Finance and IT office relocations drive demand recovery; 2Q21 marks largest single deal for Beijing investment market in recent years
According to JLL Beijing’s 2Q21 Property Market Review
Beijing, 8 July 2021 – “Office and retail leasing demand recovery further progressed as the first half of the year drew to a close, encouraging a number of market stakeholders to hold a more confident view,” said Julien Zhang, Managing Director for JLL North China. “More than a year after the height of Covid-19 in China, some top landlords even considered raising expectations, targeting growth in the latter half of the year.”
In the office market, domestic companies continued to be active as leasing demand further rebounded, helping to push down the overall vacancy rate. Investors remained active and closed the largest single deal for the Beijing investment market in recent years. Meanwhile, luxury retailers actively opened new stores at high-profile malls as multi-brand stores expanded quickly, introducing multiple locations across the city. Logistics demand remained stable, benefiting from pandemic-related and seasonal demand. Supported by a large amount of supply, luxury apartment sales soared, but price growth held largely flat.
Grade A Office
|New Supply||0 sqm|
|Rental Growth||-1.0% q-o-q|