岁末年初，不少企业都开始总结全年成绩。我们曾经盘点了14家商企的2025年开业成绩单。可以看出，在竞争白热化的实体商业领域，能 在新增开业、出租率、资产保值增值等"基本面"做到稳定已经实属不易，实现稳中有升的更是难能可贵，商业地产领域"内功为王"，已是 不可回避的必然要求。 略不同于这14家企业，陆家嘴集团随浦东开发开放而发展，在经营办公楼、商业中心、产业园等商业资产时，体现出更显著的"城市综合 服务"特征。也正是这样的基因，让陆家嘴集团更讲求与城市共生的长久主义，注重长期经营的韧性。 伴随这种内功的积蓄，在高难度竞争的办公楼市场中，陆家嘴集团2025年能够扩租49.67万平方米办公面积，同比逆势增长72%，并且成熟 项目出租率达88%，保持良好水平。例如，陆家嘴金融广场出租率高达94.5%，前滩中心出租率高达96.5%，上海科技投资大厦出租率突破 85%。 不止办公物业，整体而言陆家嘴集团2025年前三季度末长期持有物业总建筑面积394.66万平方米，成熟物业总建筑面积313.52万平方米， 规模同比有所扩大。主要商业物业上海平均出租率92%，同比2024年亦有两个百分点的提升。 此外，2025年陆家嘴集团 ...

Core Insights - The current stage of the office market indicates that operational capability has become the core competitive advantage, necessitating a shift from mere space leasing to transforming office spaces into industrial ecosystem platforms [1][7] - As of January to May 2025, the total investment and sales in office buildings across the country were 141.2 billion and 103.3 billion respectively, showing year-on-year declines of 16.3% and 10.8% [2] - The new construction and completion areas for office buildings during the same period were 6.15 million square meters and 5.58 million square meters, reflecting year-on-year decreases of 24.1% and 6.7% [2] Market Conditions - The national office market is currently in a downturn, facing challenges in investment, sales, and construction, with a supply-demand imbalance and short-term demand unlikely to improve [2] - Recovery in the office market is expected to depend on improvements in the macroeconomic environment, enhanced corporate confidence, and the emergence of new office demands driven by industrial restructuring and upgrades [2] Notable Projects and Developments - Shanghai Zhonghai Center recorded a net absorption of 70,000 square meters in 2024, becoming the leading project in Shanghai's office market [3] - The project aims to create a legal service ecosystem by establishing a "Building Legal Service Center," attracting various legal institutions to form a comprehensive legal service platform [3] - Other notable projects include the Chengdu Zhonghai International Center, which has signed Takeda Pharmaceutical to establish an innovation center, and the relocation of Merck's China headquarters to the Xujiahui Center [4][7] Industry Trends - The demand for office spaces is concentrated in sectors such as finance, technology, pharmaceuticals, professional services, manufacturing, cross-border e-commerce, and consumer goods [4] - The Shanghai Science and Technology Innovation Building has seen significant occupancy, with a rental rate exceeding 75% for its first-class office projects, indicating strong demand in the tech sector [5] - The "Luchuang AI Accelerator" at the Science Gate West Tower has welcomed eight companies in cutting-edge fields, showcasing a diversified layout in AI and vertical industries [7] Rental Market Dynamics - The rental rates for the Xujiahui Center's A Tower range from 7 to 11 yuan per square meter per day, with Merck's estimated monthly rent between 4.83 million and 7.59 million yuan, reflecting an increase compared to their previous location [8] - The relocation of Merck's headquarters exemplifies the changing tenant behavior in Shanghai's office market, highlighting the need for landlords to adapt to evolving tenant demands through optimized rental strategies and enhanced building services [8][9]