世邦魏理仕数据显示，截至9月底香港整体的甲级写字楼空置率为17.1%，环比回落0.3个百分点，这是 2018年第三季以来的最大季度降幅。有业内人士表示，香港股市的活跃表现进一步增强了市场对其作为 国际金融中心的信心，从而推动金融机构加快落实相关房地产计划。在IPO市场持续活跃的背景下，香 港写字楼市场预计呈现"核心区企稳、非核心区承压"的分化格局，香港写字楼市场长期复苏仍依赖全球 经济环境改善及新增供应消化进度。 经历起起伏伏，越来越多的数据显示，香港写字楼市场开始展现出更多的回暖迹象。 记者对香港本地几家开发商的营销品牌人士进行采访时发现，部分开发商的相关写字楼项目也在最近开 始采取新策略，目标对象就是准备赴港上市或开展业务的企业。仲量联行报告指出，尽管金融、财富管 理及专业服务行业仍在推动香港核心区优质写字楼需求，但科技企业的占比正显著提升。 仲量联行最新发表的《香港地产市场观察》显示，11月香港中环甲级写字楼租金环比微升0.1%，为自 2022年5月以来首次录得环比增长。区内优质甲级写字楼的空置率情况出现改善，支持业主在租金磋商 中处于有利位置。 此外，市场公开信息显示，瑞银发布的研报指出，随着2026 ...

智通财经APP获悉，瑞银发布研报称，因供应充足，中国内地写字楼市场前景充满挑战，同时有更多明 确信号指出，香港写字楼市场正在复苏。 随着2026至2027年供应量下降，尤其在中环地区，瑞银认 为，香港中环的甲级写字楼市场正接近见底，相信香港写字楼市场的复苏将继续惠及拥有香港甲级写字 楼业务的股票，包括太古地产(01972)、太古股份公司A(00019)、置地公司、希慎兴业(00014)和恒基地 产(00012) 。 瑞银续指，根据世邦魏理仕(CBRE)的数据，上海写字楼租金第三季按季下降0.8%。期 内，由于两栋新办大楼完工，上海写字楼供应量增加了11.6万平方米，而净吸纳量按季增长6.7%至10万 平方米。未来六个月，瑞银预计将有82万平方米的新供应进入市场;并预计因明后两年供应充足，上海 写字楼租金明年将继续下降。 该信息由智通财经网提供 ...

该行续指，随着香港的金融业迈向增长，金融机构、保险和银行业将直接受惠于股票成交量上升及资产 与财富管理产品的需求增长，亦可能改善写字楼的租赁需求。金融业蓬勃发展，加上低利率和美元疲 弱，或将促成新的通胀周期。该行对明年底MSCI香港指数(美元)的目标为12,300。 瑞银发布研报称，香港已从周期性低迷中走出来，低利率和实际汇率等周期性因素将持续提供支持。另 外，IPO活动及股市成交量上升反映香港金融业已重获动力，并持续受到香港作为全球领先金融中心的 优势所推动。该行认为，新一轮通胀周期的来临，加上金融业蓬勃发展，预示着香港将迎来增长时期， 这对金融业与房地产业，即实质资产领域应是利好讯号。 ...

MARKETBEAT 市场关键指标 型化 29.0% 空置率 887.9 存量 (万平方米) ¥153.4 租金（人民币/平方米/月 (甲级写字楼) 深圳经济数据 2025年 上未生 5.1% GDP增速 6.1% 第三产业增速 0.1% CPI增速 -15.1% 房地产开发投资增速 备注:增长数据为累计同比涨幅 供应端集中放量推动全市甲级写字楼吸纳量回升 截至2025年三季度末，随着新增项目陆续投入使用,全市甲级写字楼存量规模攀 升至887.9万平方米。从供应分布来看，本季度新增供应集中于前海片区，有助 于推动该片区商务氛围及相应配套设施的进一步完善。然而,新增供应的集中释 放亦进一步加剧市场供需不平衡的状况，使得全市甲级写字楼空置率较上季度上 升1.2个百分点至29.0%。激烈的市场竞争促使业主加大租金让步力度，三季度全 市甲级写字楼平均租金进一步下探至每月每平方米153.4元，环比下降4.2%、同 比下降11.2%。租金下行与新增供应刺激下,三季度全市净吸纳量达到9.2万平方 米，创下2024年以来的季度新高。 当前,业主除采用下调租金、延长免租期等常规手段外,亦在积极探索多元化路 径，以强化物业对有限 ...

