"2025年，北京办公楼市场中续租成交逐渐占据主导地位，租户议价能力不断提高。"近日，仲量联行华 北区董事总经理张冀苏在仲量联行2025年北京房地产市场回顾及2026年展望会上表示，市场需求的趋于 理性化与供过于求的结构性常态化正在重构供需关系及定价逻辑。 为避免装修及复原等一次性支出，多数企业选择在同一楼宇内续租或缩租。仲量联行发布报告显示，续 租交易占据2025年第四季度成交的主导地位。业主方更倾向于优先保障出租率而非维持租金水平，并有 越来越多业主提供租约重组方案以留住现有租户。在非续租类交易中，医美、体检等细分领域以及人工 智能应用企业正逐步显现为新兴的增量需求来源。 截至2025年底，北京甲级办公楼整体空置率环比下降0.3个百分点至15.2%，市场出现微幅改善迹象。这 一变化主要得益于核心子市场部分项目的集中租赁成交，全市净吸纳量达21790平方米，较上季度略有 下滑。其中，CBD和望京区域去化表现相对较好，主要受惠于业主大幅下调租金以吸引租户。虽然 2025年第四季度无大规模新增供应入市，但鉴于2026年预计将有约70万平方米的新项目集中交付，当前 的去化阶段对业主稳定未来出租率至关重要。 原标题 ...

2025年 上海房地产 市场回顾 CBRE 科技与金融推动办公楼去化 户外运动与韩国潮牌积极拓展 仓储物流需求创新高 2025年上海经济运行平稳,三大先导产业快速增长,外贸和 消费持续回暖。办公楼TMT引领新增需求,全年净吸纳量同 比增长显韧性。零售市场户外运动和韩国潮牌表现活跃,礼品 文创和玩具品类成为持续增长的亮点。仓储物流全年净吸纳创 历史新高,空置率同比下降。商务园区办公楼新增供应集中释 放,科技与消费品行业推动市场去化近半。投资市场交易活跃 度稳步修复,机构投资者领跑市场。 CBRE世邦魏理仕中国区研究部资深董事 陆燕 2025年，上海办公楼市场共录得11个新项目交付，总体量达到79.2万平方米。在持续高供应与市场压 力的背景下，新项目整体平均预租率不足10%，导致全市空置率同比上升1.2个百分点至23.3%。尽管 需求复苏速度缓慢，但呈现逐季递增的趋势。下半年，随着企业搬迁和扩租活动的明显增多，全年净吸 纳量累计达到约39万平方米，同比增长76.6%。 从行业需求结构来看，TMT行业今年超越金融业位居首位，占比达20%。游戏、电商及人工智能企业 成为其主要增量来源，如字节跳动在五角场的新租成为年度 ...

Core Points - The company has approved a proposal regarding the leasing of its properties to enhance asset utilization and improve operational efficiency [1][3][4] - The board meeting was held on December 1, 2025, with all seven directors present, and the proposal was unanimously approved [1][4] - The leasing agreements involve multiple properties located on Huaihai Middle Road in Shanghai, with a focus on long-term rental contracts [3][4][18] Summary by Sections Board Meeting - The 10th meeting of the 10th board of directors was convened on December 1, 2025, with all directors present [1] - The proposal regarding property leasing was passed with 7 votes in favor, 0 against, and 0 abstentions [1][4] Property Leasing Overview - The company has entered into a cooperation agreement with Shanghai Huaye Xingkong Enterprise Management Co., Ltd. for leasing properties located at 795, 795-2, 795-3, and 809 Jia Huaihai Middle Road [3][4] - The leasing aims to activate company assets and improve operational efficiency [3][18] Property Details - Property 1: 795 Huaihai Middle Road, with an area of 8,173.34 square meters, owned by the company [6] - Property 2: 809 Jia Huaihai Middle Road, with an area of 3,013.36 square meters, owned by the company's subsidiary [6] - Property 3: 795-2 and 795-3 Huaihai Middle Road, with a total area of 160.73 square meters, owned by the company [6] Leasing Contracts - The first contract has a rental period of up to 15 years, with the first phase starting from March 8, 2026, to March 7, 2036, and a rental fee of RMB 10.5 million in the first year, increasing by 5% every three years [9][10] - The second contract has a rental period of up to 10 years, starting from March 8, 2026, with a first-year rental fee of RMB 2.47 million, also increasing by 5% every three years [17] - The third contract is for a smaller property with a first-year rental fee of RMB 3.5 million, following the same increment structure [13] Impact on the Company - The leasing agreements are expected to generate stable rental income and optimize the company's operational structure [18] - The long-term nature of the leases may present risks related to non-performance, but the company will actively manage its assets [18]

