2026年，宏观经济环境预计温和复苏，积极的财政政策和稳健的货币政策有望提振内需，为办公楼市场 修复提供外部基础。房地产市场政策进一步优化，公募REITs向商业不动产领域扩容，有助于盘活存量 资产并拓宽权益融资渠道，提升市场流动性与资产配置空间。 展望2026年，深圳甲级办公楼市场预计仍将有超150万平方米新增供应入市。供需结构性矛盾短期内难 以明显缓解，市场竞争预计维持高强度，租金仍将承压、空置率延续高位运行。租户在严控成本的同 时，将更重视办公空间对业务运营的实际支撑效能；业主则需通过更灵活的租赁条款与服务能力提升， 换取稳定现金流与更可持续的出租率。 李文杰认为，依托全过程创新生态链，深圳已构建起以硬科技为底色、外向型经济为引擎、战略性新兴 产业集群为支撑的独特产业格局。深圳办公楼租赁需求的主要增量动力来自三方面：其一，消费电子行 业的业务扩张带动新增与扩租需求；其二，品牌加速出海推动跨境支付、国际物流、海外营销投放及跨 境法律咨询等配套专业服务行业需求显著提升；其三，以人工智能、芯片半导体为代表的战略性新兴产 业加速发展，带动研发与运营办公空间需求上行。 2025年，深圳甲级办公楼市场迎来阶段性供应高 ...

Group 1: Shenzhen Grade A Office Market - In 2025, Shenzhen's Grade A office market will see a peak in supply with 15 new projects totaling nearly 1.16 million square meters, the highest level in three years, while the overall vacancy rate will rise by 1.8 percentage points to 26.2% [1] - The rental market is experiencing downward pressure, with new rental prices continuing to decline and lease negotiations increasingly favoring tenants, leading to a year-on-year rental drop of 11.1% [1] - The main drivers of rental demand in Shenzhen are the expansion of the consumer electronics sector, the acceleration of brand internationalization, and the growth of strategic emerging industries such as artificial intelligence and semiconductor [1] Group 2: Logistics and Real Estate Trends - Capital is increasingly flowing into hard technology sectors, fostering the growth of new productive forces, with a resurgence in demand for consumer electronics and accelerated applications of AI driving the need for R&D and operational spaces [2] - Office location decisions are shifting from a single price focus to a comprehensive evaluation of cost-effectiveness, property management, and supporting facilities, benefiting high-quality office spaces in core business districts and emerging areas with mature amenities [2] - Some ongoing and existing office projects are alleviating vacancy pressures by incorporating hotel operations, with high-end hotel average room rates in Shenzhen expected to rise by 5.3% to 1,078 yuan and occupancy rates increasing by 5.9 percentage points to 82.0% [2] Group 3: Hotel Market Insights - The national hotel market is anticipated to experience structural highlights, with the potential expansion of public REITs to commercial real estate by 2026, providing new capital operation and exit channels for mature high-quality hotel assets in Shenzhen [3]

Core Insights - The 2025 Nanjing office market is expected to experience a peak in supply with five new projects adding approximately 540,000 square meters to the market, leading to significant rental price adjustments [1][3] - The net absorption for the year is projected to increase by 26.7% to 78,000 square meters, yet the vacancy rate is anticipated to rise by 7.5 percentage points year-on-year, reaching 36.2% by the end of 2025, indicating a substantial supply-demand imbalance [3][4] Supply Dynamics - The fourth quarter of 2025 will see the highest concentration of new supply, with four projects primarily located in the Hexi and Gulou districts [3] - The influx of new supply is expected to intensify market de-stocking pressures, as companies become more cautious in their leasing decisions [3] Demand Trends - The financial sector remains the largest demand driver, accounting for 22% of total demand, particularly active in the Hexi and Xinjiekou areas, with notable activity from the insurance industry [4] - The real estate and construction sectors follow, making up 13% of demand, primarily from construction engineering firms [4] - Third-party office service operations represent 12% of demand, mainly from co-working spaces, while consumer services and education sectors account for 11% [4] Rental Market Changes - A significant shift in leasing structure is observed, with leases under 500 square meters comprising 56% of total transactions, indicating a trend towards smaller office spaces [4] - Relocation demands are the primary driver of leasing activity, representing 80% of transactions, while new office setups account for only 12% and expansion requests are limited to 8% [4] - By the end of 2025, average rental prices are expected to decrease by 6.8% year-on-year, with a monthly rate of 103.7 yuan per square meter, reflecting the cautious cost-control strategies of companies [4]

