HIGHLIGHTS In the first quarter (Q1) of 2018, the vacancy rate in Beijing s Grade-A office market dropped by 0.6 percentage point quarter on quarter (

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1 RESEARCH 研究报告 BEIJING OFFICE MARKET REPORT Q 北京写字楼市场报告 2018年第一季度

2 HIGHLIGHTS In the first quarter (Q1) of 2018, the vacancy rate in Beijing s Grade-A office market dropped by 0.6 percentage point quarter on quarter (Q-o-Q), while the average rent increased by 2.5% Q-o-Q. A number of major Grade-A office leasing transactions were concluded in Q1. In Q1 2018, despite a large amount of new supply, the overall vacancy rate in Beijing s Grade-A office market dropped by 0.6 percentage point Q-o-Q to 5.3% as a result of large take-up in some submarkets The average rent increased to RMB380 per sqm per month, up 2.5% Q-o-Q (see Table 1). United Shanxi Merchants Tower and AZIA Center in Lize as well as AVIC Capital Plaza in Wangjing were completed, bringing about 270,000 sqm of space to the market (see Table 1). There will be excessive supply in Beijing s Grade-A office market, with around one million sqm of space being scheduled for completion over In view of abundant new supply, the CBD and Lize submarkets will witness growing concerns on absorption rates and rental performances. With the mounting pressure being loaded up to the shoulder of landlords of new projects, rent is forecast to hover at the current level (see Table 1). TABLE 1 Beijing Grade-A office monitor Indicator Q figure Q-o-Q change Outlook (Q2 2018) New supply 270,000 sqm 18% Rent RMB380 / sqm / month 2.5% Vacancy rate 5.3% 0.6% 2

3 BEIJING OFFICE MARKET REPORT Q RESEARCH RENTS In Q1 2018, the overall vacancy rate decreased by 0.6 percentage point Q-o-Q to 5.3%, due to strong net absorption of about 280,000 sqm. The average rent grew 2.5% Q-o-Q to RMB380 per sqm per month. Wangjing continued to outperform with a plunge in vacancy rate to 13.1%, due to continued expansion demand from the high-tech and Internet industries. The average rent increased by 2.8% Q-o-Q to RMB306 per sqm per month. (see Table 2). Financial Street remained the most expensive submarket in Q1, where rents increased by 1.2% Q-o-Q to RMB654 per sqm per month. It was followed by the CBD where rents increased to RMB397 per sqm per month (see Table 2). In the East Second Ring Road and Asian-Olympic Area submarkets, rents remained stable at RMB343 and RMB357 per sqm per month respectively, while the average rent in Zhongguancun increased 3.2% to RMB381 per sqm per month (see Table 2). The vacancy rates in all submarkets decreased marginally except for East Second Ring Road which saw a slight increase of 0.9 percentage point to 4.0% (see Table 2). A number of projects with a total gross floor area of around one million sqm are scheduled for completion in 2018, which should trigger a spike in vacancy rate and lead to stable rental performance. FIGURE 1 Beijing Grade-A office rental index 2003 Q1= Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q TABLE 2 Beijing Grade-A office market indicators, Q Submarket Rent (RMB/sqm/ month) Rent % change (Q-o-Q) Vacancy Rate TABLE 3 Beijing major Grade-A office leasing transactions, Q District Building Tenant Area (sqm) Vacancy rate percentage point change (Q-o-Q) CBD % 0.8 Lufthansa % 3.4 Financial Street % 0.7 East Second Ring Road % 0.9 Zhongguancun % 0.3 Asian-Olympic Area % 4.4 Wangjing % 8.6 Transaction Type Wangjing Ronsin Technology Center Black & 4,000 Relocation Veatch Zhongguancun Raycom Infotech Park Tower Google 3,500 Expansion (China) AOA CSC Fortune International Center Tianrun 5,000 New Lease Bank of Financial Street Excel Centre Nanjing 2,000 Renewal Note: All transactions are subject to confirmation 3

