Core Insights - The Beijing Grade A office market is experiencing a high vacancy rate and stagnant rental levels, indicating a deep supply-demand game that requires controlling new supply and activating corporate demand [1][4] - The second quarter of this year saw a net absorption of 32,000 square meters in Beijing's Grade A office market, marking eight consecutive quarters of absorption, with a stable vacancy rate around 20% [1][4] - The Zhongguancun area has shown remarkable performance, achieving a cumulative absorption of nearly 160,000 square meters over four consecutive quarters, the fastest rate on record [1][6] Market Overview - Beijing's Grade A office market has a total area of 13.1 million square meters, with a vacancy rate of approximately 20% as of the end of the second quarter [2][4] - Rental prices in Beijing's Grade A office market have declined to levels seen in 2011, with specific areas like Zhongguancun experiencing significant drops in rental prices [2][4] Demand Dynamics - The demand for office space is highly concentrated in areas with rising industrial capabilities, such as Zhongguancun, Lize, and Financial Street, indicating a trend of market differentiation [5][6] - The technology sector is driving demand, with Zhongguancun's key enterprises reporting a total income of 3.2 trillion yuan in the first five months of 2025, a year-on-year increase of 7.3% [6] Rental Trends - The average effective rent for Grade A offices in Beijing fell to 235.6 yuan per square meter per month, with a slight decrease of 2.9% quarter-on-quarter, the smallest decline in three quarters [4] - Despite the overall downward trend in rental prices, some high-end offices in Zhongguancun have achieved full occupancy after price reductions [6][7] Future Outlook - The market is expected to enter a dynamic balance phase, with a projected low point in new supply in 2025, which may create favorable conditions for a continued decline in vacancy rates [4][5] - The Lize Business District and Financial Street are also showing strong absorption trends, with Lize's vacancy rate dropping to 21.5% and Financial Street maintaining the lowest vacancy rate in the city at 11.7% [9]

Core Viewpoint - The Beijing Grade A office market has entered a phase of deep supply-demand negotiation, with a focus on balancing new supply and demand dynamics [2][3]. Group 1: Market Trends - In Q2 2025, the net absorption of Beijing Grade A office space reached 32,000 square meters, marking the eighth consecutive quarter of absorption [2]. - The vacancy rate for Grade A offices remained stable at 20.2%, indicating a dynamic balance in the market [2]. - Average effective rent for Grade A offices decreased to 235.6 RMB per square meter per month, with a slight decline of 2.9% quarter-on-quarter, the smallest drop in three quarters [2]. Group 2: Regional Demand - Demand in the Beijing Grade A office market is concentrated in the Zhongguancun, Lize, and Financial Street areas, reflecting a "westward advance, eastward stability" trend [2]. - Zhongguancun experienced a net absorption of over 60,000 square meters in the first half of the year, achieving a cumulative absorption of nearly 160,000 square meters over four consecutive quarters, the fastest rate on record [2]. - The Lize Business District saw a net absorption of over 20,000 square meters in Q2, with a total of over 50,000 square meters in the first half of the year, and a vacancy rate reduced to 21.5% [2]. Group 3: Future Outlook - The Financial Street remains a stabilizing force in the market, with the lowest vacancy rate at 11.7% [3]. - To effectively reduce vacancy rates, there is a need to strictly control new supply and activate corporate demand [3]. - The year 2025 is expected to be a low point for new supply over the next three years, creating favorable conditions for a continued decline in vacancy rates in the second half of the year [3].

