今年国庆、中秋"双节"迎来加长版8天黄金周假期，各路商家翘首以待，迎接这一拨客流。临近假期， 深圳迎来全球最大室内滑雪场前海冰雪世界开业，为炎热的深圳带来一股冰雪浪潮，三季度零售和办公 市场还有哪些值得关注的市场动态？戴德梁行发布2025第三季度深圳零售及写字楼市场报告显示，深圳 优质购物中心市场再迎28万平方米新供应，项目定位各有千秋，冷热交替。 深圳零售市场供应热度不减 截至2025年三季度末，随着新增项目陆续投入使用，深圳甲级写字楼存量规模攀升至887.9万平方米。 从供应分布来看，三季度新增供应集中于前海片区，有助于推动该片区商务氛围及相应配套设施的进一 步完善。 然而，新增供应的集中释放亦进一步加剧市场供需不平衡的状况，使得全市甲级写字楼空置率较上季度 上升1.2个百分点至29.0%。激烈的市场竞争促使业主加大租金让步力度，三季度全市甲级写字楼平均租 金进一步下探至每月153.4元/平方米，环比下降4.2%、同比下降11.2%。租金下行与新增供应刺激下， 三季度全市净吸纳量达到9.2万平方米，创下2024年以来的季度新高。 市场报告显示，三季度，深圳零售市场供应端维持热度，深圳大悦城（000031） ...

Core Insights - The demand for Grade A office space in Beijing has significantly increased in Q3, with a net absorption of 125,000 square meters, marking a new high for the year [3][6] - The vacancy rate for Grade A office space in Beijing has decreased to 19.3%, a nearly 1 percentage point drop from the previous quarter, indicating a short-term alleviation of vacancy pressure [3][4] - Despite improvements, the overall market remains under pressure, with a strategy of "trading price for volume" being the primary method for market de-leveraging [4][6] Market Dynamics - The demand for office space is closely linked to the development of industries, particularly influenced by the needs of technology innovation enterprises [2][5] - The market is experiencing structural recovery and regional differentiation, with demand concentrated in specific sub-markets, particularly in Zhongguancun [4][6] - The average effective rent has decreased by 3.5% to 227.3 yuan per square meter per month, indicating ongoing downward pressure on rental prices [6] Zhongguancun Sub-Market - Zhongguancun has shown significant improvement, with a net absorption of over 63,000 square meters in Q3, marking the second consecutive quarter of net absorption exceeding 60,000 square meters [6][8] - The vacancy rate in Zhongguancun has dropped to 15.1%, with a 3.9 percentage point decrease from the previous quarter and a 5.9 percentage point decrease compared to two years ago [6][7] - There are indications that Zhongguancun may be the first sub-market in Beijing to stabilize and potentially increase rental prices due to sustained demand from technology innovation [8]

Group 1 - UBS reports improvement in net absorption of office space in Hong Kong due to better hiring conditions in the financial sector [1] - The number of licenses is expected to increase by approximately 1,300 by June 2025, attributed to strong stock market performance this year [1] - Financial sector tenants account for 57% of office space users, indicating a potential stabilization in the commercial property market [1] Group 2 - UBS predicts that the rental decline for Grade A office space in Central will narrow to 5% this year, compared to a 12% decline last year [1] - For the next two years, Grade A office rents across Hong Kong are expected to decrease by 3% to 5%, an improvement from last year's 9% decline [1] - UBS assigns a "Buy" rating to Swire Properties, while giving a "Neutral" rating to Swire Pacific and Hongkong Land [1]

Core Insights - The Shanghai Grade A office market is experiencing a slight decrease in vacancy rates and continued downward pressure on rents due to the interplay of new supply and demand changes, with professional services, finance, and TMT sectors being the main demand drivers [1][2] Market Supply and Demand - In Q3 2025, four new Grade A office projects were delivered in Shanghai, adding 222,400 square meters of quality office space to the market [1] - The net absorption recorded in the quarter was 89,000 square meters, representing a 3.9% increase quarter-on-quarter [1] - The overall vacancy rate for Grade A offices decreased slightly to 23.5% [1] - Average transaction rents fell by 3.6%, with the average monthly rent at 205 RMB per square meter [1] Year-on-Year Trends - Year-on-year, the vacancy rate has decreased, but the total stock has increased, while rents continue to decline [1] - The market is expected to see three more projects completed in Q4, adding a total of 260,000 square meters of supply, which would push the total stock of Grade A offices in Shanghai to over 18 million square meters [2] Sector Performance - The professional services sector accounted for 26.7% of leasing demand, with incubators and co-working spaces favoring areas like Xuhui Riverside and Yangpu [2] - The finance sector, primarily consisting of securities, investment, and fund companies, represented 20.8% of leasing demand [2] - The TMT sector accounted for 14.9% of demand, driven by strong needs from data, AI, and high-tech companies [2] - Other sectors such as retail trade, cultural entertainment, and accommodation and dining also contributed to leasing demand, with respective shares of 8.2%, 5.9%, and 5.0% [2] - Sectors like construction and real estate, transportation logistics, and healthcare had relatively low demand, each below 5% [2] Supply and Demand Trends - From 2020 to Q3 2025, the Shanghai Grade A office market has shown fluctuating trends in new supply and net absorption, with 2023 witnessing the highest discrepancy between the two [2] - The supply pressure continues to impact the market, despite a return to relatively stable levels of new supply and net absorption in the first three quarters of 2025 [2]