Core Insights - The report by JLL indicates a slight month-on-month increase of 0.1% in Central Grade A office rents, marking the first recorded growth since May 2022 [1] - Improved vacancy rates in premium Grade A offices support landlords in rental negotiations, with overall vacancy rates decreasing to 13.1% by the end of October [1] - Significant transactions include the relocation of the Mico Group from Causeway Bay to Central, occupying approximately 10,201 square feet for expansion [1] Market Trends - The vacancy rates in Wanchai/Causeway Bay and Tsim Sha Tsui have significantly improved, dropping to 10.5% and 7.5% respectively, while Central's vacancy rate slightly increased by 0.5 percentage points to 11.5% [1] - The Grade A office market recorded a positive net absorption of 293,300 square feet in October, driven by tenants actively engaging in consolidation and upgrading activities in a favorable market environment [2] - Overall office rents remained relatively stable month-on-month, although there are divergent trends across different sub-markets [2]

Core Viewpoint - Clinique Holdings (08367) has entered into a three-year lease agreement for office space in Shenzhen, indicating a strategic move to expand its operations in China [1] Group 1: Lease Agreement Details - The lease agreement is between Clinique's indirect wholly-owned subsidiary, Huading Zhichain Supply Chain (Shenzhen) Co., Ltd. (as tenant), and China Resources Land Qianhai (as owner) [1] - The lease term is from November 15, 2025, to November 14, 2028, covering a total of three years [1] - The total estimated rental cost is approximately HKD 1.7 million, excluding government rates, management fees, air conditioning fees, and utility costs [1] - Monthly rent is set at HKD 56,000 during the lease period [1] Group 2: Property Specifications - The leased property is located at 5035 Menghai Avenue, Nanshan Street, Qianhai Shenzhen-Hong Kong Cooperation Zone, on the 13th floor of the Qianhai China Resources Financial Center, covering a total area of 341 square meters [1] Group 3: Strategic Rationale - The company is engaged in restaurant operations in Hong Kong and aims to develop its presence in China [1] - The board believes that the property is in a prime location for office use [1] - The terms of the lease, including the rental price, were negotiated fairly based on current market rates and similar properties in the vicinity, aligning with the company's and shareholders' overall interests [1]

Core Viewpoint - The company is expected to achieve a revenue of HKD 19.5 billion in 2024, representing a year-on-year increase of 49%, driven by its diversified business model focusing on high-end residential development and quality IP leasing [1] Business Segments Property Development - The company achieved sales of HKD 16.2 billion in the first half of 2025, a year-on-year increase of 130%, with mainland China and Hong Kong contributing 66% and 34% respectively [3] - In mainland China, the company is focusing on the Shanghai market, with the Jinling Huating project being a key driver, achieving sales of HKD 10.6 billion in the first half of 2025 [3] - In Hong Kong, sales were HKD 5.5 billion in the first half of 2025, a decrease of 5%, primarily relying on the luxury project Tiwai [3] IP and Hotel Operations - The company's IP value reached HKD 86.3 billion in the first half of 2025, a year-on-year increase of 14%, with mainland China and Hong Kong accounting for 67% and 33% respectively [2] - Total IP and hotel area is 21.33 million square feet, with a projected increase of 36% by 2031, and a 7-year CAGR growth rate of 7% [2] - Rental income from IP decreased by 5.5% to HKD 2.502 billion, while hotel rental income fell by 3.3% to HKD 1.03 billion, attributed to a low market sentiment [2] Financial Performance and Dividends - The company maintains a robust financial position with total borrowings of HKD 59.6 billion, a decrease of 2% year-on-year, and a net debt ratio of 38.4% [4] - The company has consistently paid a dividend of HKD 1.35 since 2017, resulting in a high dividend yield of 6.9% [4] - Projected net profit for 2025-2027 is HKD 1.75 billion, HKD 1.62 billion, and HKD 4.03 billion respectively, with year-on-year growth rates of 116%, -7%, and 149% [4]