Core Insights - The report from Colliers International indicates that the net absorption of Grade A office space in Beijing reached 32,000 square meters in Q2 2025, marking the eighth consecutive quarter of positive absorption [1] - The demand in Beijing's Grade A office market is characterized by a "westward expansion and stable east" trend, with new demand concentrated in strategic areas such as Zhongguancun, Lize, and Financial Street [1] - The Q2 market continues the trend of "total reduction and regional differentiation," with Zhongguancun's net absorption surpassing 60,000 square meters in the first half of the year, achieving a record high for four consecutive quarters [1] Regional Performance - Lize Business District maintained strong absorption momentum in Q2, with a net absorption exceeding 20,000 square meters and a total of over 50,000 square meters in the first half of the year [2] - Financial Street remains a stabilizing force in Beijing's office market, with a vacancy rate of 11.7%, the lowest in the city [3] Market Outlook - The Beijing Grade A office market is entering a phase of deep supply-demand negotiation, with 2025 marking a low point for new supply over the next three years, creating favorable conditions for a continued decline in vacancy rates [3] - The structural changes driven by differentiated industrial genes are expected to catalyze a breakthrough, potentially leading to regional bottom opportunities and value inflection points in the Grade A office market in the second half of the year [3] - The technology-driven new cycle is anticipated to prompt more companies to shift from inefficient assets to high-quality assets, with rental adjustments allowing for greater flexibility in location choices [3]

Group 1 - The core point of the article is that Kexin Development (600234) successfully removed the delisting risk warning on May 20, 2024, marking the seventh time it has done so since its listing in 2000, earning it the title of "Delisting King" in the A-share market [2][6][9] - Kexin Development has experienced significant fluctuations in performance and has frequently changed its main business focus, raising concerns about its actual financial health and ability to generate sustainable profits [2][8][18] - In 2024, Kexin Development reported a revenue of 375 million yuan, a year-on-year increase of 434.28%, primarily driven by its construction engineering segment, which contributed 360 million yuan, reflecting a growth rate of over 500% [7][9][10] Group 2 - The company’s construction engineering business has seen a dramatic increase in revenue, from 84.69 million yuan in 2022 to 360 million yuan in 2024, indicating a significant shift in its revenue sources [8][9] - Despite the impressive revenue growth, Kexin Development's financial health remains questionable, with a net profit of only 3.9977 million yuan in 2024, heavily reliant on non-recurring gains [18][19] - The company has faced scrutiny from regulators due to its history of performance volatility and compliance issues, which have led to multiple warnings and penalties over the years [2][6][11] Group 3 - Kexin Development's main business segments now include construction engineering, office leasing, and internet advertising marketing, with the latter two contributing less to overall revenue [6][8] - The company has undergone several ownership changes, with the latest being the acquisition by the Lian family, which has raised questions about its future direction and stability [12][14][15] - The construction engineering segment's rapid growth contrasts sharply with the overall industry trend, where many companies are reporting losses or declining performance [9][10][11]

以下文章来源于深圳微时光 ，作者黄小邪 深圳微时光 . 寻找深圳的每一寸惊喜。 来源丨 深圳微时光（ID：szdays） 作者丨黄小邪 图源丨Midjourney 在社交平台上，你甚至能刷到"CBD工位日租一杯奶茶钱"，这条标题下的第一句话是"30元/天坐拥 南山金融界落地窗"。配图诚不欺人，一间三五平方米的独立办公室里，面积虽然不大，落地窗外的 场景颇为高大上——高高低低的写字楼依次排开，玻璃幕墙在阳光下泛着粼光。 顺着类似的招租信息，我以租办公室做拍摄为理由，走访了位于福田、南山中心区位的四栋高层写字 楼，其中三栋为甲级写字楼。这些日租办公室均由二房东运营，每一家推出短租业务的原因各不一 样，不同的原因背后，都是当下经济大环境里的生动细节： 有的办公室正在寻找长期租客，二房东推出短租业务，只希望在空置期内"少亏一点"。有的办公室因 产权人负债，已进入法拍流程，二房东与产权人的租约即将到期，无法再次续约，只能在租约到期前 用作短租。也有二房东原本经营房地产相关产业，业务萎缩后转做办公空间日租生意。 这些短租办公室的单日租金，折算下来，每平方米价格大概在5元左右，一杯奶茶钱确实能租下一个 工位。写字楼如此拆零 ...

