近日，证券时报记者走访了上海、深圳的写字楼市场，发现"卷"价格已是普遍现象。业内专家建议，要 破解一线城市写字楼的空置率问题，应从管住"增量"和盘活"存量"两方面着手。 价格"内卷" 目前，一线城市的写字楼空置率到底有多高？综合多家商办地产服务商提供的数据，记者统计发现，截 至2025年三季度末北上广深等一线城市的甲级写字楼空置率大约在19%至30%之间。按照国际成熟商办 市场的标准，空置率低于20%属于合理阈值，也意味着写字楼市场基本处于供需平衡、健康发展的状 态。多名行业资深人士表示，国内尚未对甲级写字楼空置率指标形成统一的参考基准，不过，写字楼的 空置率无疑折射出市场供需失衡的现状。 近年来，一线城市写字楼的空置率成为商业地产领域中一个引人关注的现象，写字楼市场也面临着挑战 与转型压力。 在深圳南山科技园，一位甲级写字楼的运营人员对记者表示，"现在很多租户会货比三家，用周边价格 更低的项目来要求我们降价。而且，即便企业真的确定要租也并不保险，有些中小企业的租期只有一 年。"此外，周边大量新建写字楼不断入市，特别是一些写字楼以大幅度的优惠价格入市，给运营方带 来挑战。 在高端办公需求密集的上海，写字楼空置 ...

Core Viewpoint - The current consensus in the industry is that the market is in a challenging "L-shaped" phase, with no clear turning point in sight, and the most pressured period has yet to pass [1] Group 1: Market Conditions - The commercial office market is facing dual challenges of development and investment obstacles, with rising vacancy rates and rental pressures [1] - Major cities in China are experiencing high vacancy rates in office buildings, with Shanghai's Grade A office market seeing a vacancy rate rise to 23.6% and average rental prices dropping to 212.6 yuan per square meter per month [2] - The net absorption of Grade A office space in major cities in Greater China recorded approximately 764,000 square meters in the first half of 2025, a year-on-year increase of 5.5% [2] Group 2: Demand Shifts - There is a structural change in demand as companies shift from centralized to distributed office models, establishing "satellite offices" to reduce rental costs and enhance employee convenience [3] - The demand for "small and refined" flexible office spaces is becoming a necessity, but many traditional office owners lack the experience and resources to operate such spaces [3] Group 3: IWG's Business Model - IWG positions itself as a "hotel management group" in the office sector, focusing on light-asset operations to address the challenges of existing assets [4] - IWG's operational model emphasizes flexibility in lease terms, with the shortest lease available on a daily basis and an average lease duration of about 12 months [5] - IWG's pricing model is based on workstations rather than square meters, offering an all-inclusive pricing structure that covers utilities and office supplies [5] Group 4: Financial Performance and Expansion - IWG has achieved profitability in China, operating approximately 150 office centers across 45 cities, with plans to expand further [7] - The company's system revenue reached $2.162 billion (approximately 15.5 billion yuan) in the first half of 2025, marking a historical high with a year-on-year growth of 2% [8] - IWG's adjusted EBITDA grew by 6% year-on-year to $262 million (approximately 1.88 billion yuan) [8] Group 5: Localization Strategy - IWG is focusing on localizing its services to better meet the needs of Chinese enterprises and is expanding into lower-tier cities, with about 70% of new projects involving state-owned platforms [8] - Collaborations with state-owned platforms are helping IWG secure stable and high-quality property resources for further expansion [8]

Core Viewpoint - The article highlights the shift in the real estate market from a focus on new developments to the optimization and management of existing assets, particularly in the context of high vacancy rates in first-tier cities' Grade A office buildings [1] Company Summary - Bee Company has launched a multi-brand strategy to expand from single-space operations to a broader full-scenario space service field, marking its tenth anniversary [1] - The company aims to focus on the transformation and operation of existing assets in cities with a trillion GDP, with specific brands targeting different market segments: BEEPLUS for general asset management, CITYPLUS for Grade A office management in first-tier cities, and Hero for smart solutions [1] - BEEPLUS has served over 3,546 enterprises, maintaining a high customer repurchase rate, indicating strong market presence and customer satisfaction [1] Industry Summary - The domestic market has transitioned from a growth-driven real estate development phase to an operational focus on existing assets, addressing the need for revitalization of low-quality and inefficient properties [1] - There is a significant gap between the quality of real estate operations in China and those in mature international markets, emphasizing the need for high-quality spaces that enhance the quality of life [1] - The founder of Bee Company, Jia Fan, emphasizes the importance of asset operation, stating that the previous high-turnover model in real estate is no longer sustainable, and that refined operations are crucial for maintaining and increasing the value of parks and office buildings [1]

Group 1 - The Shenzhen office market is showing significant structural opportunities despite a challenging macro environment and increased supply, leading to a rise in average vacancy rates [2] - In the first half of 2025, the net absorption of Grade A office space in Shenzhen was approximately 180,000 square meters, with a total of 645,000 square meters of new supply from seven projects [2] - The average vacancy rate for Grade A offices in Shenzhen increased by 1.3 percentage points to 26.5% by the end of the second quarter due to concentrated new supply [2] Group 2 - The technology and internet sectors remain key sources of demand, contributing nearly 20% of the leasing transaction area in the first half of the year, with strong performance in hard technology sectors like consumer electronics and semiconductors [3] - Shenzhen's robust industrial foundation continues to foster new growth engines, particularly in artificial intelligence and smart manufacturing, which are expected to drive structural growth in the office market [3] - Major technology companies are expanding their operations and R&D, which is likely to create significant new office demand in Shenzhen, enhancing its appeal for leading tech firms [3]