北京写字楼市场报告2025年第二季度

Market activities on the riseOverview and OutlookIn the second quarter of 2025 (Q22025), the average rent for Grade-Aoffice buildings in Beijing fell by1.6% QoQ to RMB233.1 per sqm permonth, with the rate of declineslightly narrowing compared to theprevious quarter. No new projectswere completed and delivered thisquarter. The average vacancy ratecame to 18.4%, a slight decreaseof 0.2 percentage points from theprevious quarter. Net absorptionreached 12,960 sqm, reversing thenegative absorption trend from thelast quarter, indicating a recovery inmarket demand. The increasing trendof state-owned enterprises returningto self-owned office buildings, due topolicy guidance, leads to more cautiousexpansion plan among high-qualitystate-owned enterprises, puttingpressure on the absorption of officebuildings in core areas. However, theexpansion and growth of leading techcompanies remain robust, injectingvitality into Beijing’s office market.Additionally, landlords are activelyadopting customised renovationdelivery and other leasing strategies,which support the rebound in marketactivity.Looking ahead, 2026 is expectedto be a peak year for future supply,with an anticipated 757,000 sqm ofoffice space to come into the market.In the CBD area, four projects areexpected to be completed: Z3, Z5, Z6,and the Qijiayuan Diplomatic OfficeBuilding (tentative name), with a totaloffice area of approximately 409,000sqm. The impact of U.S.- China tariffpolicies remain uncertain, and globaleconomic uncertainty is expected topersist, leading domestic companiesto maintain a cautious approach toFig 1: Beijing Grade-A office market indicators[1]2025Q2New supply02025Q2Net Absorption12,960sqm2025Q2233.1RMB/sqm/monthsqmOutlook (Q3 2025) :Outlook (Q3 2025) :QoQ change:Outlook (Q3 2025) :QoQ change: Rent long-term investments. Meanwhile,domestic consumption-boostingpolicies have significantly stimulatedboth production and market demandfor enterprises. As a result, tenantswill increasingly prioritise flexibleterms in office leases to adjust theirleasing strategies in response tomarket changes. With intensifiedcompetition for attracting enterprisesacross various regions in Beijing, themarket will further tilt in favour oftenants. In addition to lowering rents,enhancing the quality of services,offering customised renovations, andproviding fully furnished options willbecome common choices for landlords.It is anticipated that the vacancy ratefor Grade-A office buildings in Beijingwill continue to rise slightly in thesecond half of 2025, with market rentsexpected to decline further.Source: Knight Frank Research[1] Rent refers to average effective rent[2] pp refers to percentage point2025Q2Vacancy rate18.4%Outlook (Q3 2025) :0.2pp1.6% The high-tech industry has become the main driving forceSupply and DemandIn Q2 2025, there was no new supplyin Beijing’s Grade-A office market. TheQijiayuan diplomatic office buildingproject (tentative name), which wasoriginally scheduled for completionin Q3 2025, has been postponed to theend of 2026. Therefore, no new projectsare expected to be completed anddelivered in the market in the secondhalf of 2025.The high-tech industry continuedto dominate leasing transactions inQ2 2025, accounting for 36% of thetotal transaction area and driving therecovery of market activity. ByteDanceand its holding companies signed newleases of 28,000 and 16,000 sqm atthe KR Centre and North Star CentreBuilding F respectively, supportingthe activity of transactions in the ZGCand OGV submarkets. The financialand professional services sectors alsocontributed significantly, accountingfor 23% and 19% respectively.Notable transactions included DajiaInsurance relocating to the C01 Towerin Tongzhou area, leasing an area of8,000 sqm, and JunZeJun Law Officesmoved to Taikang Tower, leasing-30003006009001,2001,5002017Fig 3: Grade-A office supply, net absorption and vacancy rate‘000 sqmapproximately 3,400 sqm. Due tothe lack of new project completions,the vacancy rate for Grade-A officebuildings in Beijing slightly decreasedto 18.4%, a QoQ decrease of 0.2 Net absorption (left)New supply (left)20182019 2020 2021 2022 2023 2024 percentage points. Net absorption forthe quarter was 12,960 sqm, marking ashift from negative to positive. In Q2, the average rent for Grade-Aoffice buildings in Beijing decreasedby 1.6% QoQ to RMB233.1 per sqm permonth, a decrease narrowed by 4.2percentage points compared to theprevious quarter.In terms of the sub-market, therent in the BFS area, which has beenthe highest among submarkets, hasdropped below RMB400, falling toRMB389.2 per sqm per month, adecrease of 6.1% QoQ and 17.1% YoY. Atthe same time, the vacancy rate in BFSincreased by 0.2 percentage points to9.7%. Since the beginning of this year,state-owned financial enterprises haveaccelerated the optimisation of internalassets, relocating back to self-ownedoffice buildings, which has addedpressure to the destocking of the BFSmarket. Landlords are continuouslyloweri