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最新1季度北京写字楼市场报告高力PDF

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Beijing Offce Property Market 北京写字楼物业市场 cOlliers internatiOnal|Beijing www.colliers/china Rental decline and upward vacancy rate became a dominant issue in the Beijing offce market in 1Q09. Following the infux of new supply in major offce submarkets, the trends are likely to extend through . PrOPerty tyPe|First Quarter| ecOnOMic indicatOrs经济指标 growthtrends china gdP * Beijing gdP * Fai * utilised Fdi * Beijing cPi ** Bank rate * tertiary industry * 9.0% 9.0% -2.98% 20.10% -1.1% 5.4% 11.70% Market PerFOrMance市场表现 rents Vacancy OFFice PrOPerty|First Quarter| ★ OutlOOk展望 supply Vacancy rents capital Values Overall grade a grade B cBd east chang an avenue east 2nd ring Finance street lufthansa Zhongguancun agV Others suPPly 供应 In 1Q09, whilst there was no new supply in the Grade A offce market, the Fifth Square was upgraded from Grade B to Grade A. Meanwhile, six new projects in the Grade B sector were completed, adding a total GFA of 204,246 sqm to the total stock. Notably, only three of these developments, including Oriental Media Center Block C&D in the CBD area and Yonggui Center and Hongdu Shangwu Center in the Others, with a total GFA of 114,138 sqm were available for lease. 第一季度,北京甲级写字楼市场没有新项 目入市,第五广场从乙级调整为甲级写字楼。在乙 级写字楼市场,共有6个项目竣工,总建筑面积达 到204,246平方米。其中3个项目只租不售,包括 CBD区域的东方梅地亚C、D座,其他区域的雍贵 中心和红都商务中心,共为市场新增114,138平方 米的写字楼租赁面积 The local government became more proactive in an effort to stabilise the offce property market through creating new incentive policies to boost occupational demand, as was the case of the NDRC at Chaoyang District level. However, the volume of leasing transactions continued to decline and many offce landlords started to offer more concessions in rentals and leasing terms to maintain and attract tenants under the ongoing global economic meltdown and its impact on the occupational demand for offce space. The overall vacancy rate of the Beijing offce market continued to edge up whilst the rental levels were shaping downward. The en bloc sales market of the Beijing Grade A offce property sector remained quiet in this quarter, with many international institutional investors and domestic market stakeholders continuing to be active in sourcing opportunities with a wider spectrum of investment profles. 地方政府已经就稳定北京写字楼物业市场运作采取 更加积极的态度,并通过新优惠政策之举措催生写 字楼面积需求,朝阳区发改委新近出台的政策即可 见一斑。但是,租赁交易案例继续减少,使许多业 主在租金和租赁条件上不得不作出更多让步,以期 在全球性经济持续下滑并对本地写字楼需求造成冲 击的背景下维持现有租户和吸引新租户。北京写字 楼市场的整体空置率继续攀升,租金水平则进一 步下降。季内,北京甲级写字楼投资市场仍相对平 静,许多国际机构投资者和国内同行欲加速投资步 伐,继续寻求投资机会 Market OVerVieW 市场概览 New completions pushed the total stock of the Beijing offce market to expand by 1.71% q-o-q or 14.04% y-o-y to 10,768,407 sqm. 由于上述新竣工项目的注入,北京市写字楼市场总 存量扩大至10,768,407平方米,环比增长1.71%, 同比增长14.04% * ** *** source: Beijing statistics Bureau, PBOc, Mastercard Worldwide data as of end-08 data as of end-Feb09 actural rate *** cOlliers internatiOnal2 The Knowledge Report |First Quarter||BeijingOffce Property In this quarter, the global fnancial crisis resulted in a sharp decrease in demand for high quality offce space. The net absorption of the overall Beijing offce market in 1Q09 crashed by 87.8% q-o-q to 28,229 sqm, of which the Grade A