以下文章来源于深圳微时光 ，作者黄小邪 深圳微时光 . 寻找深圳的每一寸惊喜。 本文来自微信公众号： 深圳微时光 （ID：szdays） ，作者：黄小邪， 原文标题：《1平方米5块 钱，深圳写字楼二房东，按天出租CBD办公室》，头图来自：作者供图 站在车公庙这间高层办公室里，从落地窗望出去，对面是楼高308米的豪宅公寓，视野越过静谧的侨 香片区，一直能看到苍翠的塘朗山。 我站在硕大气派的老板桌前，桌后是一张皮质软包转椅，椅子后面是一整排色泽雅致的顶天立地柜。 近门处还有一套供六人围坐的中式茶座。这间办公室走出去，还有一个会议室，一个稍小的独立办公 室，一片可容纳8人的开放式办公区。 除了没有网络和电脑，这间200平方米的办公室一应俱全，商务风格的装修也颇有档次和品位。眼下 它按天出租，一天的租金1100元，换算下来，一平米的日租金大概5.5元。 在社交平台上，你甚至能刷到"CBD工位日租一杯奶茶钱"，这条标题下的第一句话是"30元/天坐拥南 山金融界落地窗"。配图诚不欺人，一间三五平方米的独立办公室里，面积虽然不大，落地窗外的场 景颇为高大上——高高低低的写字楼依次排开，玻璃幕墙在阳光下泛着粼光。 顺着类似的 ...

本文来自微信公众号：深圳微时光 （ID：szdays），作者：黄小邪，原文标题：《1平方米5块钱，深圳写字楼二房东，按天出租CBD办公室》，头图来 自：作者供图 在社交平台上，你甚至能刷到"CBD工位日租一杯奶茶钱"，这条标题下的第一句话是"30元/天坐拥南山金融界落地窗"。配图诚不欺人，一间三五平方米 的独立办公室里，面积虽然不大，落地窗外的场景颇为高大上——高高低低的写字楼依次排开，玻璃幕墙在阳光下泛着粼光。 顺着类似的招租信息，我以租办公室做拍摄为理由，走访了位于福田、南山中心区位的四栋高层写字楼，其中三栋为甲级写字楼。这些日租办公室均由二 房东运营，每一家推出短租业务的原因各不一样，不同的原因背后，都是当下经济大环境里的生动细节： 有的办公室正在寻找长期租客，二房东推出短租业务，只希望在空置期内"少亏一点"。有的办公室因产权人负债，已进入法拍流程，二房东与产权人的租 约即将到期，无法再次续约，只能在租约到期前用作短租。也有二房东原本经营房地产相关产业，业务萎缩后转做办公空间日租生意。 这些短租办公室的单日租金，折算下来，每平方米价格大概在5元左右，一杯奶茶钱确实能租下一个工位。写字楼如此拆零出租，与租 ...

Group 1: Office Leasing Market - The overall Grade A office leasing market recorded a positive net absorption of 39,700 square feet in April after a negative absorption in March, with a stable vacancy rate of 13.7% [1] - The demand for office leasing is primarily driven by relocations for office upgrades, with The Payment Cards Group Limited leasing 12,100 square feet in Tsim Sha Tsui [1] - Certain industries, particularly finance, insurance, and education, are actively seeking office space, indicating a rising demand in specific sectors [1] Group 2: Rental Trends - Despite the stable vacancy rate, overall rental prices continued to decline, with a slight monthly decrease of 0.5% in April, marking the 36th consecutive month of rental decline since May 2022 [2] - Central and East Hong Kong recorded minor rental declines of 0.4% and 0.6% respectively, while other major districts also experienced similar decreases [2] Group 3: Residential Market - The overall residential transaction volume increased by 6.1% month-on-month in April, with the secondary market transactions rising to 4,080, indicating a recovery in demand [2] - The primary market transactions decreased to 1,614, but the performance remained strong due to the successful launch of several large projects [2] - A decrease in the one-month HIBOR by 3.36 percentage points to 0.59% as of May 26 is expected to alleviate pressure on mortgage borrowers, potentially boosting the residential market [2]

