房地产 -北京写字楼市场报告 Beijing Office Market Report - Q3 2025

knightFran

BeijingGrade-A

OfficeMarketReport

Q32025

ThisreportfocusesontheGrade-AofficemarketinBeijing,includinginformationaboutsupplyanddemand,rents,vacancyratesandthemarketoutlook

/research

MarketOverview

Demandreboundsasmarketentersaphaseofstableadjustment

Inthethirdquarterof2025(Q3

2025),Beijing’sGrade-Aoffice

marketshowedsignsofbottoming

outandstabilising,withdemand

graduallyrecovering.TheaveragerentdeclinedtoRMB228.5persqmper

month,down2.0%QoQ.Thisslight

accelerationintherateofdecline

reflectslandlords’continuedadoptionofa“volume-over-price”strategyto

sustainoccupancylevels.Notably,

nonewprojectswerecompletedor

deliveredduringthequarter,creatingfavorableconditionsforabsorbing

existinginventory.Asaresult,the

city-wideaveragevacancyratefell0.6percentagepointsQoQto17.8%,easingthepressureofinventoryabsorption.Meanwhile,thenetabsorptionvolumereached75,597sqm,markingtwo

consecutivequartersofgrowth.This

indicatesasteadyreboundinleasingdemandfromenterprisesinsectors

includingtechnology,media,and

telecommunications(TMT),finance,

andprofessionalservices,signifying

agradualenhancementofmarket

confidence.Overall,withslowersupplygrowthandamoderaterecoveryin

demand,Beijing’sofficemarketis

enteringacriticalphaseofrebalancingsupplyanddemanddynamics.

TenantdemandinBeijing

duringQ32025exhibitedthree

keycharacteristics:First,intermsoflocationpreferences,premiumpropertiesincoreareasbecame

thetopchoiceforleasing.Tenantsareincreasinglyadoptinga“flighttoquality”strategyinofficespaceselection,withnewleasingdemand

consistentlydrawntothewell-

equippedsupportingfacilities(such

astransportationhubs,commercial

services,andbusinessamenities)in

coremarkets.Second,demandfrom

technology,finance,andhigh-end

professionalservicessectorscontinuestoexpand.Thisgrowthnotonlydrivesnetabsorptionbutalsoeffectively

offsetsthedemandgapcreatedbytherelocationoftraditionalmanufacturingandlow-endserviceindustriesduetoindustrialupgrading.Third,corporateleasingdecisionsarebecoming

morerationalandpragmatic,with

costcontrolemergingasacore

consideration.Tenantsareprioritizingofficepropertiesthatofferreasonablerents,comprehensiveamenitiesandhighspaceutilisationrates.

Fig1:BeijingGrade-Aofficemarketindicators[1]

2025Q3

NetAbsorption

75,597

sqm[2]

2025Q3Rent

228.5

RMB/sqm/month

2025Q3

Vacancyrate

17.8%

2025Q3Newsupply

0

sqm

自

QoQchange:

Outlook(Q42025):

QoQchange:2.0%

Outlook(Q42025):

QoQchange:3X

Outlook(Q42025):

QoQchange:0.6pp[3]

Outlook(Q42025):

Source:KnightFrankResearch

[1]Rentreferstoaverageeffectiverent

[2]Historicalfigureshavebeenrestatedandarethereforenotdirectlycomparablewithdatafrompreviousreports

[3]ppreferstopercentagepoint

Fig2:BeijingofficedeveIopmentpipeIine,2025-2029andonwards

●Wangjing-Jiuxianqiao

East2ndRingRoadandEastChang'anAvenue

.CBD

.BFS

ZGC

‘000sqm

800

700

600

500

400

300

200

100

20252026202720282029andonwards0

●Lize

Source:KnightFrankResearch

SupplyandDemand

Demandinwesternsubmarketsacceleratesrecovery

InQ32025,Beijing’sGrade-Aofficemarketsawnonewsupply,signallingashiftfroman“incrementalexpansion”modelto“stockoptimisation”.

Futurecompetitionisexpectedto

centreontheabsorptionofexistingprojects,operationalenhancements,andadjustmentoftenantstructure.

Landmarkbuildingsinthecorearea

oftheCentralBusinessDistrict(CBD),suchasChinaWorldTradeCentre

andKerryCentre,arerespondingto

structuralchangesinthemarketby

undertakingsystematichardware

upgradesandobtaininggreenbuildingcertificationslikeLEED,aimingto

attracthigh-qualitytenantsthatvalueESGperformance.

