至于甲厦空置率方面，陈雁楼指出，港岛整体空置率录得改善，1月份整体空置率为11.90%，环比及同 比大幅改善0.3及2.16个百分点。当中，金钟及中环区1月份空置率分别录得6.50%及11.62%，环比微跌 0.67及0.36个百分点，同比则回落约2.59及3.04个百分点。 根据中原(工商铺)统计，1月份香港整体写字楼租赁交投表现理想，单月录得约508宗成交，涉及楼面面 积约148.37万平方呎，两者同比录得近五成升幅。随着2026年市场经济氛围持续改善，部分企业陆续恢 复扩展业务，以及农历新年后新租约及搬迁个案将会增加，预料2月份商厦租赁活动有望走势不俗。 | | 2026/01 | 2025/12 | 髪幅 | 2025/01 | 髪幅 | | --- | --- | --- | --- | --- | --- | | | | | (自分野) | | (自分部) | | 港島整體 | 11.90% | 12.20% | -0.30 | 14.06% | -2.16 | | 金鐘 | 6.50% | 7.17% | -0.67 | 9.09% | -2.59 | | 铜锣灣 | 7.20% | 6.83% ...

格隆汇2月23日｜ 2025年，部分城市写字楼供应较2024年增加，但需求仍相对乏力，市场供大于求态势 加剧，写字楼租金延续下跌态势。根据全国重点城市主要商圈写字楼租赁样本的调查数据，2025年四季 度，全国重点城市主要商圈写字楼平均租金为4.53元/平方米/天，环比下跌0.44%，跌幅较三季度扩大 0.11个百分点，全年累计下跌1.82%，累计跌幅较2024年全年收窄0.03个百分点。 ...

澳大利亚办公室 指标 2025年第四季度澳大利亚办公市场关键租赁和资本市场指标 需求增强推动租金增长上涨 网络吸收量再次增长 澳大利亚CBD办公楼的净吸纳量在2025 年下半年再次上升，达到71,541平方米 ，使年度吸纳量达到135,279平方米—— 自2022年以来最高。这一增长是全面的 ，所有主要CBD地点都经历了正面的净 吸纳。 吸收量在2025年。然而，平均 CBD空置率在下半年仍上升了0.5%，达 到14.8%。这一增长反映了新供应的交 付，尤其是在墨尔本、布里斯班和阿德 莱德。 来源：莱坊研究，PCA 强劲的出租表现 在许多首都城市，优质办公楼租赁增长 率显著上升。阿德莱德和布里斯班继续 脱颖而出，年度有效租金增长率异常强 劲。2025年下半年，悉尼和墨尔本中央 商务区的租金也取得了显著增长势头。 主要受加速推动 核心区域的租金。第四季度，优质和/或 核心建筑的表现与市场其他部分之间的 差距继续扩大。 2026年新供应量减少 国家办公用品供应链将在未来五年内逐渐 减少。在未来三年内，预计主要商务区的 发展供应链将提供约68万平方米的新供应 ——接近十年平均水平的近一半。 The pipeline ...

Core Viewpoint - The company, 德必集团, expects a significant net loss for 2025, with projected losses ranging from 60 million to 45 million yuan for net profit attributable to shareholders, and a net profit loss of 65 million to 50 million yuan after excluding non-recurring gains and losses [1] Group 1: Market Conditions - The commercial office market is experiencing a dual decline in both occupancy rates and rental prices, which has intensified [1] - Despite efforts to enhance occupancy rates through rent reductions, improved operational capabilities, and value-added services, the company still faces a decrease in rental income and profits due to reduced client leasing demand and rental price adjustments [1] Group 2: Financial Adjustments - In accordance with the "Enterprise Accounting Standards" and related regulations, the company has made provisions for asset impairments based on the principle of prudence, estimating impairments for accounts receivable, other receivables, and long-term deferred expenses to be approximately 33 million to 37 million yuan [1] - The increase in impairment losses compared to the same period last year has contributed to the decline in net profit [1] Group 3: Strategic Initiatives - The company has implemented several measures to optimize its operational strategy, including disposing of low-yield projects and developing a light-asset operating model to control related risks [1] - Moving forward, the company aims to improve operations, strengthen cost and expense management, enhance core competitiveness, and promote sustainable development [1]

