Domestic finance and IT office leasing activity drives largest quarterly net absorption figure since 2018
According to JLL Beijing’s 3Q21 Property Market Review
Beijing, 14 October 2021 – “Office leasing demand makes strides in recovery, sending another positive signal to the market,” said Julien Zhang, Managing Director for JLL North China. “Meanwhile, the long-anticipated opening of Universal Studios Beijing was met with great enthusiasm as visitors flocked to the site in huge swathes.”
In the office market, domestic finance and IT companies remained the most active, driving a notable amount of leasing activity in the quarter. Investors were focused on business parks in the quarter, while the Shimao Gongsan shopping mall in the commercial Gongti Sanlitun area was finally sold in the quarter. In the retail market, home furniture retailers actively expanded at high-end positioned malls, and entertainment tenants planned new locations across the city. Meanwhile, the logistics market continued to be stable. Supported by steady demand, luxury apartment prices recorded modest q-o-q growth.
Grade A Office
|New Supply||210,000 sqm|
|Rental Growth||-0.4% q-o-q|