Beijing’s office and retail market see peak supply while overall demand recovery remains slow

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Office	3Q23
Vacancy	11.1%
New Supply	186,918 sqm
Rental Growth	-1.3% q-o-q

Retail	3Q23
Vacancy	6.3%
New Supply	634,292 sqm
Rental Growth	0.9% q-o-q

Industrial	3Q23
Vacancy	9.3%
New Supply*	119,000 sqm
Rental Growth	0.2% q-o-q

Luxury Apartments	3Q23
New Supply	1,625 units
Capital Values Growth	-0.9% q-o-q
Rental Growth	-0.2% q-o-q