Therearenotableperformance

disparitiesamongdifferentsubmarketsinBeijing’scurrentofficeleasing

market,withseveralwestern

submarketsshowingsignsofrecovery.Amongthese,theOGV,BFS,andZGCsubmarketshavecontinuedtogain

momentumandhavebecomethe

marketfocusrecently.BeijingJiayou

NetworkTechnologyCo.,Ltd.,a

leadinginternetenterprise,undertookalarge-scalestrategicrelocationand

establisheditsnewheadquartersin

Cheng’aoTowerintheOGVsubmarket,withaleasedareaof15,000sqmof

officespace.IntheBFSsubmarket,ChinaExport&CreditInsurance

Corporationexpandeditsfootprintbyleasinganadditional6,670sqmin

Fig3:Grade-AofficesuppIy,netabsorptionandvacancyrate

Newsupply(left)Netabsorption(left)Vacancyrate(right)

‘000sqm

25%

20%

15%

10%

5%

2014201520162017201820192020202120222023202425Q125Q225Q3

-3000%

Source:KnightFrankResearch

1,300

1,200

1,100

1,000

900

800

700

600

500

400

300

200

100

0

-100

-200

TowerAofFengmingInternationalPlaza.TheZGCsubmarketstandsoutasastabilisingforceinthe

marketduetoitslowvacancyrate.

InQ32025,thevacancyrateofZGC

reached11.08%,whichwasmuch

lowerthanthecity-wideaverageof

17.8%,representinga6percentage

pointsdifference.Duringthequarter,TianfuQingyuanHoldingsCo.,Ltd.

andBeijingJijiaVisionTechnology

Co.,Ltd.movedintotheInnovationToweratZhongguancunTsinghua

SciencePark,leasing3,000sqmand1,000sqmofofficespacerespectively.

Thisconcentratedinflowofenterprisesisexpectedtofurtherenhancethe

attractivenessoftheZGCsubmarket

tohigh-techenterprises.TherecoveryofthesewesternBeijingsubmarkets

notonlyreflectsthegrowingemphasisplacedbytechnologyandfinancial

enterprisesonupgradingofficequalityandoptimisinglocationstrategies

butalsohighlightstheirrelatively

strongexpansiondemand.Thesefirmsareactivelyleveraginghigh-quality

resourcesinthewesternBeijingto

strengthentheircorecompetitiveness.

Rents

Rentaldeclinesnarrowinselectsubmarkets

Fig4:Grade-AofficerentaItrend

TheoverallrentallevelofBeijing’sGrade-Aofficemarketremainsin

RMB/sqm/month

adownwardcycle.Citywide,the

450

400

350

300

250

200

150

100

50

averagerentdecreasedby2.0%QoQ

toRMB228.5persqmpermonth.Thisdeclineislargelydrivenbylandlords

activelyloweringrentsandintroducingarangeofincentivemeasuresto

enhancecompetitiveness,aimingto

retainexistingtenantsandattract

newdemand.The“price-for-volume”strategycontinuestodominate,

althoughsomesubmarketshaveshownsignsofdemandrecovery.

Q1

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0

200820092010201120122013201420152016201720182019202020212022202320242025

Notablysomesubmarketsinthe

westernareahaveshownsignsofa

Source:KnightFrankResearch

slowdowninrentaldeclines,indicatinganimpendingstabilisation.For

instance,theaveragerentaldecline

intheOGVsubmarketnarrowed

TabIe1:MajorGrade-AofficeIeasingtransactions,Q32025

SubmarketBuildingTenant

Area

(sqm)

Type

OGV

BeijingJiayouNetworkTechnologyCo.,Ltd.

Cheng'aoBuilding

15,000

Relocation

OGV

YuandianInteractive

(Beijing)TechnologyCo.,Ltd.

HengyiBuilding

2,700

Relocation

ZGC

BeijingGigaAITechnology

Co.,Ltd.

TsinghuaScienceParkInnovationTower

1,000

Relocation

ZGC

TianfuQingyuan

HoldingCo.,Ltd.