Core Insights - The report by Cushman & Wakefield highlights the differentiated development trends in the office market across various cities in Greater China, focusing on supply, demand, vacancy rates, and rental changes as of Q2 2025 [1][2][34]. Supply Overview - The total stock of Grade A office space in 20 major cities in Greater China reached approximately 72.13 million square meters by Q2 2025, with significant disparities in stock levels among cities [11][32]. - Future supply projections indicate that Suzhou will have a high future supply of 4,622,455 square meters, followed closely by Shenzhen at 5,412,263 square meters, while Shenyang has a notably low future supply of only 120,582 square meters [1][2]. Demand Dynamics - Net absorption rates show clear differentiation, with cities like Nanjing, Wuhan, and Changsha demonstrating positive net absorption figures, while some unnamed cities face negative net absorption, indicating weak demand [2][32]. - The overall vacancy rate across major cities in Greater China was reported at 24.9% in Q2 2025, reflecting a year-on-year increase of 1.7 percentage points, with cities like Nanning experiencing the highest vacancy rate at 41.3% [2][32]. Rental Trends - Rental prices have generally declined across most cities, with some cities experiencing declines exceeding 10%. Notably, Guangzhou saw a rental increase of 13.3%, showcasing its resilience in the market [2][32]. - The average rental price for Grade A office space in major core areas was recorded at 164.2 yuan per square meter per month, representing a year-on-year decrease of 13.8% [32]. Market Outlook - The report anticipates a peak in supply over the next 2-3 years, which may exert additional pressure on the market, particularly in terms of rental rates and vacancy levels [34]. - The ongoing trend of "cost control" among tenants is leading to a shift in the structure of leased areas, with smaller tenants becoming more prevalent, indicating potential challenges for landlords [39].

Group 1 - The core viewpoint of the article highlights the recent stock performance of K Wah International Holdings Limited, with a closing price of HKD 2.440, down 0.81% from the previous trading day, and reaching a one-year high of HKD 2.490 during the day [1] - K Wah International is a flagship real estate business under K Wah Group, established in Hong Kong, and has developed into a comprehensive developer and investor with strategic bases in Hong Kong, the Yangtze River Delta, and the Pearl River Delta [2] - The company specializes in developing high-quality properties, including large residential communities, integrated urban development projects, premium residential buildings, Grade A office buildings, hotels, serviced apartments, and specialty shops, all recognized for their quality and design [2] Group 2 - K Wah International aims to create an ideal and harmonious living environment, focusing on innovation while maintaining the quality brand essence of "K Wah" [2] - The company leverages its extensive experience and strong financial strength to adopt a prudent and proactive strategy in identifying potential land opportunities, aiming to provide quality living spaces for customers and deliver long-term sustainable returns to shareholders [2]

Core Viewpoint - The company has released its 2025 semi-annual report, highlighting its financial performance and operational status, with a focus on significant changes and ongoing projects [1][3]. Group 1: Company Overview - The company is Shanghai Lujiazui Financial Trade Zone Development Co., Ltd., primarily engaged in real estate development and management [2]. - The report includes key financial data and shareholder information, although specific figures are not detailed in the provided text [2]. Group 2: Important Events - The company has faced issues related to soil pollution at a subsidiary, Green Shore Company, leading to a suspension of development activities since April 2022. Remediation efforts have been completed, and the company is monitoring the situation closely [3]. - The board of directors and supervisory board have confirmed the accuracy and completeness of the semi-annual report, which has been approved without any dissenting votes [4][6][14]. Group 3: Financial Performance - As of the end of Q2 2025, the company holds a total building area of 3.96 million square meters across various property types, including 2.45 million square meters of Grade A office space [16]. - For the first half of 2025, the company reported a rental cash inflow of 1.854 billion yuan, a decrease of 14% year-on-year, while residential property sales saw a significant increase, with a contract sales amount of 4.769 billion yuan, up 111% year-on-year [16][17]. - The company completed projects totaling 410,200 square meters in the first half of 2025, with a notable increase in residential sales cash inflow to 5.548 billion yuan, also up 105% year-on-year [18].