Core Insights - The 2025 Nanjing office market is experiencing a peak in supply with five new projects adding approximately 540,000 square meters to the market, leading to significant downward pressure on rental prices [1][2] - The average rental price in Nanjing has decreased by 6.8% year-on-year, reaching 103.7 yuan per square meter per month, indicating a shift in market dynamics and cautious cost control by companies [4] Supply and Demand Dynamics - The fourth quarter of 2025 will see the highest concentration of new supply, with four projects primarily located in the Hexi and Gulou districts [2] - Despite a 26.7% year-on-year increase in net absorption to 78,000 square meters, the vacancy rate is projected to rise by 7.5 percentage points to 36.2% by the end of 2025, highlighting significant supply-demand imbalance [2] Sector-Specific Demand - The financial sector remains the largest demand driver, accounting for 22% of total demand, particularly in the Hexi and Xinjiekou areas, with the insurance industry showing notable activity [2] - The real estate and construction sectors represent 13% of demand, primarily driven by construction engineering firms, while third-party office service operations account for 12% [2] Leasing Trends - The rental structure is shifting, with leases under 500 square meters making up 56% of total transactions, indicating a preference for smaller office spaces [2] - Relocation demands are the primary driver of leasing activity, comprising 80% of transactions, while new office setups account for only 12% and expansion requests are limited to 8% [2]

Core Insights - The overall leasing activity in Shenzhen's Grade A office market has declined in Q3 2025, with a net absorption of approximately 125,000 square meters and continued downward pressure on rental prices [1][2] - Some companies are taking advantage of the rental adjustments to upgrade their office spaces in a cost-effective manner, while the development of overseas markets and technology companies has driven a structural recovery in demand [1][2] Group 1: Market Trends - Companies are adopting cautious leasing strategies, focusing on cost control and optimizing space efficiency, leading to more tenants seeking lease restructuring negotiations [1][2] - Landlords are showing greater flexibility in negotiations for new and renewed leases, willing to adjust rental prices and terms to stabilize or attract quality tenants [1][2] Group 2: Sector Performance - Technology companies remain the primary drivers of market demand, contributing approximately 30% of the leasing transaction area, with active segments including consumer electronics, AI applications, and digital marketing [2] - The export momentum of Shenzhen's consumer electronics companies has significantly increased, with exports of computers and their components growing by 10.8% and audio-visual equipment by 5.5% year-on-year in the first seven months of 2025 [2] Group 3: Supply Dynamics - Six new projects entered the Shenzhen Grade A office market in Q3, adding approximately 380,000 square meters of supply, primarily concentrated in the Qianhai and Houhai areas [3] - The overall vacancy rate in the existing market has remained relatively stable, with some buildings in the Houhai and non-core areas of Futian attracting more tenants due to competitive leasing conditions and flexible terms [3]

Group 1: Real Estate Market Overview - The macro policies have collaboratively stimulated the market demand potential, leading to improved market liquidity in Beijing's real estate sector [1] - The office market has seen notable leasing activity from technology companies, particularly in the Zhongguancun area, contributing to a decrease in vacancy rates [2] - The overall rental performance in the commercial real estate market faces significant challenges, with effective rents in the second quarter declining by 1.9% quarter-on-quarter and 4.4% year-on-year [1] Group 2: Retail and Commercial Real Estate - Approximately 360,000 square meters of new retail supply entered the market in the second quarter, accounting for 60% of the annual total [1] - Key projects such as the Zhonghai Dajixiang and the two JD Mall projects achieved high occupancy rates, indicating a positive trend in specific segments of the retail market [1] - The core market's premium projects are optimizing tenant structures to enhance competitiveness, while suburban market differentiation is expected to intensify [1] Group 3: Hotel Market Insights - No new high-end hotel openings occurred in the first half of 2025, but three new hotels are expected to open in the second half, adding a total of 667 rooms to the market [2] - The anticipated openings include the Crowne Plaza in Tongzhou and the Four Points by Sheraton in Sanlitun, which will significantly enrich the high-end hotel market landscape [2] - The overall market supply is projected to gradually increase over the next three years, indicating a positive development trend [2] Group 4: Office Market Dynamics - The overall vacancy rate for Grade A office buildings decreased by 0.4 percentage points to 12.0% in the second quarter, driven by significant leasing transactions in the Zhongguancun and Lize areas [2] - The rental forecast for 2025 indicates a continued decline of 14.8%, with lower rental rates expected to attract tenants seeking better-quality office spaces [2] - Increased competition among landlords to attract relocating tenants is anticipated, with more flexible lease terms becoming common [2]

