Asia Pacific Office Outlook 2024

BEIJING

RENT GROWTH

R E N T ( R M B / S QM / MO ) A N D R E N T G R OWT H ( % P E R A N N U M )

FORECAST

350

1.0%

0.0%

340

-1.0%

330

 In the short-term, the office leasing market will continue to be tenant-favorable, with the vacancy rate exerting pressure on landlords and the average rental level expected to further decline.  Beijing's economy has already demonstrated a the coming two years, the limited new supply volume, further improvement in the economy, and further leasing strategy adjustments from landlords will help stabilize the rental level. recovery and improvement in 1H 2023. We expect that in

-2.0%

320

-3.0%

310

-4.0%

300

-5.0%

290

-6.0%

280

-7.0%

270

-8.0%

260

-9.0%

2021

2022

2023F 2024F 2025F 2026F 2027F

Rent (RMB/SQM/MO)

Rent growth (%)

Source: Cushman & Wakefield