Core Insights - In 2025, Shenzhen's real estate market experienced a significant supply of over one million square meters, with a net absorption rate reaching a four-year high, yet the vacancy rate remained high at 31.4% [2][4] - The retail property market showed a dichotomy, with premium projects thriving while secondary locations faced challenges, leading to a mixed performance across the sector [5][7] - The residential market saw an overall decline in transaction volume, but luxury property demand surged, stabilizing average prices [8][10] Office Market - The supply of Grade A office space in Shenzhen reached a rare peak in 2025, with 21 new projects adding 118.2 million square meters, resulting in a total stock of 1,284.3 million square meters, a 9.4% year-on-year increase [4] - Despite a net absorption of 66.4 million square meters, the vacancy rate increased slightly by 0.8 percentage points, indicating ongoing structural challenges in the market [4] - Rental prices decreased by 1.9% month-on-month and 10.6% year-on-year, averaging 132.6 yuan per square meter per month, reflecting landlords' need to offer incentives to attract tenants [4] Retail Market - The retail property market in 2025 displayed a "two extremes" pattern, with flagship projects attracting brands and customers, while secondary locations struggled with negative net absorption [5][7] - The total supply of retail space reached 818.8 million square meters, an 11.2% year-on-year increase, indicating a competitive landscape [5] - Rental prices for premium projects remained stable, while some secondary projects had to lower rents to retain tenants, leading to noticeable differences in rental trends across the market [7] Residential Market - The supply of new residential properties decreased by 11.0% year-on-year to 3.5 million square meters, with transaction volume dropping by 24.2% to 3.785 million square meters, reflecting a cautious buying sentiment [8][9] - Luxury properties saw a significant increase in demand, with high-end projects achieving excellent sales performance, contrasting sharply with the subdued demand for entry-level homes [10][11] - The average transaction price for residential properties stabilized at 54,765 yuan per square meter, with a year-on-year decline narrowing by 7.3 percentage points, driven by luxury sales [9][12] Market Dynamics - The structural differentiation in Shenzhen's real estate market is a result of various factors, including location scarcity, product competitiveness, and changing consumer sentiment [12][13] - The luxury market's resilience highlights a shift in buyer preferences towards core assets, while the entry-level market faces challenges due to oversupply and lack of differentiation [11][13] - Overall, the market has transitioned from a phase of uniform growth to one characterized by selective performance based on property quality and location [12][13]

Core Insights - The Beijing office market shows strong resilience with a significant reduction in new supply and continuous net absorption leading to a decline in vacancy rates over four consecutive quarters [1][2] Group 1: Market Supply and Demand - In 2025, the total new supply of office space in Beijing was only 180,000 square meters, the lowest since 2015, with a net absorption of 438,000 square meters, resulting in a year-on-year vacancy rate decrease of 1.9 percentage points to 19.1% [1][2] - Demand was primarily driven by relocation and upgrades, with relocation demand accounting for 76% of the market, mainly from tenants in lower-grade office buildings seeking to upgrade to higher-quality spaces [2][3] - The TMT (Technology, Media, Telecom) sector remained the largest source of demand, contributing 36% to the total leasing transactions, with significant activity in segments like AI and cloud computing [2][3] Group 2: Market Performance and Trends - There is a notable regional differentiation in market performance, with tech hubs like Zhongguancun and Wangjing driving net absorption, while traditional business districts like CBD and Financial Street face significant challenges [3][4] - The average rental price in Beijing decreased by 2.7% quarter-on-quarter to 228.5 yuan per square meter by the end of 2025, marking a cumulative annual decline of 10.7%, making Beijing the city with the largest rental decline in the country [4] Group 3: Future Outlook - A small supply peak is expected in 2026, with nearly 530,000 square meters of high-quality projects anticipated to enter the market, posing challenges for existing tenants [5] - The competition is expected to shift from price-based to value-based, emphasizing the need for property owners to focus on tenant stability and growth through tailored solutions [5]