Core Insights - The report indicates that the demand for office leasing is expected to shift further towards the technology sector, driven by the latest "14th Five-Year Plan" focusing on enhancing new productivity and the expansion of AI and new energy sectors [1][5]. Demand Analysis - According to data from DTZ, the demand for Grade A office space in first-tier cities remains highly concentrated, with TMT (Technology, Media, and Telecommunications), professional services, and finance as the dominant sectors [2]. - In Beijing, the TMT sector accounts for 41.9% of the leasing market, while Shanghai and Guangzhou focus more on professional services, with TMT and finance also being significant [2]. - Shenzhen exhibits a diversified industry structure, with TMT, accommodation and catering, finance, professional services, and energy sectors each exceeding 10% of the market [2]. Leasing Activity - A summary of leasing activities from September to October 2025 shows significant entries from technology-related companies, including Nova Fusion and Salted Fish Technology in Shanghai [3][4]. - The financial sector is also active, with notable entries in Guangzhou's Tian De Plaza, which houses over 200 financial institutions, creating a financial ecosystem [4]. Investment Trends - In Q3 2025, the total transaction value in Shanghai's investment market rose by 78.1% to 14.97 billion, with office assets leading in both transaction value and number [6]. - The report highlights that core location, resilient industries, and quality management of office assets will continue to be crucial for capital investment [6]. Transaction Insights - The report details several significant transactions, including the sale of a 50% stake in Yuexiu Financial Tower for 1.717 billion, allowing the seller to retain control while optimizing financial structure [8]. - A notable transaction involved the acquisition of Shanghai's Bo Hua Plaza for over 10 billion, showcasing the scarcity of core assets [9]. Market Dynamics - The investment approach is shifting towards collaborative fund models, allowing multiple parties to share ownership and operational responsibilities, enhancing asset value collectively [9]. - The report notes a decline in the number and total value of transactions in the mainland commercial property market, indicating a cautious approach towards non-core city assets [10]. Asset Transformation - The transaction of the Sunshine City Headquarters Tower exemplifies the trend of repurposing commercial assets, with plans to convert it into a mixed-use development, aligning with current market demands [11]. - Shanghai's recent policies encourage the integration of various functions within commercial buildings, reflecting a shift from high-end exclusivity to more versatile uses [12][13].

Core Insights - The Hong Kong commercial real estate market is experiencing a dramatic shift, with tech giants like Alibaba and Ant Group investing heavily while traditional real estate players like Dahonghui are selling off assets, reflecting contrasting market sentiments [2][9]. Market Performance - The third quarter of 2025 marked the strongest performance for Hong Kong's office market in seven years, with a net absorption of 691,800 square feet, the highest since Q3 2018 [3]. - All major commercial districts recorded positive net absorption for the first time since Q2 2015, indicating a robust recovery [3]. - The overall vacancy rate for Grade A office spaces improved to 17.1%, a decrease of 0.3 percentage points, marking the largest quarterly decline since Q3 2018 [3]. Rental Trends - Despite high vacancy rates, rental prices have dropped significantly, with current office rents down 43% compared to Q1 and Q2 2019, prompting companies to consider expansion or relocation [3]. - In Central, the net absorption reached 138,000 square feet, the highest quarterly figure in a decade, with a slight rental decline of 0.3%, outperforming the overall market [6][7]. Demand Drivers - The resurgence in the office market is driven by a booming IPO market and the growth of the wealth management sector, with banks and multinational companies leading the demand for office space [4][5]. - Over 70 companies have successfully listed on the Hong Kong Stock Exchange this year, raising over HKD 189.3 billion, which has bolstered confidence in the market [5]. Emerging Trends - New players, particularly mainland Chinese companies, are becoming significant contributors to the Hong Kong office market, as evidenced by Alibaba and Ant Group's acquisition of a major property for HKD 7.2 billion [9][10]. - The demand for Grade A office spaces from mainland enterprises is notably strong, especially in core areas like Central [10]. Market Challenges - Despite the positive trends, the overall market recovery is still uncertain, with a projected decrease in new office supply in 2026, which may lead to a gradual increase in occupancy rates by 2027-2028 [10][11]. - The current rental yield for Hong Kong offices is around 4%, which is less attractive compared to the 10-year U.S. Treasury yield of approximately 4.08%, making it less appealing for risk-averse investors [11]. Conclusion - The Hong Kong commercial real estate market is navigating a complex landscape of recovery, characterized by a dichotomy between new economic players and traditional investors, each making strategic decisions based on their unique perspectives [12].