Group 1 - The core viewpoint of the article indicates a slight recovery in the Shanghai office market in the first half of 2025, driven by strong performance in the finance, consumer goods manufacturing, and technology sectors [2][3] - In the first half of 2025, four new office projects were launched in Shanghai, with a total supply of 302,000 square meters, reflecting a 3.9% decrease compared to the previous period [2] - The net absorption in the Shanghai office market increased by 126.1% to 173,000 square meters, indicating a certain level of market activity despite challenges such as rising vacancy rates [2] Group 2 - The finance sector led the market with a 22% share, driven by demand from funds and non-bank financial institutions [2] - The consumer goods manufacturing sector ranked second with a 17% share, benefiting from the expansion needs of fast-moving consumer goods and home goods companies [2] - The technology, media, and telecommunications (TMT) sector ranked third with a 16% share, primarily driven by the expansion of cross-border e-commerce and internet platform companies [2] Group 3 - The professional services sector ranked fourth with a 10% share, supported by the relocation and expansion needs of legal and media companies [2] - A notable trend is the increasing preference for cooperative operation models among some property owners to enhance property attractiveness, with third-party office operations ranking fifth at 6% [2] - Looking ahead, approximately 770,000 square meters of new office supply is expected in the next six months, which may increase market competition but also enhance market liquidity and rental activity [3]

Core Insights - The Shanghai office market showed a slight recovery in the first half of the year, with demand driven by the finance, consumer goods manufacturing, and technology sectors [1] - The net absorption in the Shanghai office market increased by 126.1% year-on-year to 173,000 square meters [1] - Rental prices in the Shanghai office market decreased by 3.0% to 247.2 yuan per square meter per month, while effective rents fell by 4.3% to 174.4 yuan per square meter per month [1] Industry Demand - The finance sector led the demand for office space with a 22% market share, followed by consumer goods manufacturing at 17%, TMT (Technology, Media, and Telecommunications) at 16%, professional services at 10%, and third-party office operations at 6% [1] - The demand from fast-moving consumer goods and home furnishing companies significantly contributed to the growth in the consumer goods manufacturing sector [1] Investment Market - The Shanghai property investment market recorded 36 transactions totaling 23.01 billion yuan, a decrease of 29.7% compared to the same period last year [2] - Retail properties accounted for 28% of transaction volume, primarily involving commercial properties with stable leases, with 70% of transactions completed through judicial auctions [2] - Institutional investors were the most active buyers, contributing 69% of the total transaction volume, focusing on core office buildings, long-term rental apartments, and consumer-related properties [2] Future Outlook - Approximately 770,000 square meters of new office supply is expected in the next six months, which may increase market competition but also enhance market liquidity and leasing activity [1] - The core office assets in prime locations are anticipated to continue attracting risk-averse capital, while the accelerated disposal of non-performing assets may create investment opportunities [2]

Core Insights - The report by CBRE highlights a positive trend in Beijing's office market, particularly in the three major tech hubs: Zhongguancun, Olympic Park, and Wangjing, with a steady improvement in supply-demand structure [1][2] Group 1: Market Overview - In Q2 2025, two new projects in Shijingshan and Caishikou added 148,000 square meters of office space, contributing to a total of 180,000 square meters of new supply in the first half of the year, which is 83% of the annual target [1] - The overall market sentiment remains optimistic, with new leasing transaction area increasing by 33% year-on-year in the first half of the year [1] Group 2: Demand Analysis - The main sectors driving new leasing demand are TMT (40%), finance (20%), and professional services (12%), with TMT showing increased demand in gaming alongside traditional sectors like AI and big data [1] - The net absorption in the city reached 145,000 square meters in Q2, totaling 255,000 square meters for the first half, representing a year-on-year increase of 110% [2] Group 3: Submarket Performance - The three tech hubs accounted for 90% of the large-scale leasing transactions (over 10,000 square meters), with their combined net absorption making up 80% of the city's total [2] - Despite limited new supply expected in the second half of the year, the existing rental space remains sufficient, allowing tenants to find cost-effective solutions [2]

Core Insights - The report by CBRE indicates a positive trend in Beijing's office market, with a 33% year-on-year increase in new leasing transaction area in the first half of the year [1][2] Supply and Demand - In the first half of the year, Beijing's total new supply reached 180,000 square meters, accounting for 83% of the annual forecast [1] - The net absorption in the second quarter rose to 145,000 square meters, with a cumulative total of 255,000 square meters for the first half, representing a 1.1 times year-on-year increase [2] - The overall vacancy rate decreased by 0.8 percentage points to 20.2% in the first half of the year [2] Market Segmentation - The three main industries driving new leasing demand are TMT (40%), finance (20%), and professional services (12%) [1] - Key technology hubs like Zhongguancun, Olympic Sports Center, and Wangjing accounted for 90% of large-scale leasing transactions, with a combined net absorption of 80% of the city's total [2] - Traditional markets such as Yansha, CBD, and Wangfujing experienced negative net absorption, particularly in the B-grade market [2] Rental Trends - Average rent decreased by 2.7% quarter-on-quarter and 5.5% year-on-year, reaching 241.7 yuan per square meter per month [2] - Emerging areas are actively adjusting rental strategies to mitigate vacancy pressures and maintain cost advantages [2] Future Outlook - Only one new project is expected to be launched in the emerging area by the end of the year, but ample existing rental space remains available [3] - The Beijing government has introduced several measures to optimize the business environment, which is expected to positively impact demand from headquarters, R&D, and foreign investment [3]