HIGHLIGHTS In the second quarter () of 2017, the vacancy rate in Beijing s Grade-A office market dipped by 0.2 percentage point quarter on quarter (Q-

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1 RESEARCH 研究报告 BEIJING OFFICE MARKET REPORT 2017 北京写字楼市场报告 2017年第二季度

2 HIGHLIGHTS In the second quarter () of 2017, the vacancy rate in Beijing s Grade-A office market dipped by 0.2 percentage point quarter on quarter (Q-o-Q), while the average rent edged up by 0.3% Q-o-Q. In the quarter, domestic enterprises from the finance, Internet and high-tech sectors remained the main drivers for leasing demand. In the quarter, the average sales price of Grade-A office properties decreased by 1.4% Q-o-Q. Two major en-bloc office investment transactions were concluded in. In 2017, driven by the new supply in prime submarkets, the vacancy rate in Beijing s Grade-A office rose by 0.2 percentage point Q-o-Q to 7.1%. Attributable to the high quality of the new supply, the overall rent increased by 0.3% Q-o-Q, averaging RMB371 per sqm per month (see Table 1). Two Grade-A office buildings, namely CWTC Phase III B (62,000 sqm) in the CBD and CSCEC Fortune International Center (54,000 sqm) in Asian-Olympic Area, were launched in and provided 116,000 sqm of new office space (see Table 1). In, the average sales price of Grade-A offices dropped by 1.4% Q-o-Q to RMB52,303 per sqm (see Table 1). Rentals remained high in quality projects with high occupancy rates in prime locations. On the contrary, existing projects with lower quality had to offer more rental incentives or discounts to retain tenants. Ample Grade-A office supply in the second half of 2017 is expected to lift the average vacancy rate in the short term. Heng Yi Plaza in Asian-Olympic Area is expected to be launched in, bringing 77,400 sqm of prime office space to the market. TABLE 1 Beijing Grade-A office monitor Indicator 2017 figure Q-o-Q change Outlook ( 2017) New supply 116,000 sqm 14.6% Rent RMB371 / sqm / month 0.3% Vacancy rate 7.1% 0.2 percentage point Capital value RMB52,303 / sqm 1.4% 2

3 BEIJING OFFICE MARKET REPORT 2017 RESEARCH RENTS FIGURE 1 Beijing Grade-A office rental index In 2017, domestic corporations remained anchor tenants in the leasing market, with companies from the finance, Internet and high-tech sectors involved in the majority of new lease, renewal and relocation deals. Meanwhile, demand from traditional industries, such as professional services, law and media, remained steady. In the quarter, the CBD submarket welcomed a new office project with a decent pre-leasing rate, where the vacancy rate rose by 0.8 percentage point Q-o-Q to 5.4%. Rents in the CBD averaged RMB396 per sqm per month, a drop of 1.0% Q-o-Q (see Table 2). Due to the sustained supply, Asian- Olympic Area also experienced an increase in the vacancy rate in, with a 0.8 percentage point increment to 15.8%. However, the high quality of newly launched buildings pushed up rents there by 3.0% Q-o-Q to RMB345 per sqm per month (see Table 2). In the Wangjing submarket, the continued absorption of inventories notably dragged down the vacancy rate by 2.5 percentage points Q-o-Q to 14.5% in the quarter. Meanwhile, the average rent in Wangjing experienced a steady growth of 1.9% Q-o-Q to RMB271 per sqm per month (see Table 2). The traditional submarkets of Lufthansa and East Second Ring Road witnessed decreases in rents and vacancies. Rents in Financial Street remained the highest among submarkets, reaching RMB548 per sqm per month (see Table 2). In light of an influx of supply in the second half of 2017, the city-wide vacancy rate is anticipated to increase mildly, while rents are estimated to continue with the corrections amid intensified competition among landlords = TABLE 2 Beijing Grade-A office market indicators, 2017 Submarket Rent (RMB/sqm/ month) Rent % change (Q-o-Q) TABLE 3 Beijing major Grade-A office leasing transactions, 2017 District Building Area (sqm) Vacancy Rate Rent (RMB/sqm/month) CBD CWTC Phase III B Financial Street Winland International Financial Center 1, Wangjing Radiance 2, Asian-Olympic Area Pangu Plaza 1, Vacancy rate percentage point change (Q-o-Q) CBD % 0.8 Lufthansa % 0.8 Financial Street % - East Second Ring Road % 0.2 Zhongguancun % 0.1 Asian-Olympic Area % 0.8 Wangjing % 2.5 Note: All transactions are subject to confirmation 3

