Beijing Figures Q4 2025

Office

Full year new supply fell to an 11-year low in 2025. Tech-hub submarkets captured the bulk of absorption in Q4 2025, pulling down the citywide vacancy rate for a fourth consecutive quarter. Landlords cut rents further as competition for tenants intensified.

 

Retail

All new retail supply in 2025 consisted of renovated properties. F&B expansion moderated, while demand from the fashion sector continued to recover. Vacancy declined to Q4 2024 levels. Downward pressure on rents was higher in the secondary market.

 

Logistics

New supply and vacancy rose to historical highs this quarter. Manufacturers remained upbeat, accounting for 32% of new leases. Average rents fell below RMB 40 per sq. m. per month for the first time in nearly a decade.

 

Business Park

Seven new projects were completed in 2025, six for life sciences use. Downward pressure on rents accelerated landlords’ shift toward operational upgrading.

 

Investment

The scarcity of transactions by domestic institutional investors was the key factor underpinning the contraction in full-year investment volume in 2025. Corporate buyers were the primary source of demand.