4 SUPPLY AND DEMAND United Shanxi Merchants Tower and AZIA Center in Lize as well as AVIC Capital Plaza in Wangjing were completed, adding about 270,000 sqm of space to the market. The total new supply over 2018 is estimated to reach around 1.0 million sqm, half of which will be located in the core business areas of Beijing. Demand should continue to increase on the back of further development of the nancial and IT industries in the capital city. However, considering the signi cant amount of new supply within the year, the average vacancy rate is forecasted to spike and occupiers shall gain more bargaining power in rental negotiation. FIGURE 2 Beijing Grade-A office supply, take-up and vacancy rate '000 sqm 1,500 1, Supply (LHS) Take-up (LHS) Vacancy Rate (RHS) F 30% 25% 20% 15% 10% 5% 0% INVESTMENT FIGURE 3 Beijing Grade-A office price index 2003 Q1 = investment transaction was recorded in Q1: Nanhai Corporation acquired 92.36% of shares of Digital Manor from Sino-i Technology Limited for HKD521 million. Digital Manor is located in Beijing Economic and Technological Development Zone, with a total GFA of about 88,000 sqm Beijing increased by 1.2% Q-o-Q during Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q TABLE 4 Beijing major Grade-A office sales transactions, Q District Building No. of units Area (sqm) Price (RMB/ sqm) Fengtai Beijing Nobel Center 4 2,154 45,233 Note: All transactions are subject to confirmation 4

5 北京写字楼市场报告 2018 年第一季度研究报告焦点 2018 年第一季度, 北京市甲级写字楼平均空置率环比下降 0.6 个百分点, 同时全市写字楼平均租金环比上涨 2.5% 写字楼租赁市场在一季度录得多宗交易 2017 年第一季度, 尽管有大量的新增供应入市, 但是部分区域大量的吸纳使得平均空置率环比下降 0.6 个百分点至 5.3%; 全市甲级写字楼平均租金环比上涨 2.5% 至每月每平方米人民币 380 元 ( 见表一 ) 该季度位于丽泽区域的晋商联合大厦和汇亚大厦以及位于望京区域的中航资本大厦完工入市, 为市场带来约 27 万平方米的甲级写字楼面积 ( 见表一 ) 2018 年北京甲级写字楼将会有大量新增供应, 约一百万平方米面积将要完工鉴于新增供应主要来自于 CBD 及丽泽区域, 该区域短期内将面临市场吸纳及租金压力新增项目使业主压力增大, 预计未来租金将在现有水平上小幅波动 ( 见表一 ) 表一北京甲级写字楼市场观察指标指标 2018 第一季度数字按季变幅预测 (2018 第二季度 ) 新增供应 270,000 平方米 18% 租金每月每平方米人民币 380 元 2.5% 空置率 5.3% 0.6% 5

