After the high demand in H1, business park demand continued to be high in H2.
The continued high demand has pushed down vacancy for four consecutive quarters, with Q4 2021 vacancy dropping 7.6pp YOY.
Landlords: We forecast internet companies will adjust the spaces in 2022. We recommend landlords focus on the large internet occupiers to anchor their projects and work proactively with tenants to prevent vacancies from arising.
Tenants: As the wave of new supply continues, we recommend the tenants to focus on the new, high quality projects in the next two years, especially in Shangdi and Beiqing Road.