Asia Pacific Office Outlook 2024

BEIJING

DEMAND & VACANCY

N E T A B S O R P T I O N ( S QM ) A N D VAC A N C Y R AT E ( % )

 We expect that pre-leasing from new entrants and large area transactions will boost net absorption to 250,000 sqm citywide by the end of 2023.  The TMT, finance, and professional services industries will remain the top three sectors in terms of leasing demand in the future.  The government work report presented at the 2023 “Two Sessions” meeting highlighted that the country will vigorously develop the digital economy and support the development of the platform economy. This will promote sustainable and stable development of the high-tech industry, and in turn drive long-term office leasing demand from this sector.

FORECAST

18.0%

900,000

16.0%

800,000

14.0%

700,000

12.0%

600,000

10.0%

500,000

8.0%

400,000

6.0%

300,000

4.0%

200,000

2.0%

100,000

0.0%

0

2021

2022

2023F 2024F 2025F 2026F 2027F Net Absorption Vacancy Rate

Source: Cushman & Wakefield