Beijing Figures Q1 2025

Office

New leasing volume for the quarter exceeded the same period of 2023 and 2024. Expansion increased from the previous quarter, driven by tech companies. Net absorption was driven by tech hubs and emerging submarkets. One new project was completed.

Retail

The quarter witnessed an increase in new openings in prime areas. Landlords were seen prioritising tenant mix adjustments and further lowering their rental expectations.

Logistics

3PLs, e-commerce and manufacturing drove net take-up to positive territory after four consecutive negative quarters. Newer facilities in prime areas offering greater rental flexibility attracted strong leasing demand.

Business Park

Net absorption turned positive in Q1 2025, with over 70% of new leases signed by TMT firms. Industrial clustering in key submarkets strengthened over the quarter. The rental decline accelerated across all submarkets, led by Greater ZGC.

Investment

A total of nine deals totaling RMB 9.29 billion were completed in Beijing in Q1 2025, marking a decline of 4.8% q-o-q and 14.7% y-o-y. Self-use buyers were active, closing eight office-use transactions.