来源：新华社 高力国际发布的报告称，第四季度北京甲级写字楼市场净吸纳量8.3万平方米，推动全年净吸纳量达33 万平方米，已连续两年实现去化面积超30万平方米，该公司统计的市场空置率在四季度末降至19.2%。 戴德梁行的报告称，截至四季度末北京市甲级写字楼空置率环比下降0.6个百分点，同比下降2.4个百分 点至15.89%。 作者: 陈旭 转自：北京日报客户端 中关村板块成为年度最大亮点，办公新增需求呈现爆发式增长。戴德梁行的报告显示，过去五年， TMT行业在写字楼市场的成交占比接近45%，其中人工智能领域发展迅速。细分领域中，专业服务业内 律所表现最为突出，金融业则以银行、保险、基金证券类企业成交最为活跃。高力国际的报告显示，中 关村甲级写字楼市场全年净吸纳量超17.6万平方米，占全市总量的53%，创下近20年来的峰值纪录。 多家商业房地产服务咨询公司近日发布2025年第四季度北京市写字楼市场报告，报告称2025年北京写字 楼市场需求增长超预期，年末空置率实现回落，人工智能等高科技产业发展迅猛，成为驱动写字楼市场 需求增长的核心动力。 戴德梁行首席政策分析专家、北区研究部主管魏东介绍，从供应端看，未来北京市新 ...

本报记者 董红艳 北京报道 从区域上看，中关村板块成为年度最大亮点，办公新增需求呈现爆发式增长。据高力国际发布的数据， 中关村甲级写字楼市场2025年全年净吸纳量超17.6万平米，占全市总量的53%，创下近20年来的峰值纪 录，成为引领北京写字楼市场复苏的核心引擎。 2025年，房地产行业仍处于深度调整周期，价格低位循环、有效需求乏力等核心矛盾尚未根本化解。而 新质生产力方面，量子计算、可控核聚变等前沿赛道技术成果密集落地。 写字楼市场的冷暖变化，堪称经济景气度的"风向标"。2025年北京甲级写字楼市场呈现复苏态势，四季 度末空置率降至19.2%，同比下降1.5个百分点；全年空置率获得整体回调。中关村板块凭借科创产业集 聚优势，成为拉动市场回暖的核心动力源。 需要警惕的是，市场复苏基础仍不稳固。据高力国际向《华夏时报》记者透露的信息，2026年北京甲级 写字楼核心市场将迎来超70万平方米的新增供应，这一增量将直接推动年末空置率走高，市场承压格局 或将加剧。 高吸纳叠加低供给 2025年末，北京写字楼市场空置率实现实质性回落。据高力国际方面数据，北京甲级写字楼市场空置率 在今年四季度末降至19.2%，同比下降约 ...

租金方面，高力国际指出，北京甲级写字楼市场平均租金虽延续调整态势，但下行压力在今年有所缓 解。年末净有效租金降至222元每月每平方米，同比下降11.5%，降幅较上年收窄4.9%。 但该机构同时指出，虽然需求连续放量，但尚未形成足以逆转高空置率和租金下行的核心势能，市场高 空置率依然持续，租金调整周期仍在延续。 知名商业地产服务商高力国际近日发布报告指出，2025年第四季度，北京甲级写字楼市场净吸纳量约 8.3万平方米，全年净吸纳量达到33万平方米。这也是该市场连续两年实现超30万平方米规模的去化。 从区域分布来看，随着新质生产力企业集群的崛起与产业红利的集中释放，中关村甲级写字楼市场全年 净吸纳量超17.6万平方米，占全市总量的53%，创下近20年来的峰值纪录，成为引领北京写字楼市场复 苏的核心引擎。 高力国际认为，今年北京写字楼市场需求复苏态势"超预期"。 供应方面，今年北京甲级写字楼新增供应量仅18.8万平方米。在有限供给与稳健需求的助推下，市场空 置率在四季度末降至19.2%，同比下降约1.5个百分点。 （文章来源：21世纪经济报道） 同时，市场热度高度聚焦于部分高性价比项目，核心区域成熟写字楼市场表现 ...

Group 1: Beijing Grade A Office Market - The vacancy rate for Beijing's Grade A office market has continued to decline, with an average rate of 19.0% by the end of Q3 2025, showing a clear recovery trend [3] - The net absorption in the Grade A office market for Q3 was approximately 89,000 square meters, an increase of 8.1% quarter-on-quarter, marking the ninth consecutive quarter of positive absorption [3] - Cumulatively, the net absorption for the first three quarters reached 223,000 square meters, a year-on-year increase of 31.5%, indicating a significant recovery in leasing demand [3] Group 2: Rental Trends - The average rent for Grade A offices in Beijing decreased by 2.1% quarter-on-quarter to 223.7 yuan per square meter per month, although the rate of decline is narrowing [3] - The decline in rental prices is attributed to improved supply-demand dynamics and property owners adjusting rents more rationally based on costs and returns [3] Group 3: Future Market Outlook - The Grade A office market is expected to experience stable supply, differentiated demand, and overall pressure in the coming years, with supply intensity remaining steady over the next three years [4] - Areas with new productivity such as internet, information technology, AI, and large models are expected to see increased demand, while non-core areas and traditional industries may experience weaker demand [4] Group 4: Retail Market Developments - In Q3, four new retail projects entered the Beijing market, providing 213,600 square meters of new retail space, leading to an increase in the average vacancy rate of quality shopping centers by 1.6 percentage points to 8.6% [5] - The average rent for prime shopping centers adjusted to 748.2 yuan per square meter per month, reflecting a 1.4% quarter-on-quarter decline [5] - The retail market is entering a new phase of supply-side optimization and structural upgrading, driven by urban renewal and consumption scene upgrades [5]

Group 1: Beijing Grade A Office Market - The Beijing Grade A office market is expected to exhibit stable supply, differentiated demand, and overall pressure in the near future [1] - In Q3 2025, there were no new projects launched, while demand continued to improve, with a net absorption of approximately 89,000 square meters, an increase of 8.1% quarter-on-quarter [1] - Cumulative net absorption for the first three quarters of 2025 reached 223,000 square meters, a year-on-year increase of 31.5%, indicating a clear recovery trend in leasing demand [1] - The average vacancy rate in Beijing's Grade A office market decreased to 19.0% by the end of Q3, down 0.6 percentage points quarter-on-quarter and 1.1 percentage points year-on-year [1] - Average rent for Grade A offices in Q3 2025 fell by 2.1% to 223.7 yuan per square meter per month, with the rate of decline narrowing due to improved market supply and demand conditions [1] Group 2: Beijing Property Investment Market - The Beijing property investment market in Q3 2025 saw a dominance of small-scale and "bottom-fishing" investments, with emerging corporate buyers becoming key players [2] - A total of 11 major transactions were recorded in the property investment market, with a cumulative transaction amount of approximately 3.434 billion yuan, reflecting a 41% quarter-on-quarter decline and a 75% year-on-year drop [2] - The buyer structure showed that corporate buyers contributed to 8 transactions, continuing to seek scarce quality assets [2] - Institutional investors are actively seeking investment opportunities, focusing more on the operational capabilities of asset managers and cash return performance when evaluating assets [2] - There is a growing trend of corporate buyers focusing on long-term asset allocation rather than short-term returns, emphasizing the cross-cycle long-term value of core assets [2]

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]