Core Insights - The Beijing office leasing market is experiencing a shift towards lease renewals, with tenants gaining increased bargaining power as of 2025 [1][2] - The demand is becoming more rational, and a structural oversupply is reshaping the supply-demand relationship and pricing logic [1] Group 1: Market Trends - By the end of 2025, the overall vacancy rate for Grade A office buildings in Beijing decreased by 0.3 percentage points to 15.2%, indicating slight market improvement [1] - The net absorption in the city reached 21,790 square meters, showing a slight decline compared to the previous quarter [1] - The CBD and Wangjing areas performed relatively well in terms of absorption, benefiting from significant rent reductions by landlords to attract tenants [1] Group 2: Rental Pricing - The average monthly rent for Grade A office buildings in Beijing was 210 yuan per square meter in Q4 2025, reflecting a 5.6% decrease quarter-on-quarter and a 16.3% decline year-on-year [2] - The rental decline is expected to slow down, with an anticipated average rent drop of 6.6% for the entire year of 2026, indicating some stabilization in certain sub-markets [2] - Landlords are prioritizing maintaining occupancy rates over pursuing rent increases, as the market remains tenant-driven [2]

Investment Rating - The report indicates a stable investment outlook for the Shanghai real estate market, with a focus on the resilience of the TMT sector and emerging consumer trends [4][14]. Core Insights - The Shanghai office market saw a net absorption of approximately 390,000 square meters in 2025, a year-on-year increase of 76.6%, driven primarily by the TMT sector, which accounted for 20% of the demand [7][14]. - The retail market experienced a total net absorption of 678,000 square meters, with fashion and outdoor brands leading the growth, while the logistics sector achieved a historical high in net absorption at 1.07 million square meters [17][26]. - The investment market showed signs of recovery with 97 transactions recorded, totaling 47.4 billion RMB, despite a year-on-year decline in transaction volume and value [43][49]. Office Market Summary - In 2025, the Shanghai office market recorded 11 new projects with a total area of 792,000 square meters, but the overall pre-leasing rate was below 10%, leading to a vacancy rate increase of 1.2 percentage points to 23.3% [7][9]. - The TMT sector surpassed the financial industry in demand, with significant contributions from gaming, e-commerce, and AI companies [7][10]. - Major districts such as Lujiazui and Wujiaochang showed strong demand, with Lujiazui accounting for 7.8% of the market share [8][11]. Retail Market Summary - The retail market saw 708,000 square meters of new supply, with fashion apparel driving 43.4% of the demand, particularly from outdoor and Korean brands [17][18]. - The dining sector maintained a steady demand, accounting for 21% of the market, with a notable rise in health-oriented food options [18][19]. - The market is expected to see over 1.29 million square meters of new supply in 2026, driven by policies promoting smart experiences and health consumption [22]. Logistics Market Summary - The logistics market continued its high supply trend with 9 new projects totaling 899,000 square meters, despite a 43% year-on-year decrease in new supply [26]. - Net absorption reached a historical high of 1.07 million square meters, primarily driven by e-commerce and third-party logistics [26][27]. - The average rental price in the logistics sector decreased by 17.3% to 1.19 RMB per square meter per day [28]. Investment Market Summary - The investment market recorded a total of 97 transactions in 2025, with a total value of 47.4 billion RMB, reflecting a 26% year-on-year decline [43][49]. - Institutional investors led the market with a 40% share of transaction value, focusing on both office and rental residential assets [44]. - The market is transitioning towards a more refined focus on asset quality, with the introduction of commercial real estate REITs enhancing liquidity [49].

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]