Core Insights - The Hong Kong commercial real estate market is experiencing a dramatic shift, with tech giants like Alibaba and Ant Group investing heavily, while traditional real estate players like Dahonghui Holdings are selling off assets, reflecting contrasting market sentiments [1][2][8] Market Performance - The third quarter of 2025 marked the strongest performance for Hong Kong's office market in seven years, with a net absorption of 691,800 square feet, the highest since Q3 2018 [2] - All major commercial districts recorded positive net absorption for the first time since Q2 2015, indicating a robust recovery [2] - The overall vacancy rate for Grade A offices improved to 17.1%, a decrease of 0.3 percentage points, marking the largest quarterly decline since Q3 2018 [2] Demand Drivers - The resurgence in the office market is primarily driven by a booming IPO market and the rise of the wealth management sector, with banks and multinational companies accelerating their office space negotiations [3][7] - Over 70 companies have successfully listed on the Hong Kong Stock Exchange this year, raising a total of HKD 189.3 billion, contributing to increased confidence in the market [3] Rental Trends - Core areas like Central are seeing strong demand, with a net absorption of 138,000 square feet in Q3, the highest in a decade, while vacancy rates are declining [5][6] - In contrast, non-core areas like Kowloon East have a vacancy rate of 23.7%, indicating a stark divide in market performance [6] New Entrants - Mainland companies are emerging as significant players in the Hong Kong office market, with Alibaba and Ant Group's acquisition of a major property in Causeway Bay being a notable example [8] - Demand from mainland clients for Grade A offices, particularly in core areas, is on the rise, with these companies accounting for a substantial portion of the client base in flexible office spaces [8] Market Challenges - Despite the positive trends, the overall recovery of the market is still uncertain, with a projected decrease in new supply leading to a gradual increase in occupancy rates by 2027-2028 [9] - The current rental yield for Hong Kong offices is around 4%, which is less attractive compared to U.S. Treasury yields, limiting investor interest [9][10] - The market faces an oversupply issue, with a current vacancy rate of approximately 19% and a significant amount of new space needing time to be absorbed [10]

Core Insights - The Nanjing office market is currently in a supply-demand adjustment phase, with a clear tenant-oriented trend emerging [1][3] - High-quality office space supply continues to increase, leading to a rise in vacancy rates and challenges in rental prices [1][3] - The retail market in Nanjing is experiencing growth, driven by increased consumer spending and new retail developments [5][9] Office Market Summary - As of the end of Q3 2025, the total stock of high-quality office projects in Nanjing reached 5.55 million square meters, with a vacancy rate rising to 28.8% [1][3] - The average rental price for office space in Nanjing was approximately 71.7 RMB per square meter per month, with key areas averaging 89.4 RMB per square meter per month [1][3] - The absorption rate for typical projects in Q3 was 52,900 square meters, a 6% decrease from the previous quarter but an 18% increase year-on-year [3] Retail Market Summary - Nanjing's retail market saw a total social retail sales of 438.42 billion RMB in the first half of 2025, reflecting a year-on-year growth of 5.3% [5] - The opening of Nanjing Jinling Tiandi added 130,000 square meters of new supply to the market, with the total stock of mid-to-high-end shopping centers reaching 7.73 million square meters, a 1.7% increase [5] - The average first-floor rental price in mid-to-high-end shopping centers was recorded at 570.6 RMB per month per square meter, a 0.4% decrease [8] Future Outlook - Three new high-quality office projects are expected to be launched in Q4 2025, adding a total of 220,000 square meters of supply [3] - The retail market is anticipated to see approximately 3.78 million square meters of quality retail properties entering the market over the next three years, intensifying competition [8][9] - Nanjing is becoming a preferred location for domestic and international brands, with a focus on new business models and brand incubation [9]

