original title: report: the net absorption of office buildings in Beijing hit a record high in the third quarter
Beijing, October 13 (reporter Pang Wuji) CBRE, an international commercial real estate service and investment company, released the review and Prospect of Beijing real estate market in the third quarter of 2021 on the 13th, saying that the net absorption of office buildings in Beijing reached a record high in the third quarter.
The report points out that the future development of Beijing's commercial real estate market will further open up a new situation, benefiting from the implementation of Beijing stock exchange, high-end industrial development planning and international consumption center city construction policies.
In the office market, technology and financial tenants are still the main source of office demand in Beijing. In the third quarter, the diversified operation of TMT's leading enterprises injected new momentum into the market, making the demand for new rent in the industry account for as much as 43%, and completed a number of large-scale leasing transactions. Finance accounts for 23%, followed by funds, insurance and securities. The expansion and relocation of law firms in the professional service industry are still active, and the demand is mainly concentrated in the CBD.
In the third quarter, the net absorption of office buildings in Beijing reached a record high of 353000 square meters, an increase of 18% month on month. Among them, the total net absorption of CBD and Lize accounts for 83% of the whole city. Driven by strong demand, the office vacancy rate fell for the fourth consecutive quarter, down 0.9 percentage points month on month to 16.1%. Except that the vacancy rate of Financial Street continued to rise due to demand spillover, and the rentable area of Zhongguancun increased slightly due to the double reduction policy, the vacancy rate of other major business districts decreased to varying degrees.
From the perspective of rent, the overall rent decline narrowed, and the average rent quotation of office buildings decreased by 0.3% month on month compared with the sample to 395.9 yuan per square meter per month.
Zhang Jisu, head of consulting and trading service office building tenant Department of CBRE Lihua North District, pointed out that the market opportunity window has brought the centralized release of new rental demand this year and a record high net absorption in this quarter. In the future, the implementation of Beijing stock exchange will also strengthen Beijing's competitiveness in the two major industries of science and technology and finance, and drive innovative enterprises, investment institutions and relevant professional service institutions to gather in Beijing. With the decline of new supply and vacancy rate, Zhang Jisu expects that rents in more sub markets will hit the bottom.
From the perspective of the investment market, in the third quarter of 2021, there were 11 large transactions in Beijing's property investment market. Due to all small and medium-sized transactions of less than 2 billion yuan, and eight of them were less than 1 billion yuan, the total transaction volume fell month on month, but the total amount in the first three quarters was still higher than that in the same period last year.
According to the report, after the intensive investment activities in the previous stage, the commercial real estate transaction entered a short rest period, and the complex and changeable market environment also made the price game between the buyer and the seller anxious in the short term. However, considering that many sellers are still actively promoting high-quality properties to the market, and the recent strong recovery of property leasing fundamentals, especially office buildings, is expected to boost buyers' confidence, these favorable factors constitute an opportunity window for investors to layout Beijing, which is expected to promote the conclusion of future transactions.
In the third quarter, office products accounted for 51% of the total turnover of Beijing's property investment market, still sitting in the \
Ji Gang, head of CBRE Lihua North District Investment and capital market department, pointed out that with the implementation and strengthening of Beijing's strategy in the development of new economy and new infrastructure, as well as the improvement of financing channels such as public REITs and Beijing stock exchange, more diversified transaction subjects will be introduced on the demand side of bulk properties in the future; On the supply side, emerging sectors such as logistics real estate, pharmaceutical real estate and digital real estate will deliver higher quality and rich investable assets to investors. (end)