来源：滚动播报 （来源：中国消费者报） ■本报记者 孙蔚 第三季度，北京甲级写字楼市场延续回暖态势，租赁活跃度稳步提升。供需方面，第三季度未有新项目 入市，需求端持续向好发展，因此市场吸纳表现可喜。第三季度市场净吸纳量约8.9万平方米，环比提 升8.1%，同时连续9个季度实现正吸纳。今年前三季度，全市甲级写字楼净吸纳量累计已达22.3万平方 米，较去年同期增长31.5%，租赁需求的复苏趋势更为明显。 在良好市场表现的加持下，北京甲级写字楼市场的空置率持续回落，至第三季度末全市平均空置率为 19.0%，环比、同比分别下降0.6个、1.1个百分点。租金方面，第三季度北京市甲级写字楼平均租金环 比下降2.1%至每平方米每月223.7元。尽管全市租金水平仍旧震荡下行，但逐季度降幅持续收窄，这一 方面得益于市场供需情况的好转，另一方面也因为部分业主充分考量了成本与收益，进而让租金调控更 趋向合理。 研究显示，预计未来一段时间北京甲级写字楼市场将呈现供应稳定、需求分化、整体承压的特点。从供 应端来看，未来3年供应端强度基本保持平稳，但存量去化压力与市场竞争强度仍处于高位。从需求端 来看，区域与产业结构相结合的特征愈加凸显 ...

北京甲级写字楼市场空置率也持续回落，至三季度末全市平均空置率为19.0%，环比、同比分别下降 0.6、1.1个百分点。租金方面，2025年第三季度全市甲级写字楼平均租金环比下降2.1%至每平方米每月 223.7元，租金逐季度降幅正在持续收窄，一方面既得益于市场供需情况的好转，另一方面也因为部分 业主充分考量成本与收益，进而让租金调控更趋于合理。 第一太平戴维斯认为，未来一段时间北京甲级写字楼市场将呈现供应稳定、需求分化、整体承压的特 点。 北京物业投资市场也有新的特点。世邦魏理仕14日发布《2025年三季度北京房地产市场回顾与展望》认 为，2025年第三季度北京物业投资市场小体量及"抄底型"投资占主导，新兴企业买家成北京投资市场的 关键力量。 报告认为，未来一段时间北京甲级写字楼市场将呈现供应稳定、需求分化、整体承压的特点。 第一太平戴维斯15日发布《2025年第三季度北京房地产市场研究成果》显示， 2025年第三季度北京甲 级写字楼市场延续回暖态势，租赁活跃度稳步提升。 供给方面，第三季度没有新项目入市，而需求方面则持续向好发展，单季度净吸纳量录得约8.9万平方 米，环比提升8.1%，同时连续九个季度录得正 ...

Core Insights - The net absorption of Grade A office space in Beijing reached a record high in Q3 2025, totaling 125,000 square meters, marking the ninth consecutive quarter of absorption [1] - The Zhongguancun submarket, driven by demand from technology innovation enterprises, showed significant improvement with a vacancy rate dropping to 15.1% [2] Group 1: Market Performance - The average quarterly absorption in Beijing's Grade A office market is 80,000 square meters [1] - Zhongguancun's net absorption exceeded 63,000 square meters in Q3, marking the second time in five quarters that it surpassed 60,000 square meters in a single quarter [1] - The vacancy rate in Zhongguancun decreased by 3.9 percentage points quarter-on-quarter and 4.6 percentage points year-on-year [2] Group 2: Demand Dynamics - The demand for office space in Zhongguancun is expected to continue growing, benefiting from the accumulation of advantages in the technology innovation sector over the past decade [2] - High-quality enterprises are increasingly shifting from low-efficiency assets to premium assets, indicating a potential market shift towards quality and efficiency [3] - The overall demand in Beijing's Grade A office market remains under pressure, with a notable structural recovery and regional differentiation [3] Group 3: Rental Trends - The average effective rent for Grade A office space in Beijing fell to 227.3 yuan per square meter, a slight decrease of 3.5% quarter-on-quarter [2] - The strategy of "exchanging price for volume" remains fundamental for achieving absorption in the Grade A office market [2]

Core Insights - The Beijing Grade A office market is experiencing a significant trend of absorption, with a net absorption of 125,000 square meters in Q3 2025, marking the highest quarterly absorption this year and the ninth consecutive quarter of absorption [1] - The vacancy rate in the market has decreased to 19.3%, down nearly 1 percentage point from the previous quarter, indicating effective short-term alleviation of market vacancy pressure [1] Market Dynamics - The demand structure of the Beijing office market is being reshaped by technological innovation, leading to a positive cycle of "industrial innovation concentration - spatial value premium" [2] - Despite an overall improvement in market demand, performance varies significantly across sub-markets, with only those with concentrated demand showing a notable reduction in vacancy pressure [2] - The overall market rent continues to decline, with net effective rent decreasing by 3.5% quarter-on-quarter to 227.3 yuan per square meter, indicating a strategy of "price for volume" to achieve absorption [2] Sub-Market Performance - The Zhongguancun sub-market has seen a net absorption of over 63,000 square meters in Q3, marking the second instance in five quarters where net absorption exceeded 60,000 square meters [2] - The vacancy rate in the Zhongguancun sub-market has significantly decreased to 15.1%, down 3.9 percentage points quarter-on-quarter and 4.6 percentage points year-on-year, indicating a substantial recovery compared to two years ago [2] - Among 24 monitored Grade A office projects, 14 have a vacancy rate below 10%, with 10 projects having a vacancy rate below 5%, suggesting a strong demand in this sub-market [2] Future Outlook - The current market still requires stronger and sustainable new demand to support the future supply of Grade A offices under construction [3] - The dual cycles of "technological innovation" and "office market rebalancing" are expected to drive the Beijing office market towards a new phase focused on quality transformation and efficiency improvement [3]

