北京写字楼市场报告2025年第三季度

Market Overview Demand rebounds as market enters a phase of stable adjustment In the third quarter of 2025 (Q32025), Beijing’s Grade-A officemarket showed signs of bottomingout and stabilising, with demandgradually recovering. The average rentdeclined to RMB228.5 per sqm permonth, down 2.0% QoQ. This slightacceleration in the rate of declinereflects landlords’ continued adoptionof a “volume-over-price” strategy tosustain occupancy levels. Notably, consistently drawn to the well-equipped supporting facilities (suchas transportation hubs, commercialservices, and business amenities) incore markets. Second, demand fromtechnology, finance, and high-endprofessional services sectors continuesto expand. This growth not only drivesnet absorption but also effectivelyoffsets the demand gap created by the indicates a steady rebound in leasingdemand from enterprises in sectorsincluding technology, media, andtelecommunications (TMT), finance,and professional services, signifying Tenant demand in Beijingduring Q3 2025 exhibited threekey characteristics: First, in termsof location preferences, premiumproperties in core areas became Supply and Demand Demand in western submarkets accelerates recovery In Q3 2025, Beijing’s Grade-A officemarket saw no new supply, signalling ashift from an “incremental expansion”model to “stock optimisation”.Future competition is expected tocentre on the absorption of existingprojects, operational enhancements,and adjustment of tenant structure.Landmark buildings in the core area There are notable performancedisparities among different submarketsin Beijing’s current office leasingmarket, with several westernsubmarkets showing signs of recovery.Among these, the OGV, BFS, and ZGCsubmarkets have continued to gainmomentum and have become themarket focus recently. Beijing JiayouNetwork Technology Co., Ltd., aleading internet enterprise, undertook Tower A of Fengming InternationalPlaza. The ZGC submarket standsout as a stabilising force in themarket due to its low vacancy rate.In Q3 2025, the vacancy rate of ZGCreached 11.08%, which was muchlower than the city-wide average of17.8%, representing a 6 percentage This concentrated inflow of enterprisesis expected to further enhance theattractiveness of the ZGC submarketto high-tech enterprises. The recoveryof these western Beijing submarketsnot only reflects the growing emphasisplaced by technology and financial Rents Rental declines narrow in select submarkets The overall rental level of Beijing’sGrade-A office market remains ina downward cycle. Citywide, theaverage rent decreased by 2.0% QoQto RMB228.5 per sqm per month. Thisdecline is largely driven by landlordsactively lowering rents and introducing Notably some submarkets in thewestern area have shown signs of aslowdown in rental declines, indicatingan impending stabilisation. Forinstance, the average rental declinein the OGV submarket narrowedsignificantly, decelerating from nearly5% in the previous quarter to 1.6% thisquarter. This shift primarily stemsfrom increased activity in the OGVarea, particularly sustained demand forupgrades as enterprises relocate from Outlook Tenant demand for “cost reduction and efficiency enhancement” expected to continue Looking ahead, rental rates inBeijing’s core business districts suchas BFS and the CBD are expectedto continue declining. Lower recovery in actual leasing demand. Netabsorption is projected to maintainan upward trajectory. Landlords areexpected to enhance competitiveness will prioritise “cost reduction andefficiency enhancement” in theircore leasing strategies, seizing rentaladjustment windows to secure cost- drive rents and vacancy rates towardstability. Regarding new supply, oneproject is expected to be completed inthe fourth quarter of 2025: the Yufu of office space. Overall new supplyin 2025 will be limited, while 2026 isprojected to see a supply peak withapproximately 757,000 sqm of new are expected to significantly impactmarket dynamics, particularly duringthe concentrated new supply influx in Beijing Grade-A office marketdashboard Q3 2025 We like questions, if you’ve got one about our research, or would like some property advice,we would love to hear from you. Martin WongSenior Director,Head of Research & Consultancy,Greater China Virginia HuangManaging Director,North and East China Regina Yang Director, Head of Research & Consultancy,Shanghai & Beijing Jasmine WuManager, Research & Consultancy,Beijing Charles YanGeneral Manager,Office Strategy & Solutions, Beijing+86 139 1111 1607 Recent market-leading research publications Beijing OfficeMarket ReportQ2 2025Shanghai OfficeMarket ReportQ3 2025 Knight Frank Research provides strategic advice, consultancy services and forecasting to a wide range of clients worldwide including developers, investors,funding organisations, corporate institutions and the public sector. All our clients recognise the need for expert independent advice customised to their specificneeds.