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 ...

一直以来，写字楼市场被称为经济发展的"晴雨表"。尽管依旧面临较大的供应压力，但在刚刚过去的 2025年，深圳写字楼市场也涌现出一些结构性机会。 数据显示，截至2025年末深圳全市甲级写字楼存量规模达到908.2万平方米，未来供应量更是不容小 觑，结合相关土地出让信息及在建工程的进度，未来四年有望投入使用的甲级写字楼计划供应量或将超 过500万平方米。 戴德梁行认为，从需求端来看，科技产业的发展正持续展现其对产业载体不断扩大的需求支撑。"十五 五"规划建议明确将建设现代化产业体系列为首要任务，依托深圳在高新技术产业方面的扎实基础，人 工智能、半导体、先进材料、生物制造等高科技产业的规模化扩容与能级提升，企业的总部布局、研发 中心设立及团队扩张需求料将持续释放，有望为深圳写字楼租赁与投资市场注入增量需求。 与写字楼市场面临大量新增供应的情况类似，戴德梁行预计，未来三年深圳将有165.7万平方米的优质 购物中心计划投入使用。项目竞争之下消费需求分流的趋势难以避免，产品创新及运营管理的提升将成 为购物中心不得不面对的重要课题。 1月6日，戴德梁行最新发布的数据显示，2025年深圳甲级写字楼实现净吸纳量26.4万平方米 ...

展望2026年，高力国际认为，部分市场化项目依然会面临现有租户的退租和缩租，其中也包含部分国央 企等大体量租户整合搬迁回到自有物业的情况，这类市场需求收缩行为的出现将会在很大程度上抵消新 增需求带来的积极影响。同时核心市场的新增供应量将超过70万平方米。结合近两年的去化量分布来 看，市场增量需求高度集中在西部子市场，但明年入市的项目90%又都集中在东部子市场，这将会导致 东部市场竞争进一步升级，也将加剧北京写字楼市场在地理位置上的供需错配。 高力国际认为，北京写字楼市场的租金中枢将持续承压，其供需再平衡注定是一个漫长而充满挑战的过 程。政府可加强市场监控，出台相关政策措施来引导市场健康发展，如限制新建写字楼的规模和数量， 鼓励老旧写字楼的改造升级甚至是用途转换。同时，市场参与者需要秉持长期主义，发挥企业家精神， 敢于突破现有行业思维框架，探索新的管理理念和模式创新等，将资源和精力放到打造差异化和品牌化 竞争优势方面，更加注重以客户需求为价值导向，以终为始地真正扮演起科技创新和产业发展的重要载 体，这也是市场长期行稳致远的关键。 本报讯(记者陈潇)12月30日，高力国际集团公司(以下简称"高力国际")举办北京2 ...

证券代码：600053 证券简称：九鼎投资 编号：临 2025-062 昆 吾 九 鼎 投 资 控 股 股 份 有 限 公 司 K u n w u J i u d i n g I n v e s t m e n t H o l d i n g s C O . , L t d 2025 年 第 三 季 度 房 地 产 业 务 经 营 情 况 简 报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 现将昆吾九鼎投资控股股份有限公司 2025 年第三季度房地产业务主要经营数据 公告如下，供投资者参阅。 一、2025 年第三季度房地产开发情况 二、2025 年第三季度房屋出租情况 | 类型 | 出租面积（m2） | 出租率（%） | 租金收入（万元） | | | --- | --- | --- | --- | --- | | 写字楼 | 5,479.57 | 28.45 | | 93.94 | | 其它 | | | | | 注：由于存在各种不确定性，上述经营指标和数据与定期报告披露的数据可能存 在差异，因此相关数据为阶段性数据，仅供参 ...

Core Insights - The Beijing office market is experiencing a continued decline in incremental demand, resulting in a tenant-favorable environment as of Q3 2025 [1] - The overall vacancy rate for Grade A office buildings in Beijing has decreased by 0.3 percentage points to 15.5%, indicating a trend of easing market pressure [1] - The decline in vacancy rates is attributed to limited new supply, with zero new additions in Q3, and a focus on tenant retention by landlords [1][2] Market Dynamics - The shift from "user growth" to "stock competition" in the Beijing office market has led landlords to prioritize tenant retention, especially in projects with high vacancy rates [1] - Landlords are offering more favorable renewal terms and additional services, such as common area renovations, to stabilize tenant structures [1] - Average rental price for Grade A office buildings has decreased to 223 RMB per square meter per month, reflecting a 3.2% decline quarter-over-quarter [5] Submarket Trends - There is a noticeable narrowing of average rental price differences between submarkets, leading to intensified price competition that extends beyond regional markets [2] - Areas like Wangjing and Jiuxianqiao are experiencing significant tenant inflows due to aggressive strategies from landlords, such as extended rent-free periods [2] - Vacancy rates vary significantly across regions, with areas like Zhongguancun and Financial Street showing lower vacancy rates compared to high vacancy levels in Tongzhou and Lize [5] Future Outlook - The overall downward trend in rental prices is expected to continue at least until 2027, as tenant rental capacity remains under pressure [5]