TsinghuaScienceParkInnovationTower

3,000

Relocation

BFS

ChinaExport&CreditInsuranceCorporation

FengmingInt’l

TowerA

6,670

Expansion

Source:KnightFrankResearch

Note:Alltransactionsaresubjecttoconfirmation

significantly,deceleratingfromnearly5%inthepreviousquarterto1.6%thisquarter.Thisshiftprimarilystems

fromincreasedactivityintheOGV

area,particularlysustaineddemandforupgradesasenterprisesrelocatefromGrade-BtoGrade-Aofficebuildings

toenhancetheircorporateimageandmeetfunctionalrequirements.This

trendhaseffectivelystimulatedthe

market,easeddownwardpressure

onrentsinthesubmarket.Similarly,theZGCsubmarketalsosawonlya

marginal0.3%QoQdeclineinrents

duringQ3,1.7percentagepoints

lowerthanthecitywideaverage.Thisdivergencehighlightsthesubmarket’sstrongerresilienceandoperational

flexibility,underpinnedbysustainedexpansiondemandfromtechnologyenterprises.

Outlook

Tenantdemandfor“costreductionandefficiencyenhancement”expectedtocontinue

Lookingahead,rentalratesin

Beijing’scorebusinessdistrictssuchasBFSandtheCBDareexpected

tocontinuedeclining.Lower

occupationalcostswillenhance

theattractivenessoftheseareas

toenterprises,drivingagradual

decreaseinvacancyratesandasteady

recoveryinactualleasingdemand.Netabsorptionisprojectedtomaintain

anupwardtrajectory.Landlordsareexpectedtoenhancecompetitivenessbyimprovingoperationalefficiency,optimisingspaceallocation,and

increasinginvestmentsingreenandsmartfacilities.Tenants,meanwhile,

willprioritise“costreductionand

efficiencyenhancement”intheir

coreleasingstrategies,seizingrental

adjustmentwindowstosecurecost-

effectiveofficeresources.Thistwo-wayinteractionisanticipatedtosustain

marketactivity,promoteagradualsupply-demandequilibrium,and

driverentsandvacancyratestowardstability.Regardingnewsupply,oneprojectisexpectedtobecompletedinthefourthquarterof2025:theYufuBusinessCentreinHaidianDistrict,offeringapproximately53,000sqm

ofofficespace.Overallnewsupply

in2025willbelimited,while2026isprojectedtoseeasupplypeakwith

approximately757,000sqmofnew

projectsenteringthemarket.Thesephasedfluctuationsinsupplyvolume

areexpectedtosignificantlyimpact

marketdynamics,particularlyduringtheconcentratednewsupplyinfluxin2026,whenvacancyratesincertain

submarketsmayfaceupwardpressure.

BeijingGrade-AofficemarketdashboardQ32025

BeijingGrade-Aofficeinventory,rentsandvacancyratesofmajorbusinessdistricts

Lize（Emerging）

Inventory:1,200

Rents:142.6

VR:22.2%

OGV●

Inventory:1,240

Rents:221.2

VR:22.9%

ZGC

Inventory:1,160

Rents:257.4

VR:11.1%

BFS

Inventory:1,010

Rents:370.2

VR:11.6%

Grade-Aoffice

TotalInventoryapprox.

12.599

millionsqm

Wangjing-Jiuxianqiao●

Inventory:1,110

Rents:159.1

VR:18.6%

Lufthansa.

Inventory:1,100

Rents:198.4

VR:18.7%

East2ndRingRDandEastChang'anAvenue

Inventory:1,130

Rents:217.5

VR:23.0%

CBD●

Inventory:3,470

Rents:250.4

VR:14.4%

Yizhuang(Emerging)●

Inventory:420

Rents:82.6

VR:34.2%

Source:KnightFrankResearch

Note:unitformarketinventory–1,000sqm;rentsusingaverageeffectiverentatRMB/sqm/month;VRreferstoaveragevacancyrate.

GiventhatsinceQ12025,KnightFrankhasimplementedannualadjustmentstotheofficesupplydatabase,thestockdatapresentedinthisquarter’sreportisnotdirectlycomparabletothoseinpreviousreports.

TheTongzhouareaisnotincludedinthecurrentofficestockreportedbyKnightFrank.

Welikequestions,ifyou’vegotoneaboutourresearch,orwouldlikesomepropertyadvice,wewouldlovetohearfromyou.

Research&ConsultancyBeijingOffice

Strategy&Solutions

ReginaYang

Director,HeadofResearch&Consultancy,Shanghai&Beijing

+8613918723123

regina.yang@

JasmineWu

Manager,Research&Consultancy,Beijing

+8613911599150

jasmine.wu@

MartinWong

SeniorDirector,

HeadofResearch&Consultancy,GreaterChina

+85228467184

martin.wong@

VirginiaHuang

ManagingDirector,

NorthandEastChina+8613701039900

virginia.huang@

CharlesYan

GeneralManager,

OfficeStrategy&Solutions,Beijing+8613911111607

charles.yan@

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