 - The core submarket of Zhongguancun has seen a significant net absorption of over 63,000 square meters this quarter, marking the second time in five quarters that it has exceeded 60,000 square meters in a single quarter [1] - The vacancy rate in Zhongguancun has dropped to 15.1%, with a quarter-on-quarter decline of 3.9 percentage points and a year-on-year decline of 4.6 percentage points, representing a substantial decrease of 5.9 percentage points compared to two years ago [1] - Among the 24 Grade A office projects monitored by Colliers International, 14 projects have a vacancy rate of less than 10%, with 10 projects having a vacancy rate below 5% [1] Group 2 - Colliers International believes that as Beijing accelerates the construction of an international technology innovation center, the Zhongguancun market is beginning to benefit from the industrial dividends brought by the growth of new productive enterprises [2] - The sustained increase in demand from the Zhongguancun submarket is expected to position it as the first submarket in Beijing's office market to stabilize and potentially see a rise in rental prices [2] - However, the overall demand side of Beijing's office market is still under pressure, as the new office space demand generated by technology enterprises is not sufficient to stabilize the entire market [2]

Core Insights - The report highlights that the Beijing office market is experiencing a structural recovery driven by technological innovation and new productivity, which is reshaping market demand and creating a positive cycle of "industrial innovation concentration - spatial value premium" [1] - In Q3 2025, the net absorption of Grade A office space in Beijing reached a record high for the year, with a quarterly net absorption of 125,000 square meters, marking nine consecutive quarters of absorption [1] - The vacancy rate in the market decreased to 19.3%, reflecting a nearly 1 percentage point drop from the previous quarter, indicating a short-term alleviation of vacancy pressure [1] Market Performance - The demand side of the market has shown significant improvement, but performance across sub-markets remains uneven, with new demand concentrated in a few sub-markets [2] - The Zhongguancun sub-market has seen a substantial increase in office demand, with a net absorption of over 63,000 square meters in Q3, marking the second time in five quarters that it exceeded 60,000 square meters in a single quarter [2] - The vacancy rate in Zhongguancun dropped significantly to 15.1%, with a quarterly decline of 3.9 percentage points and a year-on-year decline of 4.6 percentage points [2] Future Outlook - The report suggests that while tech companies are generating new office space demand, their scale is not yet sufficient to stabilize the overall market, indicating a need for stronger and sustainable demand growth [3] - The market is undergoing a dynamic balance between demand variables and supply constants, with a shift towards high-quality assets as companies move away from inefficient properties [3] - The report emphasizes the need for market participants to innovate management models and operational paradigms to transition from a "low-efficiency red sea" to a "value-innovation blue ocean" [3]