ASIA PACIFIC OUTLOOK 2025

BEIJING

DEMAND & VACANCY

Buffeted by economic uncertainty, net absorption continued to weaken in 2024. We expect that pre-leasing from new entrants and large area transactions will boost net absorption to 280,000 sq m citywide by the end of 2024. The TMT, finance, and professional services sectors will continue to be the major drivers of leasing demand into the future. In terms of transaction type, renewals will dominate leasing activity in 2025. However, in the longer term, demand for office space in Beijing is expected to pick up gradually as the economy and corporate business efficiencies improve.

100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000

25.0%

FORECAST

20.0%

15.0%

10.0%

5.0%

0 50,000

0.0%

2022 2023 2024F 2025F 2026F 2027F 2028F 2029F

NET ABSORPTION (SQM) AND VACANCY RATE (%)

Net Absorption

Vacancy Rate

Cushman & Wakefield

ASIA PACIFIC OUTLOOK 2025

Source: Cushman & Wakefield