Core Viewpoint - The Huangpu International Center, developed by Wuhan Metro Group, is emerging as a key choice for enterprises seeking high-quality office space in Wuhan, driven by the increasing demand for premium office environments and its strategic location [1][2]. Company Overview - The Huangpu International Center is a TOD (Transit-Oriented Development) business complex with a total construction area of approximately 140,000 square meters, focusing on business office space leasing and related property services [2]. - Wuhan Metro Group possesses significant strength and experience in urban construction and operation, enhancing the project's planning, design, and management capabilities [2]. Product Introduction - The office space at Huangpu International Center covers various segments, including high-end office leasing, Grade A office leasing, and 5A Grade A office leasing, with a total office area of 56,100 square meters [2][3]. - The building features a total height of approximately 200 meters and includes 47 floors, providing a premium business atmosphere [2]. Product Features - The project offers diverse office unit sizes ranging from 150 to 520 square meters, accommodating different business needs, with a standard floor height of 4.15 meters [3]. - The center is equipped with 17 elevators and advanced air conditioning and air purification systems, ensuring a comfortable and healthy working environment [3]. - Rental costs range from 60 to 75 RMB per square meter, with property fees included, making it competitive in the high-end office leasing market [3]. Application Scenarios - Huangpu International Center's office leasing products are utilized across various industries, including new energy, digital economy, artificial intelligence, cultural tourism, and health [4]. - The project has attracted several companies in related fields, creating a synergistic effect within the industry chain [4]. Regional Industry Development - The leasing business aligns with the goals of Jiang'an District to establish a national benchmark for digital development and build a significant artificial intelligence industry base in Wuhan [5]. - The project contributes to the high-quality economic development of the city and sets a new industry standard for the high-end office leasing market in Wuhan [5].

Core Insights - Jin Yi Group Holdings (00565.HK) has signed a ten-year lease agreement for the Longhu property with China Orient Asset Management Co., Ltd. Anhui Branch, totaling RMB 185 million [1] - The Longhu property, located in Zhengzhou, Henan Province, is a shopping center with over 120 tenants and approximately 96.9% of its leasable area occupied by retail stores, restaurants, and entertainment venues [1] Group 1 - The Longhu property will be used for commercial leasing, operation, and management by the lessee [1] - The property offers a wide range of services and products, including KTV, supermarkets, convenience stores, jewelry, beauty, electronics, international fashion brands, fitness, and dining options [1] Group 2 - The original owner of the Longhu property has outstanding debts and has defaulted on repayments, leading to the landlord obtaining ownership through court judgment [2] - A temporary arrangement has been established for the lessee to manage the property from May 10, 2025, to June 30, 2025, with specific rental rates for different floors [2] - The group has successfully developed a high-quality, experienced property management team, leveraging existing management personnel to save on recruitment and training costs [2]

Core Insights - The report by JLL indicates that Hong Kong's Grade A office leasing market recorded a positive net absorption of 314,000 square feet in August, driven by an active IPO market and growing demand for wealth management services [1] - The overall vacancy rate for office spaces slightly increased to 13.5% by the end of August, primarily due to new supply at One Island East in Causeway Bay, although strong net absorption mitigated this effect [1] - The vacancy rates in Central improved to 11.2% and Tsim Sha Tsui decreased to 7.6%, while the vacancy rate in Wan Chai/Causeway Bay rose from 9.6% to 12.2% [1] Market Demand - Demand for leasing from financial institutions and professional service companies is on the rise, largely fueled by the active IPO market and increasing wealth management needs [1] - Tenants focusing on high-net-worth clients prefer premium office spaces located in core areas, which further supports the leasing performance of landmark office buildings [1] Rental Trends - The recovery in the office leasing market is contributing to a gradual stabilization of rental prices, with a slight month-on-month decline of 0.2% in August, marking the smallest drop this year [1] - In terms of sub-market performance, Eastern Hong Kong Island saw a decrease of 0.6%, followed by Kowloon East with a decline of 0.3%, while Central experienced a minor drop of 0.1% [1]

Core Insights - The report from JLL indicates that Hong Kong's Grade A office leasing market recorded a positive net absorption of 189,500 square feet in July, marking four consecutive months of positive absorption since April [1] - Despite the improvement in vacancy rates, rental prices continue to decline, with a 0.5% month-on-month decrease in overall Grade A office rents in July [1] Rental Trends - The most significant rental decline was observed in East Hong Kong Island, which fell by 2.6%, followed by Kowloon East with a slight decrease of 0.7%, and Central with a minor drop of 0.2% [1] Vacancy Rates - The overall vacancy rate for offices slightly improved, decreasing to 13.4% by the end of July, with most sub-markets experiencing a decline in vacancy rates [1] - East Hong Kong Island and Kowloon East saw their vacancy rates drop to 13.4% and 20.2%, respectively, while the Wanchai/Causeway Bay area recorded negative absorption, leading to an increase in vacancy rate to 9.6% [1]