Core Viewpoint - The company is experiencing a stable economic environment similar to the previous quarter, with improvements in property management and strong demand in the Industry and Logistics segment, which is diversifying the portfolio and complementing the slower office market [2][3][4]. Group 1: Economic Environment - The economic climate remains consistent with the previous quarter, aided by a finalized tariff agreement that enhances predictability for the export-intensive business community in Gothenburg [2]. - An anticipated economic turnaround is expected to positively impact the rental market, although with some delay [3]. Group 2: Property Management and Performance - The company has improved its property management results by 30% since the beginning of the year, maintaining steady outcomes [3]. - A major lease agreement has been signed for approximately 10,000 square meters at Arendal Port View, indicating strong demand in the Industry and Logistics segment [4]. Group 3: Industry and Logistics Segment - The Industry and Logistics segment is becoming a significant driver for the company, nearing the size of the office segment in terms of square meters [4]. - This segment is crucial for portfolio diversification and complements the slower pace observed in the office market [4].

Core Viewpoint - Hysan Development (00014) reported a mixed performance in its interim results, with revenue growth but a significant decline in profit attributable to shareholders [1] Financial Performance - The company reported a revenue of HKD 1.73 billion for the six months ending June 30, 2025, representing a year-on-year increase of 2.19% [1] - The recurring basic profit was HKD 1.031 billion, up 1.2% year-on-year [1] - Profit attributable to shareholders was HKD 75 million, showing a substantial decrease of 82.44% year-on-year [1] - The company proposed an interim dividend of HKD 0.27 per share [1] Operational Highlights - Revenue growth was attributed to portfolio optimization and improved sales performance [1] - The office rental rate increased from 90% to 92%, which helped mitigate the impact of rental reductions [1] - Strong expansion in Shanghai Li Yuan and recovery in the rental rate of Zhu Lin Yuan contributed to overall revenue and profit growth during the period [1]

Core Viewpoint - Hysan Development (00014) reported a slight increase in revenue and recurring profit for the six months ending June 30, 2025, despite a significant drop in profit attributable to shareholders [1] Financial Performance - Revenue reached HKD 1.73 billion, representing a year-on-year increase of 2.19% [1] - Recurring basic profit was HKD 1.031 billion, up 1.2% year-on-year [1] - Profit attributable to shareholders was HKD 75 million, a decrease of 82.44% year-on-year [1] Dividend Announcement - The company proposed a first interim dividend of HKD 0.27 per share [1] Operational Highlights - Revenue growth was attributed to portfolio optimization and improved sales performance [1] - Office rental occupancy rate increased from 90% to 92%, helping to mitigate the impact of rental reductions [1] - Strong expansion in Shanghai and recovery in rental rates at Zhulin Garden contributed to overall revenue and profit growth during the period [1]

Core Viewpoint - Hysan Development Company Limited (00014) reported its interim results for the six months ending June 30, 2025, showing a revenue increase of 2.19% year-on-year, but a significant decline in net profit attributable to shareholders by 82.44% [1] Financial Performance - Revenue reached HKD 1.73 billion, reflecting a year-on-year increase [1] - Net profit attributable to shareholders was HKD 75 million, a decrease of 82.44% compared to the previous year [1] - Basic earnings per share were HKD 0.07 [1] - The company proposed an interim dividend of HKD 0.27 per share [1] Operational Highlights - Revenue growth was attributed to portfolio optimization and improved sales performance [1] - The office rental rate increased from 90% to 92%, which helped mitigate the impact of rental reductions [1] - Strong expansion of Shanghai Li Yuan and recovery in the rental rate of Zhu Lin Yuan since last year contributed to overall revenue and profit growth during the period [1]

Core Insights - The report by JLL indicates that the rental prices for Grade A office spaces in Changsha have decreased, which has stimulated leasing activity in the market [1][2] Group 1: Market Overview - In the first half of 2025, there was no new supply of Grade A office buildings in Changsha, maintaining a total stock of 2.398 million square meters [1] - The average rental price for Grade A office spaces decreased by 4.51% to 74.6 yuan per square meter per month compared to the end of the previous year [1] - The net absorption of Grade A office spaces reached 32,902 square meters, a 59.4% increase year-on-year, while the vacancy rate decreased by 1.37 percentage points to 31.5% [1] Group 2: Leasing Activity - New leases accounted for 38.6% of the leasing transactions, surpassing the 37.2% from relocations, indicating that reduced rental costs are attractive to companies seeking quality office spaces [2] - Many landlords have proactively reduced rents for expiring leases to meet the demand for cost reduction and efficiency [2] Group 3: Industry Demand - The top three industries driving leasing demand were finance (22.2%), retail trade (16.1%), and professional services (15.8%) [6] - Traditional financial sectors, such as life insurance and pension insurance, showed active demand with multiple large-scale lease agreements [6] - The retail sector, including clothing brands, liquor companies, and e-commerce, is also experiencing a trend of quality upgrades and expansion [6] Group 4: Future Outlook - The supply of Grade A office spaces in Changsha is expected to slow down in the second half of the year, leading to a gradual decrease in the vacancy rate [6] - The average rental prices are anticipated to continue declining due to cautious leasing decisions influenced by macroeconomic conditions [6] - Approximately 200,000 square meters of new supply is projected to enter the market in 2026, which may continue to exert pressure on rental prices and vacancy rates [6]