4 SUPPLY AND DEMAND In 2017, two Grade-A office projects were launched, including CWTC Phase III B (62,000 sqm) in the CBD and CSCEC Fortune International Center (54,000 sqm) in Asian-Olympic Area (see Figure 2). Heng Yi Plaza (77,400 sqm) in Asian- Olympic Area is scheduled for completion in FIGURE 2 Beijing Grade-A office supply, take-up and vacancy rate '000 sq m Supply (LHS) Take-up (LHS) Vacancy Rate (RHS) 1,500 1, % 20% 15% % 300 5% F 0% SALES AND INVESTMENT In 2017, The average sales price of Grade-A office properties slightly dropped by 1.4% Q-o-Q to RMB52,303 per sqm (See Figure 3). Two office towers in BDA International Business Park were acquired by two undisclosed institutional buyers for a total consideration of RMB141 million in. The office sales market was relatively stagnant as a consequence of the government s tightening regulations in the quarter. The market is expected to witness further declines in the transaction volume and average price. FIGURE 3 Beijing Grade-A office price index 2003 = TABLE 4 Beijing major Grade-A office sales transactions, 2017 Submarket Building No. of units Area (sqm) Price (RMB/ sqm) Xicheng Financial Street Center 4 2, ,000 Chaoyang China CBD Tada 4 2,864 60,000 Daxing BDA International Business Park En-bloc 9,400 15,000 Note: All transactions are subject to confirmation 4

5 北京写字楼市场报告 2017 年第二季度研究报告焦点 2017 年第二季度, 北京市甲级写字楼平均空置率环比上升 0.2 个百分点, 同时全市写字楼平均租金环比上升 0.3% 该季度, 来自金融互联网高科技等领域的内资企业成为写字楼市场租赁需求的主力该季度, 甲级写字楼平均成交价格环比下降 1.4%, 同时写字楼投资市场完成两宗整售交易 2017 年第二季度, 大量新增供应于核心区域市场投入使用, 拉动北京市甲级写字楼平均空置率环比上升 0.2 个百分点至 7.1%; 受新项目高品质高租金定位的影响, 全市甲级写字楼平均租金环比上升 0.3% 至每月每平方米人民币 371 元 ( 见表一 ) 该季度共有两个写字楼项目入市, 分别是中央商务区的国贸三期 B 座 (62,000 平方米 ) 以及亚奥区域的中建财富国际中心 (54,000 平方米 ), 合计带来 116,000 平方米的优质办公面积 ( 见表一 ) 二季度, 甲级写字楼平均成交价格环比下降 1.4% 至每平方米人民币 52,303 元 ( 见表一 ) 部分写字楼由于拥有良好品质较高的出租率以及区位优势, 在该季度仍能维持较高的租金水平但一些建成时间较长的项目受制于自身品质, 需向租户提供更为优越的租金优惠及折扣, 以期降低租户的周转情况预计 2017 年下半年, 北京甲级写字楼将继续迎来大量新增供应, 从而带动市场的平均空置率在短时期稳步上升预计三季度, 位于亚奥区域的恒毅大厦将完工, 为市场带来 77,400 平方米的写字楼面积表一北京甲级写字楼市场观察指标指标 2017 第二季度数字按季变幅预测 (2017 第三季度 ) 新增供应 116,000 平方米 14.6% 租金每月每平方米人民币 371 元 0.3% 空置率 7.1% 0.2 个百分点价格每平方米人民币 52,303 元 1.4% 5

