In 2020, the rent of representative Grade A office buildings in Beijing will drop by 7.9%.

Affected by the epidemic, the Beijing office market will continue to be under pressure in 2020. According to the Beijing Office Market Monitoring Report released by RealData today, in 2020, the net absorption of representative Grade A office buildings in Beijing decreased by 16.0% year-on-year, the rent decreased by 7.9% year-on-year, and the vacancy rate was 18.5%, which was 7.4 percentage points higher than last year.

According to the report, the demand in the office rental market is weak this year. In the first quarter, the leasing activities in the Beijing office market almost stopped, and a large number of leases were taken back. In the second quarter, the trading fever gradually increased. However, compared with previous years, the overall demand for the whole year remained at a low level. The annual net absorption of representative Grade A office buildings is only 6.5438+0.88 million square meters. Although the transaction peaked in the fourth quarter, compared with last year, the net absorption still decreased by 654.38+06.0%.

Among them, the business circle of returning rent is concentrated in Wangjing and CBD, and most of the tenants who return rent are professional service tenants, so their leasing ability is weak. B-class office buildings located in CBD and Zhongguancun also experienced large-scale rent withdrawal in the middle of the year, mostly for offline education tenants.

The newly rented business districts are concentrated in Wangjing, Zhongguancun, Shangdi and Lize Financial Business Districts. In the first half of the year, most enterprises and schools in Beijing implemented the policy of home office and home class, which benefited online office and education companies and stimulated the growth of mobile game and short video entertainment technology companies. Therefore, in 2020, the information technology industry represented by Internet companies will expand rapidly, and the newly added rental areas will mainly be concentrated in Wangjing, Zhongguancun and Shangdi. The head enterprises in traditional finance, professional services and real estate industries still maintain a stable frequency of rent expansion, and most of them move or expand to CBD business district. Lize Financial Business District attracts some office tenants who pay more attention to cost performance with high-quality construction hardware and relatively low rental price. Tenants are mostly traditional finance and information technology. Compared with previous years, the pace of transformation in this business district has obviously accelerated, with a single transaction dominated by a large area, and two whole-rent transactions were recorded in the second half of this year.

From the perspective of the leasing industry structure of Grade A office buildings, traditional finance, information technology and professional services still occupy the top three new leasing areas of Grade A office buildings. 20 18-2020, Beijing's Grade A office market will see an average annual increase of/kloc-0.00 million square meters. It is estimated that in 20021year, the Beijing market will still welcome about 165438+ 10,000 square meters of new Grade A office projects, most of which are concentrated in CBD, Lize Financial Business District and the business district of Tongzhou District Canal Core Area.

The report predicts that a large number of new supply concentrated in the market will intensify market competition, leading to a continuous increase in vacancy rate and continuous pressure on rent levels. According to the monitoring of RealData, at the end of 2020, the average net effective rent of representative Grade A office buildings was 336 yuan per square meter per month (excluding property fees), down 2.6% from the end of the third quarter and 7.9% from the same period last year. The average net effective rent of representative Grade B office buildings is per square meter per month 167 yuan (excluding property fees), which is 2.9% lower than the end of the third quarter and 4.0% lower than the same period last year. The rent of Grade A office buildings has fallen by nearly double that of Grade B office buildings.

Regarding the vacancy rate of office buildings, the report said that the vacancy rate of typical Grade A office buildings in Beijing has been rising continuously since the first quarter of 20 19, and reached a high of 18.5% at the end of the fourth quarter of 2020. In addition to the temporary impact of the epidemic, the continuous increase in the supply of Grade A office buildings is the main reason for its high vacancy rate.

According to the data of Shell Commercial Property Dictionary, there are more than 5,000 office buildings in Beijing, with a total construction area of over 90 million square meters. 20 19 and 2020 * * * About 2 million square meters of Grade A office projects will enter the market. It is estimated that there will still be about 1 1 ten thousand square meters of new supply in 20021year.

Tenant stickiness in the representative B-class office market is relatively low, and the vacancy rate continues to rise in the first quarter of 2020, with a record of 22.2% at the end of the year. In 2020, although some of the original Grade A office tenants affected by the epidemic were accepted, the Grade B office building itself also lost some of its original tenants.

According to the report, from the perspective of future economic trends and supply, the Beijing office market is still not optimistic next year. At present, the market supply is sufficient and the market demand is weak, so it is the primary task of the owners to speed up the decontamination. The industry should accelerate the embrace of digitalization, break down information barriers through technical platforms, and improve the matching efficiency between supply and demand.