Group 1 - The rental decline in Beijing's office market continues to narrow, with a vacancy rate decreasing by 1.4 percentage points to 16.9% compared to the end of 2024 [1] - There was no new supply in the second quarter of 2025, maintaining the total stock of Grade A office space at 13.68 million square meters, with a quarterly net absorption of 39,677 square meters across the city [1] - The overall net absorption for the first half of the year reached 194,000 square meters, a year-on-year increase of 2.5%, while the five core business districts saw a net absorption of 111,000 square meters, up 9.0% [1] Group 2 - The demand for leasing from technology, internet, and consumer sectors remains active, with renewal leases accounting for 29.2% of total leasing transactions in the second quarter [3] - The TMT sector, driven by AI and telecommunications companies, accounted for 55% of new leases and relocations, while the professional services sector, boosted by law firms, increased its share to 13.1% [3] - Retail leasing demand, supported by consumption stimulus policies, represented 8.5% of total leasing activity, ranking fourth [3] Group 3 - The forecast for the second half of the year indicates no new supply in Beijing's Grade A office market, which may lead to further reductions in vacancy rates [4] - The market is currently in a stabilization phase, with rental concessions nearing their limit, and rents are expected to stabilize by the end of 2025 [4] - The industrial park market is experiencing a transitional phase, particularly in the biopharmaceutical sector, leading to increased supply-demand imbalances and downward pressure on rents [4]

Core Viewpoint - The Beijing Grade A office market has entered a phase of deep supply-demand negotiation, with a focus on balancing new supply and demand dynamics [2][3]. Group 1: Market Trends - In Q2 2025, the net absorption of Beijing Grade A office space reached 32,000 square meters, marking the eighth consecutive quarter of absorption [2]. - The vacancy rate for Grade A offices remained stable at 20.2%, indicating a dynamic balance in the market [2]. - Average effective rent for Grade A offices decreased to 235.6 RMB per square meter per month, with a slight decline of 2.9% quarter-on-quarter, the smallest drop in three quarters [2]. Group 2: Regional Demand - Demand in the Beijing Grade A office market is concentrated in the Zhongguancun, Lize, and Financial Street areas, reflecting a "westward advance, eastward stability" trend [2]. - Zhongguancun experienced a net absorption of over 60,000 square meters in the first half of the year, achieving a cumulative absorption of nearly 160,000 square meters over four consecutive quarters, the fastest rate on record [2]. - The Lize Business District saw a net absorption of over 20,000 square meters in Q2, with a total of over 50,000 square meters in the first half of the year, and a vacancy rate reduced to 21.5% [2]. Group 3: Future Outlook - The Financial Street remains a stabilizing force in the market, with the lowest vacancy rate at 11.7% [3]. - To effectively reduce vacancy rates, there is a need to strictly control new supply and activate corporate demand [3]. - The year 2025 is expected to be a low point for new supply over the next three years, creating favorable conditions for a continued decline in vacancy rates in the second half of the year [3].

Core Insights - The report from Colliers International indicates that the net absorption of Grade A office space in Beijing reached 32,000 square meters in Q2 2025, marking the eighth consecutive quarter of positive absorption [1] - The demand in Beijing's Grade A office market is characterized by a "westward expansion and stable east" trend, with new demand concentrated in strategic areas such as Zhongguancun, Lize, and Financial Street [1] - The Q2 market continues the trend of "total reduction and regional differentiation," with Zhongguancun's net absorption surpassing 60,000 square meters in the first half of the year, achieving a record high for four consecutive quarters [1] Regional Performance - Lize Business District maintained strong absorption momentum in Q2, with a net absorption exceeding 20,000 square meters and a total of over 50,000 square meters in the first half of the year [2] - Financial Street remains a stabilizing force in Beijing's office market, with a vacancy rate of 11.7%, the lowest in the city [3] Market Outlook - The Beijing Grade A office market is entering a phase of deep supply-demand negotiation, with 2025 marking a low point for new supply over the next three years, creating favorable conditions for a continued decline in vacancy rates [3] - The structural changes driven by differentiated industrial genes are expected to catalyze a breakthrough, potentially leading to regional bottom opportunities and value inflection points in the Grade A office market in the second half of the year [3] - The technology-driven new cycle is anticipated to prompt more companies to shift from inefficient assets to high-quality assets, with rental adjustments allowing for greater flexibility in location choices [3]