6 租金图一北京甲级写字楼租金指数 2017 年第二季度, 内资企业仍然是新租续租及搬迁成交的主力, 尤其是来自金融互联网高科技等领域的企业 ; 而传统行业如专业服务传媒及法律类公司的租赁需求则保持稳定该季度, 中央商务区迎来一座新写字楼入市, 由于项目预租情况良好, 使得该区域的空置率温和上升 0.8 个百分点至 5.4% 租金方面, 该区域平均租金环比下降 1.0% 至每月每平方米人民币 396 元 ( 见表二 ) 由于供应持续交付, 亚奥区域的空置率在二季度上升 0.8 个百分点至 15.8% 然而, 在新项目品质较好的带动下, 该区域的租金水平环比上升 3.0% 至每月每平方米人民币 345 元 ( 见表二 ) 望京区域在该季度继续吸纳存余空置面积, 使得空置率下降 2.5 个百分点至 14.5% 同时, 该区域的平均租金增速保持相对稳定, 环比上升 1.9 个百分点至每月每平方米人民币 271 元 ( 见表二 ) 作为传统区域市场, 燕莎东二环的租金及空置率均出现不同程度下滑而金融街区域的平均租金在该季度继续位列全市最高水平, 环比上升至每月每平方米人民币 548 元 ( 见表二 ) 考虑到 2017 年下半年市场仍有一系列供应交付, 预计全市空置率仍将温和上升 ; 同时供应的增多也将导致各项目业主之间的竞争更加激烈, 预料租金将向下调整 2003 = 表三北京甲级写字楼主要租赁成交,2017 年第二季度区域中央商务区项目面积 ( 平方米 ) 租金 ( 人民币 / 平方米 / 月 ) 国贸三期 B 座金融街英蓝国际金融中心 1, 望京金辉大厦 2, 亚奥盘古大观 1, 表二北京甲级写字楼主要市场指标,2017 年第二季度区域租金 ( 人民币 / 平方米 / 月 ) 租金环比变幅 (%) 空置率空置率环比变幅 ( 百分点 ) 中央商务区 % 0.8 燕莎 % 0.8 金融街 % - 东二环 % 0.2 中关村 % 0.1 亚奥 % 0.8 望京 % 2.5 注 : 所有成交均有待落实 6

7 北京写字楼市场报告 2017 年第二季度研究报告供应与需求图二北京甲级写字楼供应量吸纳量及空置率 2017 年第二季度, 市场迎来两处新增 '000 平方米 1,500 供应量 ( 左轴 ) 净吸纳 ( 左轴 ) 空置率 ( 右轴 ) 25% 供应 : 位于中央商务区的国贸三期 B 座 (62,000 平方米 ) 以及亚奥区域的中建 1,200 20% 财富国际中心 (54,000 平方米 ), 共为写字楼市场带来 116,000 平方米的甲级 % 办公面积 % 预计在三季度, 市场将继续迎来新写字楼项目, 位于亚奥区域的恒毅大厦 300 5% (77,400 平方米 ) 将完工并投入使用 F 0% 销售与投资 2017 年第二季度, 甲级写字楼平均成交价格环比下降 1.4% 至每平方米人民币 52,303 元 ( 见图三 ) 二季度, 写字楼投资市场录得两宗整售交易 : 北京经开国际企业大道以人民币 1.41 亿元的总价将两栋写字楼分别售予两个未披露企业受政府的调控政策影响, 北京写字楼散售市场交易活动在该季度较为低迷预计未来一段时间, 北京写字楼销售的成交数量将继续下滑, 成交价格受投资活动放缓的影响将小幅下降图三北京甲级写字楼价格指数 2003 = 表四北京甲级写字楼主要销售成交,2017 年第二季度区域项目单元数面积 ( 平方米 ) 成交价格 ( 人民币 / 平方米 ) 西城金融街月坛中心 4 2, ,000 朝阳泰达时代中心 4 2,864 60,000 大兴国际企业大道整栋 9,400 15,000 注 : 所有成交均有待落实 7

GLOBAL BRIEFING For the latest news, views and analysis on the world of prime property, visit KnightFrankblog.

office space in the primary market 写字楼在一手物业市场的成交单价 Include major Grade-A and premium Grade-A office buildings in Beijing, excluding owner-occupied and strata-titled buildings.

as financial and corporate institutions. All recognise the need for the provision of expert independent advice, customised to their specific needs.

Greater China 董事及大中华区研究及咨询部主管 +852 2846 9552 david.ji@hk.knightfrank.com Regina Yang 杨悦晨 Director, Head of Research & Consultancy, Shanghai 董事及上海研究及咨询部主管 +86 21 6032 1728 regina.yang@cn.knightfrank.com Vincent Li 李想 Assistant Manager, Research & Consultancy, Beijing 北京研究及咨询部助理经理 +86 10 6113 8017 vincentx.