Core Insights - The Beijing Grade A office leasing market is expected to show a pattern of "partial recovery and overall pressure" in Q4 2025, driven by the expansion of high-tech tenants, while landlords will continue to adopt a "price-for-volume" strategy to accelerate leasing [1] - Tenants are becoming more proactive in their leasing decisions, focusing on cost optimization and incorporating green attributes into their decision-making processes [2] - The volume of bulk transactions in the Beijing office market is anticipated to increase in Q4 2025, with sellers likely to offer price concessions to facilitate sales [3] Group 1: Market Outlook - The leasing market is expected to see increased activity from high-tech tenants, but overall market stability remains uncertain due to economic recovery pace and upcoming supply in 2026 [1] - Landlords are likely to enhance flexibility in leasing terms to attract quality tenants amid ongoing market challenges [1] Group 2: Tenant Behavior - Tenants are shifting from passive acceptance of existing conditions to actively seeking cost-effective office spaces, potentially leading to early lease terminations and relocations [2] - The emphasis on ESG (Environmental, Social, and Governance) compliance is rising, with tenants prioritizing green building certifications and renewable energy supply in their leasing decisions [2] Group 3: Bulk Transaction Market - The bulk transaction market is expected to see improved activity as sellers increase price concessions, particularly for quality properties in established business districts [3] - There is a notable price negotiation gap between buyers' expectations and sellers' bottom lines, which may hinder transaction volumes [3] Group 4: Recommendations for Tenants - Tenants are advised to take advantage of year-end rental discounts and initiate discussions with landlords to secure preferred spaces [4] - In terms of green initiatives, tenants should prioritize certified green buildings and consider collaborating with landlords for green upgrades [4] Group 5: Recommendations for Landlords - Landlords should develop customized leasing strategies based on tenant characteristics to enhance leasing efficiency [5] - Offering attractive terms for high-value tenants can help build a sustainable leasing ecosystem [5] Group 6: Recommendations for Buyers and Sellers - Buyers are encouraged to leverage the year-end asset allocation window and adopt competitive bidding strategies [6] - Sellers should focus on realistic pricing and tailored incentives to meet the diverse needs of different buyer types [6] Group 7: Market Performance Data - The average effective rent for Grade A offices in Beijing decreased by 5.0% to 220 RMB per square meter per month, with a vacancy rate of 17.6% [9] - The bulk transaction market saw a significant decline in total transaction value, dropping 84% to 750 million RMB, indicating cautious buyer sentiment [16]

Core Insights - The overall Grade A office leasing market in Hong Kong recorded a positive net absorption of 143,000 square feet in September, marking the longest streak of positive net absorption since May 2022 with six consecutive months of growth [1] Market Demand - The demand for leasing is primarily driven by banks and multinational corporations, with an acceleration in negotiations for office space consolidation and upgrades [1] - The active performance of the Hong Kong stock market has further solidified confidence in its status as an international financial center, prompting financial institutions to implement real estate plans for office spaces [1] Vacancy Rates - As of the end of September, the overall office vacancy rate slightly decreased to 13.4%, with improvements seen across most sub-markets [1] - The vacancy rates in Central and Wan Chai/Causeway Bay improved to 11% and 12% respectively, while Tsim Sha Tsui saw a slight increase of 0.1 percentage points to 7.7% [1] Rental Trends - Overall rents in September experienced a slight month-on-month decline of 0.1%, although some premium office buildings in core locations are showing signs of rental stabilization [1] - Rents in Wan Chai/Causeway Bay and Tsim Sha Tsui both recorded a month-on-month decrease of 0.2%, while rents in Central remained stable [1]