ASIA PACIFIC OUTLOOK 2025

BEIJING

RENT GROWTH

In 2025, tenant cost reductions and improving business efficiencies, together with landlords' rent reductions to spur occupancy, will continue to be the main strategic themes for tenants and landlords. As a result, the overall average market rental level will continue to trend down next year. However, with a gradual recovery of the economy and overall market activity in 2025, we expect that office rents will stabilize or enter a turning point in the middle of 2026.

350

0.0% 2.0% 4.0%

FORECAST

300

250

-14.0% -12.0% -10.0% -8.0% -6.0% -4.0% -2.0%

200

150

100

50

0

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

RMB/SQM/MO

Rent growth (%)

RENT (RMB/SQM/MO) AND RENT GROWTH (% PER ANNUM)

Cushman & Wakefield

ASIA PACIFIC OUTLOOK 2025

Source: Cushman & Wakefield