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Beijing|2022 Q3|Beijing office market recovering

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20221010BJOfficeQ31535en

Beijing|2022 Q3|Beijing office market recovering

Insights & recommendations
Beijing’s Grade A office market saw a significant increase in transaction activity in Q3 2022, with net absorption recovering to -6,460 sqm (-69,535 sq ft), an increase in leased area of more than 76,000 sq m QOQ. The market continued to be affected by the top internet companies consolidating their space, with a continued increase in surrendered space, This is most affecting the northern submarkets. The vacancy rate was unchanged QOQ and decreased slightly by 0.3 ppts YOY. Net effective rents declined 0.5% QOQ to RMB336.8 (USD46.5) per square meter per month, down 1.3% YOY.
Landlords The IT industry is entering a period of transition, which is significantly increasing uncertainty about the future. We recommend landlords pay attention to the office demand of financial companies and proactively prepare for internet companies adjusting their leasing area.
Tenants As more leasable space is released in existing projects, tenants have more choices in themarket. We advise tenants to take their time to choose the space perfectly matching their needs.
 

20221010BJOfficeQ31024en

Beijing|2022 Q3|Beijing office market recovering

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