北京写字楼市场报告2025年第四季度

Market Overview Price adjustments drive modest vacancy improvement In Q4 2025, the Beijing Grade‑Aoffice market continued to trade offprice for volume. The citywide averageeffective net rent declined to RMB219.7per sqm per month, down 3.9% QoQand 12.7% YoY. Vacancy edged downto 17.0%, a 0.8‑percentage‑point QoQ areas such as OGV continued to facestructural supply‑demand imbalance, measures have yet to be introduced,the outlook for Beijing’s officemarket over the coming year remains Looking ahead,15th Five‑Year Plan(2026–2030) reinforces a technology‑led, high‑quality development agenda.Together with the proactive fiscalpolicy and moderately accommodativemonetary stance outlined at theCentral Economic Work Conferencein late 2025, these policies providelonger term support for the officesector. However, near‑term challengesremain pronounced. Beijing is forecastto receive approximately 757,000 sqm In the longer term, policy emphasison low‑carbon development, smartsystems and operational efficiency,combined with stringent quality‑led growth targets, is expected toaccelerate the differentiation of officeassets. ESG credentials, technologicalreadiness and sector alignmentwill increasingly dictate asset Limited new supply and ongoingstock optimisation defined marketconditions. Leasing demand remainedfragmented, with most submarketsunder pressure. Yizhuang stood outas the sole submarket recording arental increase, with rents rising2.2% QoQ to RMB 84.4 per sqm per Supply and Demand Technology sector maintains lead Beijing recorded 83,000 sqm of newGrade‑A office supply in 2025, a 71%decline compared with 2024, bringingthe total stock to 12.65 million sqm byyear‑end. Yufu Business Centre, theonly new Grade‑A project to enter the Leasing demand in 2025demonstrated clear patterns ofgeographic concentration, sectorstability and domestic enterprisedominance. The CBD remained themost active submarket, accountingfor 30%–37% of annual transactions.BFS, Lufthansa and ZGC collectivelyformed a secondary tier, with theircombined share rising to 9%–12% overthe year. By sector, TMT, financialservices and professional servicescollectively accounted for over 70% of Exim Bank’s 17,000 sqm expansionat ChemSunny World Trade Centreand Xiamen International Bank alsosecured a new lease of 10,800 sqm atTaikang International Tower. In theCBD, Guotai Haitong Securities Co.,Ltd. consolidated 15,000 sqm at Jinyi secured approximately 10,000 sqmat Dinghao DH3 Building. Thesetransactions underscoring ongoing Several submarkets emerged as keyengines of recovery. BFS continuedto benefit from stable demand from Rents Downward pressure on rents persists Overall Grade‑A office rents inBeijing remained in a downcycle. Thecitywide average rent declined to RMB219.7 per sqm per month, representinga 3.9% QoQ decrease and a 12.7% YoYdecline. In response to intensifiedmarket competition, landlords Rents in the Lufthansa submarketweakened as tenant demand shiftedto neighbouring areas and corporatescontinued to downsize their officefootprints. While the vacancy rateedged down slightly QoQ, it remainedelevated, and limited progress inasset upgrades further underminedthe submarket’s competitiveness. Inthe CBD, rents continued to decline,although relatively stable leasingdemand provided short‑term supportfor absorption. Looking ahead, theexpected supply peak in 2026 is likelyto reinforce downward rental pressure.Along the East Second Ring Road,ageing building stock and ongoingcorporate relocations have aggravatedsupply–demand imbalances, leadingto a lag in rental adjustments. BFS positive rental growth. In Q4 2025,rents rose by 2.2% QoQ to RMB 84.4 persqm per month, representing a 1.6%YoY increase. This counter‑cyclicalgrowth was driven primarily by thedevelopment of strategic emergingindustries, including commercialaerospace and new‑energy vehicles, continued to face rental pressure.The completion of Taikoo PlaceBeijing in 2026 is expected not onlyto attract high‑quality tenants withinthe broader area but also to raiseoverall product standards, reshapingthe competitive landscape over themedium term. Lize continued to attract Domestic capital continues to dominate the buyer landscape In Q4 2025, Beijing’s Grade‑Aoffice investment market remainedfirmly dominated by domestic capital,with capital deployment closelyaligned with the value attributes ofhigh‑quality commercial assets locatedin core areas. On 4th November,Beijing Yangzijiang Property Co., of the appraised value, making it abenchmark case in Beijing’s recentjudicial auction market for commercialoffice assets. The property has a grossfloor area of approximately 70,174.9sqm and is situated in a primelocation within Chaoyang District.The entry of a leading pharmaceutical Huajing Education acquired the wholeof Building 2 of E_ZIKOO Smart Valleyin H2 2025 for approximately RMB400 million. The standalone officebuilding has a GFA of 9,516 sqm andis located in the core area of YongfengInd