8 GLOBAL BRIEFING For the latest news, views and analysis on the world of prime property, visit KnightFrankblog.com/global-briefing RESEARCH & CONSULTANCY 研究及咨询部 DEFINITIONS 定义 Rent: 租金 : Price: 价格 : Property basket: 物业篮子 : Exclude management fee and other outgoings 不包含物业管理费用及其他支出 The transaction price of office space in the primary market 写字楼在一手物业市场的成交单价 Include major Grade-A and premium Grade-A office buildings in Beijing, excluding owner-occupied and strata-titled buildings. 涵盖北京主要甲级和超甲级写字楼, 不包括业主自用及散售写字楼 Knight Frank Research provides strategic advice, consultancy services and forecasting to a wide range of clients worldwide, including developers and investors, as well as financial and corporate institutions. All recognise the need for the provision of expert independent advice, customised to their specific needs. 莱坊研究团队向众多商业和住宅物业客户, 包括发展商投资者金融机构和企业机构提供策略性建议市场预测和顾问服务客户均认为我们按其特定需要提供的专业和独立意见能切合他们的需要 RECENT MARKET-LEADING RESEARCH PUBLICATIONS 近期市场研究报告 David Ji 纪言迅 Director, Head of Research & Consultancy, Greater China 董事及大中华区研究及咨询部主管 david.ji@hk.knightfrank.com Regina Yang 杨悦晨 Director, Head of Research & Consultancy, Shanghai 董事及上海研究及咨询部主管 regina.yang@cn.knightfrank.com Vincent Li 李想 Assistant Manager, Research & Consultancy, Beijing 北京研究及咨询部助理经理 vincentx.li@cn.knightfrank.com Ocean Ruan 阮洋 Senior Manager, Research & Valuation, Guangzhou 广州研究及估价部高级经理 ocean.ruan@cn.knightfrank.com Pamela Tsui 崔佩贤 Senior Manager, Research & Consultancy, Greater China 大中华区研究及咨询部高级经理 pamela.tsui@hk.knightfrank.com Global Cities The 2017 Report Chinese Outbound Report 2016 Greater China Quarterly 2017 Beijing Quarterly Report Office 2017 Cliff So 苏锐强 Executive Director, Agency & Professional Advisory Services, REPro Knight Frank, Taipei 台北瑞普莱坊物业代理及咨询部副总经理 cliff.so@repro.knightfrank.com BEIJING OFFICE LEASING 北京写字楼租赁 Knight Frank Research Reports are available at 浏览莱坊的全球研究报告, 请登入 KnightFrank.com/Research Follow us on Wechat 关注莱坊微信帐号 Scan the QR code and tune in to the latest property insights and research from Knight Frank. 扫描二维码, 即时了解更多房产资讯及莱坊研究报告 Knight Frank 莱坊 2017 This document and the material contained in it is general information only and is subject to change without notice. All images are for illustration only. No representations or warranties of any nature whatsoever are given, intended or implied. Knight Frank will not be liable for negligence, or for any direct or indirect consequential losses or damages arising from the use of this information. You should satisfy yourself about the completeness or accuracy of any information or materials. This document and the material contained in it is the property of Knight Frank and is given to you on the understanding that such material and the ideas, concepts and proposals expressed in it are the intellectual property of Knight Frank and protected by copyright. It is understood that you may not use this material or any part of it for any reason other than the evaluation of the document unless we have entered into a further agreement for its use. This document is provided to you in confidence on the understanding it is not disclosed to anyone other than to your employees who need to evaluate it. 本文件及其内容只提供一般资料, 可能随时变更而不作另行通知所有图片只供展示用途本文件并不表示意图或暗示任何性质的代表或担保因使用此资料而直接或间接引致的损失或损毁, 莱坊恕不负责客户应自行确保数据或内容的完整和准确性本文件及其内容属莱坊所有, 使用者知悉其中的观点, 概念及建议均属莱坊的知识产权所有, 并受版权保护除了对上述文件作出评估外, 若非已与莱坊达成协议, 任何人不得以任何原因使用这些内容或其部分本文件在保密的情况下提供予使用者, 除参与评估此文件的人员外, 恕不得向任何人透露 Grace Gao 高莹 Senior Manager, Commercial Services, Beijing 北京商业物业代理部高级经理 grace.gao@cn.knightfrank.com Frances Wang 王艳平 Senior Manager, Commercial Services, Beijing 北京商业物业代理部高级经理 frances.wang@cn.knightfrank.com

2014 年前言房地产投资信托基金 (Real Estate Investment Trusts,REITs) 在海外早已发展成熟, 而香港政府去年也进一步准备放宽房托限制, 相比之下, 中国已经改革开放

2014 年前言房地产投资信托基金 (Real Estate Investment Trusts,REITs) 在海外早已发展成熟, 而香港政府去年也进一步准备放宽房托限制, 相比之下, 中国已经改革开放研究报告 REITs 中国路 2014 年 2014 年前言房地产投资信托基金 (Real Estate Investment Trusts,REITs) 在海外早已发展成熟, 而香港政府去年也进一步准备放宽房托限制, 相比之下, 中国已经改革开放三十年, 对房托发展至今还未