Research

Navigating Covid-19: The Beijing Office Market Explained

August 25, 2020

We see the virus as a stimulator in – rather than the cause of – the current market. 

No one and nothing has been left untouched by the virus – Covid-19. Locally, the magnitude of Covid-19 has also been ground-shaking – and this is true even as we narrow the scope to take a closer look at the Beijing office market. Following the height of the pandemic in Beijing, Grade A office rents have dropped by nearly 7.0% y-o-y as of end-June, while the overall vacancy rate has climbed to 14.0% – its highest point in a decade.

This report digs below the surface of demand to gain a better understanding of how it has evolved in the market over the years. It also looks towards the direction in which the future is headed for key stakeholders and participants, as countries race to develop a vaccine that promises to bring us that much closer to a post-virus reality.

Highlights:
  • Evolving demand structure of the Beijing office market identified for the first time, explaining the past and current performance of the market to inform upon the future direction;
  • Complex relationship between Beijing office rents and vacancy revealed for the first time, highlighting four major rent cycles;
  • New window of rare opportunity that has surfaced for buyers in Beijing pointed out;
  • Deep market knowledge with insights from more than 50 key stakeholders and market movers on the ground shares real market sentiment. 

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