and Grade B offce sectors accounted for 27,595 sqm and 634 sqm, respectively. Facing the pressure of cutting corporate operation costs, many tenants began to seek for opportunities to reconstruct leasing expenditures, generating a signifcant increase of site inspections during the quarter. However, the number of leasing transaction was limited with some major large transactions taking place in those low rental offce properties in non-traditional offce submarkets. For example, Datang Telecom Technology leased 5,000 sqm in the America Business Center. Most offce submarkets registered negative net absorption except for Finance Street, in which area many new fnancial institutions continued to expand and set up their offces, such as Bank of New York and BGC Partners. 本季内,高档写字楼的需求在全球金融危机下锐减。第一季度北 京写字楼总体市场的净吸纳量跌至28,229平方米,按季下跌高达87.8% 其中,甲级写字楼和乙级写字楼的净吸纳量分别为27,595平方米和634 平方米。面对公司削减运营成本的压力,许多租户开始寻求机会重置其 租赁成本,季内看房客户显著增多。然而,实际成交案例极为有限,主 要大单限于非传统主要写字楼区域内租金水平较低的写字楼。例如,大 唐电信在北美商务中心租赁了5,000平方米的面积。除金融街子市场外, 主要写字楼子市场季内均录得负净吸纳量。金融街子市场主要受益于许 多新的金融机构继续在此区域扩张设立办公地点,如纽约银行和BGC Partners deMand需求 While most MNC tenants compressed their offce operation budgets, the pressure of getting suffcient tenants on landlords’ shoulders became larger, resulting in an apparent decrease in asking rents across the board with some cases down by as much as 20%. Also, more concessions in rentals and leasing terms were introduced to maintain and attract tenants under the ongoing global economic meltdown and its impact on the occupational demand for offce space. As a consequence, the overall average net effective rent of Beijing offce market (including Grade A and Grade B) continued to fall by 4.79% q-o-q. As the pace of dwindling demand size and new completions continued in the CBD, the rental level of the submarket was knocked down by 4.30% q-o-q, lower than Finance Street, East Chang An Avenue and East 2nd Ring. The Lufthansa area recorded its largest rental plummet in the past fve years with a 6.58% q-o-q decline in 1Q09. Although the clientele of the Finance Street submarket differentiated from other precincts, the resized demand also resulted in a rental decrease of 3.26% q-o-q. 由于许多跨国公司压缩其办公运营预算,业主吸引租户的压力增大,因 此普遍降低租金报价,部分降幅高达20%。众多业主已开始在租金和租约 中作出让步,以期在全球性经济持续下滑并对对本地写字楼需求造成冲 击的背景下维持现有租户和吸引新租户。北京写字楼市场(包括甲级和 乙级)总体平均净租金继续下降,环比下跌4.79%。受需求减小和大量新 增供应的共同影响,CBD区域租金环比下降4.3%,目前低于金融街、东 长安街和东二环区域三个区域的租金水平。燕莎区域租金在第一 季度出现近五年来的最大环比下跌,达到6.58%。尽管金融街子市场的租 户类别不同于其他区域,需求的变化也使其租金环比下降3.26% rents租金 Figure 1Overall Supply & Demand of the Beijing Offce Market 图1北京写字楼市场总体供给和需求 Figure 2New Supply & Net Absorption of the Beijing Offce Market 图2北京写字楼市场新增供应量和净吸纳量 Source: Research & Advisory, Colliers International Beijing 数据来源:北京高力国际研究与咨询部 Source: Research & Advisory, Colliers International Beijing 数据来源:北京高力国际研究与咨询部 Of this, the stock of the Grade A sector and Grade B sector were 4,215,930 sqm and 6,552,476 sqm, accounting for 39.15% and 60.85%, up 11.49% and 15.74% y-o-y, respectively. The overall vacancy rate of the Beijing offce market increased by 1.11 percentage points q-o-q to 19.11% in 1Q09. The CBD and the East 2nd Ring areas recorded 1.60 and 1.91 percentage point increments in vacancy rate, spiking at 25.81% and 16.42% in 1Q09, respectively. 其中,甲级写字楼市场存量为4,215,930平方米,同比增长11.49%