Group 1: Real Estate Portfolio - As of the end of Q2, the company holds a total building area of 3.96 million square meters in operational properties, including 2.45 million square meters of Grade A office buildings, 0.33 million square meters of high-quality R&D buildings, 0.78 million square meters of commercial properties, 0.27 million square meters of hotel properties, and 0.13 million square meters of rental residential properties [2] Group 2: Financial Performance - For the first half of 2025, the company achieved cash inflow from real estate leasing of 1.854 billion yuan, a year-on-year decrease of 14%, and cash inflow from equity leasing of 1.518 billion yuan, also a year-on-year decrease of 14% [2] - The company recorded a sales signed area of 41,000 square meters for residential properties in the first half of 2025, a year-on-year increase of 96%, with a contract sales amount of 4.769 billion yuan, a year-on-year increase of 111% [3] - Cash inflow from residential property sales (including parking spaces) reached 5.548 billion yuan in the first half of 2025, a year-on-year increase of 105% [3] - Cash inflow from office project sales in the first half of 2025 was 639 million yuan, with equity sales cash inflow of 351 million yuan [4] Group 3: Project Development - The company completed projects in the first half of 2025 with a total area of 410,200 square meters, of which the equity completion area was 369,000 square meters [4] - The main residential projects for sale as of the end of Q2 include Century Qiantan Tianyu, Century Qiantan Tianhui, Chuan Sha Jinxiu Yunlan, Century Zhen Di, and Lujiazui Taikoo Yuandi, with overall sales rates of approximately 99%, 92%, 79%, 53%, 96%, and 94% respectively [3] Group 4: Revenue Composition - In 2024, the company's revenue composition was as follows: property sales accounted for 48.24%, real estate leasing for 22.19%, property management for 14.88%, financial services for 9.14%, and hotel operations for 3.64% [4]

三、2025 年 1-6 月，公司实现办公项目销售现金流入 6.39 亿元，权益销售 现金流入 3.51 亿元。 四、2025 年 1-6 月，公司竣工项目为川沙 C06-01/02 地块、川沙 C06-03 地 块、张江中区 74-01 地块，竣工面积 41.02 万平方米，权益竣工面积 36.9 万平 方米。 B股 900932 陆家B股 上海陆家嘴金融贸易区开发股份有限公司 2025 年第二季度房地产业务主要经营数据公告 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。 股票代码：A股 600663 证券简称：陆家嘴 编号：临2025-029 根据上海证券交易所《上市公司行业信息披露指引第一号——房地产》要求， 特此公告公司 2025 年第二季度主要经营数据如下： 一、至二季度末，公司持有的主要在营物业总建筑面积 396 万平方米，其中： 甲级写字楼的总建筑面积 245 万平方米，高品质研发楼的总建筑面积 33 万平方 米，商业物业的总建筑面积 78 万平方米，酒店物业的总建筑面积 27 万平方米， 租赁住宅物业的总建筑面 ...

Retail Market Outlook - The retail market in Hong Kong is expected to remain stable in the first half of 2025, with improvements in local consumption and tourist traffic anticipated in the second half [1] - Demand for retail leasing will continue to be dominated by food and beverage operators, particularly brands targeting the mass and mid-market segments [1] - The vacancy rate in core areas decreased by 0.7 percentage points to 7.1%, leading to a quarterly rental increase of 0.9%, consistent with the first quarter of 2025, resulting in a total rental growth of 1.9% for the first half of the year [2] Industrial and Logistics Sector - Despite a cautious market sentiment, demand for high-spec metal storage warehouses is expected to rise, with warehouse rents projected to decline by 0-5% in 2025 [1] - The industrial and logistics sector is experiencing a significant drop in leasing demand due to geopolitical tensions and unclear trade policies, leading to an increase in available space and a quarterly rental decline of 0.8%, marking the sixth consecutive quarter of decline [2] - The warehouse vacancy rate rose by 0.4 percentage points to 10.3% by the end of the first half of 2025 [2] Capital Market Insights - Investors are generally adopting a cautious wait-and-see approach amid ongoing economic headwinds, with limited support from the reduction in HIBOR [3] - There are signs of market stabilization, particularly with a noticeable increase in inquiries from self-use buyers as capital values continue to decline and borrowing costs decrease [3] - Following the government's announcement of a pilot program for converting hotels into student dormitories, interest from hotel and office owners in related opportunities is expected to rise [3]