Market Overview - The Beijing Grade A office market is facing significant challenges despite ongoing government support for real estate and industry, with rental prices expected to continue declining in Q2 2025 due to global economic uncertainties and corporate strategic contractions [1][8] - The average effective rent for Grade A offices in Beijing fell by 4.7% quarter-on-quarter to 246 RMB per square meter, nearing historical lows, while the vacancy rate reached 17.9%, indicating persistent market weakness [10][8] Demand Dynamics - The demand structure is shifting, with technology sectors, particularly in Zhongguancun, showing resilience due to supportive policies for AI and integrated circuits, leading to new leasing and expansion needs from leading tech firms [2][8] - Financial institutions are also increasing their leasing demands as capital market reforms deepen, while professional services, especially domestic law firms, are seeking office upgrades and expansions [2][8] - Foreign companies remain cautious in their leasing strategies due to geopolitical uncertainties, leading to continued pressure on traditional foreign business districts like Guomao and Yansha [2][8] Transaction Market - The core business district's premium office assets have entered a value investment range, with some benchmark projects seeing price corrections of up to 40% from peak levels, attracting self-use buyers [3][27] - In Q1 2025, the Beijing office transaction market saw a structural recovery with 8 major transactions totaling 7.8 billion RMB, predominantly driven by self-use buyers, who accounted for 75% of the transaction count and 97% of the transaction value [27][29] Recommendations for Tenants - Tenants are advised to assess their needs and existing leases promptly, leveraging the current market conditions to negotiate more flexible terms, such as extended rent-free periods and renovation subsidies [4][5] - Companies should consider optimizing their office space by adopting hybrid models and utilizing technology to enhance operational efficiency [15][4] Recommendations for Owners - Property owners should focus on core industries like TMT and finance, offering flexible leasing terms to attract high-growth tenants [5][8] - With a new supply peak expected in 2026, proactive tenant negotiations and customized service offerings are recommended to build long-term partnerships [5][8] Macro Environment - Despite positive signals from central government policies, the short-term outlook for the Beijing office market remains weak, with rising vacancy rates and declining rents expected to persist [8][10] - In the medium to long term, policy benefits are anticipated to gradually support recovery in technology and consumer-driven sectors, particularly in areas like Zhongguancun [8][10]

中央分析研究当前经济形势和经济工作 4月 25日，中共中央政治局召开会议，分析研究当前经济形势和经济工作。会议指出，要坚持稳中求进工作总基调，完整准确全面贯彻新发展理 念，加快构建新发展格局，统筹国内经济工作和国际经贸斗争，坚定不移办好自己的事，坚定不移扩大高水平对外开放，着力稳就业、稳企业、 稳市场、稳预期，以高质量发展的确定性应对外部环境急剧变化的不确定性。 会议强调，要加紧实施更加积极有为的宏观政策，用好用足更加积极的财政政策和适度宽松的货币政策。适时降准降息，保持流动性充裕，加力 支持实体经济。创设新的结构性货币政策工具，设立新型政策性金融工具，支持科技创新、扩大消费、稳定外贸。会议指出，要不断完善稳就业 稳经济的政策工具箱，既定政策早出台早见效，根据形势变化及时推出增量储备政策，加强超常规逆周期调节，全力巩固经济发展和社会稳定的 基本面。（财联社） 点击上图 ▲立即报名 ｜点评｜ 中国一季度经济延续复苏态势，国际贸易环境却再生变化。本次中央政治局会议对中国经济发展状况做出了全面的分析，并及时为下 一步经济发展路径指明了方向。会议为中美贸易摩擦定调，以稳字当头来应对美国关税政策的不确定性，给国内外企业 ...