6 租金 2018 年第一季度, 受益于约 28 万平方米面积的快速去化, 全市整体空置率下降 0.6 个百分点至 5.3% 同时, 全市平均租金环比上升 2.5% 至每月每平米人民币 380 元一季度, 望京区域继续表现抢眼, 受益于高科技及互联网行业持续的扩张需求, 空置率下降 8.6 个百分点至 13.1%, 同时该区域的平均租金环比上升 2.8% 至每月每平方米人民币 306 元 ( 见表二 ) 金融街仍然是全市租金最高的区域, 在第一季度, 该区域平均租金上升 1.2%, 达到每月每平方米人民币 654 元中央商务区紧随其后, 平均租金则环比小幅上涨 1.4% 至每月每平方米人民币 397 元 ( 见表二 ) 东二环及亚奥两区域的平均租金则分别保持在每月每平方米人民币 343 元和 357 元, 同时, 中关村区域的租金则增长 3.2% 至每月每平方米 381 元 ( 见表二 ) 除东二环区域空置率微升 0.9 点至 4% 外, 其他核心区域空置率微降 ( 见表二 ) 2018 年, 北京写字楼市场将有大量项目入市, 总计约一百万平方米预计全市甲级写字楼的空置率将大幅上升, 同时供应的增多也将使市场的租金增速受阻图一北京甲级写字楼租金指数 2003 Q1= 表二北京甲级写字楼主要市场指标,2018 年第一季度区域 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 租金 ( 人民币 / 平方米 / 月 ) 租金环比变幅 (%) 表三北京甲级写字楼主要租赁成交,2018 年第一季度空置率空置率环比变幅 ( 百分点 ) 中央商务区 % 0.8 燕莎 % 3.4 金融街 % 0.7 东二环 % 0.9 中关村 % 0.3 亚奥 % 4.4 望京 % 8.6 区域项目租户面积 ( 平方米 ) 交易类型望京融新科技中心博莱克威奇 4,000 搬迁中关村融科资讯中心谷歌 ( 中国 ) 3,500 扩租亚奥中建财富国际中心天润新能 5,000 新租金融街卓著大厦南京银行 2,000 续租注 : 所有成交均有待落实 6

7 北京写字楼市场报告 2018 年第一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 年第一季度, 位于丽泽区域的晋商联合大厦和汇亚大厦, 以及望京区域的中航资本大厦正式完工, 为市场带来 '000 平方米 sqm 1,500 1,200 供应 ( 左轴 ) 净吸纳 ( 左轴 ) 空置率 ( 右轴 ) Supply (LHS) Take-up (LHS) Vacancy Rate (RHS) 30% 25% 约 27 万平方米的甲级办公楼面积 2018 年预计共有约 1,000,000 平方米新增供应入市, 约有一半的项目位于北京核心商务区 % 15% 10% 金融和互联网行业公司持续的扩张需求令写字楼市场需求保持升势然而, 鉴于今年新增大量供应, 未来平均空置率将有所上升, 租户在租金谈判上将享有更多优惠 F 5% 0% 投资市场北京甲级写字楼买卖市场在该季度保持平稳, 写字楼投资市场完成一宗整售交易 : 南海控股以 5.21 亿元港币从中国数码信息有限公司收购数码庄园 92.36% 的股份数码庄园位于北京经济技术开发区, 总建筑面积达 88,000 平方米 2018 年一季度北京甲级写字楼平均价格环比微涨 1.2 个百分点 ( 见图三 ) 图三北京甲级写字楼价格指数 2003 Q1= Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 表四北京甲级写字楼主要销售成交,2018 年第一季度面积区域项目单元数 ( 平方米 ) 成交价格 ( 人民币 / 平方米 ) 丰台北京诺德中心 4 2,154 45,233 注 : 所有成交均有待落实 7

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: 物业范围 : Knight Frank Research provides strategic advice, consultancy services and forecasting to a wide range of clients worldwide, including developers and investors, as well as and corporate institutions. All recognise the need for the provision of expert independent advice, customised to 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 Global Cities 全球城市 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 Beijing Quarterly Report Of ce Q 北京写字楼市场报告 2017 年第四季度 Knight Frank Research Reports are available at 浏览莱坊的全球研究报告, 请登入 KnightFrank.com/Research Shanghai Quarterly Report Of ce Q 上海写字楼市场报告 2017 第四季度 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 North Bund 下一站 : 北外滩 Knight Frank 莱坊 2018 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 nce 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 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 Carlby Xie 谢靖宇 Director and Head of Research and Consultancy, China 董事及中国研究及咨询部主管 carlby.xie@cn.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 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 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 北京办公室 Bernard Ong 王君申 Managing Director, Beijing & Head of Project Management, China 董事总经理, 北京项目管理部主管, 中国 bernard.ong@cn.knightfrank.com Demi Zhu 朱毓敏 Director, Head of Office Services, Beijing 办公楼服务部董事 demi.zhu@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