Beijing’s commercial real estate market makes a warm start in 1Q23 with policy pivots and revitalizing market demand

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Office	1Q23
Vacancy	10.4%
New Supply	65,010 sqm
Rental Growth	-0.9% q-o-q

Office	1Q23
Vacancy	7.1%
New Supply*	216,000 sqm
Rental Growth	-0.4% q-o-q

Industrial	1Q23
Vacancy	6.3%
New Supply	104,366 sqm
Rental Growth	1.3% q-o-q

Luxury Apartments	1Q23
New Supply	2,048 units
Capital Values Growth	0.2% q-o-q
Rental Growth	0.3% q-o-q