The Beijing office property market continued its strong performance in 2Q11, with high leasing activity, tight supply of available space, and double-digit rental growth. Demand remained solid from multinational and domestic companies seeking new premises. The overall vacancy rate fell to a historic low of less than 5%. Looking ahead, the market is expected to remain resilient in 2H11, though supply from new projects entering the market may ease tight conditions. Rentals are forecast to continue rising due to limited vacancies, while some demand may shift to emerging submarkets with more affordable rents.

1. 2Q 2011 | Office
Beijing
The Knowledge Report
Beijing Office Property Market
★ 北京办公楼物业市场
Market Overview 市场概览
The buoyancy in Beijing’s office property market 2011年第二季度，北京写字楼市场租赁活动继续
continued in 2Q11, underscored by high levels of 保持在高位，可租赁面积进一步减少，租金普遍
leasing activities, further tightening of available 大幅上涨，显示市场继续上升行情。得益于有限
office space and quantum leaps of rentals. Backed 的新增供应和不断涌现的租赁需求，业主在选择
EcOnOMic inDicatOrS 经济指标 by limited new supply and continuously looming
租户和价格谈判中占据绝对主动权，使租金出现
Growth Trends 有记录以来的首次双位数环比涨幅。总体空置率
space requirements, landlords possessed
连续第八个季度下降，跌至5%以下，为历史最
china GDP* 9.7% overwhelming initiatives in selecting tenants
低水平。除现有楼宇外，几个正在建设中的项目
Beijing GDP* 8.6% and price negotiations, resulting in the first-ever
fai** 15.8% 所取得的较高预租率亦凸显出旺盛的市场需求。
q-o-q double-digit rental growth. The overall 尽管写字楼物业投资成交量较前几季度有所下
Utilised fDi* 3.0%
vacancy rate fell for the eighth quarter in a row to 降，但季内资本值依然保持上升趋势。
Beijing cPi** 5.4%
Bank rate*** 7.05%^ less than 5%, a historic low. Aside from existing
tertiary industry* 8.7% buildings, robust demand was also highlighted
* Data as of end-1Q11 by considerable pre-commitment rates in
** Data as of end-May 2011
*** Data as of Jul 2011 several developments under construction. Office
^ 5-year term lending rate
property investment volume declined compared
Source: Beijing Statistics Bureau, PBOC
to previous quarters, while the upward trend of
MarkEt PErfOrMancE 市场表现 capital values remained intact in 2Q11.
Rents Vacancy
Supply 供应
Overall
Grade a With the absence of new completions in the Grade 鉴于甲级写字楼市场无新项目竣工，而乙级写字
Grade B A sector and only one project delivered in the 楼市场仅有一个项目入市，季内新增供应仅为
cBD 17,800平方米。与此同时，位于金融街子市场的
Grade B sector, new supply during the quarter
East chang an avenue 某现有楼宇因改为自用而撤市。综合之下，北京
was limited to approximately 17,800 sqm.
East 2nd ring 写字楼市场总存量在2011年第二季度下调至
financial Street Simultaneously, an existing project in the Financial
1,163万平方米。
Lufthansa Street submarket was withdrawn from the letting
Zhongguancun market for owner-occupancy. Collectively, the total
asian Games Village stock of the Beijing office market downsized to
Others
11.63 million sqm as of end-2Q11.
The market should be expecting a boost in diversity within the
short- to medium-term.
Demand 需求
OUtLOOk 展望
Demand for office space remained solid 写字楼的租赁需求依旧强劲，跨国企业和内资公
Supply
sustained by MNCs’ and domestic enterprises’ 司均在积极寻求面积，来自金融、汽车、电子、
Vacancy
rents active pursuit of premises, with tenants from 航空和农业行业的租户成为主要需求来源。季内
capital Values finance, automobile, electronics, aviation and 大宗成交包括：中国建设银行和大众金融分别在
www.colliers.com

2. The Knowledge Report | 2Q 2011 | OfficE | Beijing
agriculture industries being key generators. Mega-sized leasing 北京财源国际中心租赁26,000和8,000平方米；以及东芝中国在东方广场租
transactions included China Construction Bank and Volkswagen’s 赁4,000平方米。传统写字楼区域的供应短缺和随之上涨的租金促使一些跨
leasing of 26,000 and 8,000 sqm at Beijing IFC, respectively, along with 国企业在望京等新兴区域，或位置较远但交通方便的楼宇中寻找面积，默沙
Toshiba China’s commitment of 4,000 sqm at Oriental Plaza. The 东在恒通商务园租赁7,000平方米和索尼在东北三环某在建项目预租6,600平
shortfall of supply in core areas and subsequent rental hike have pushed 方米为其中两例。旺盛的需求使空置率继续下跌，环比下降2.19个百分点至
some MNCs to explore accommodations in emerging submarkets such 4.90%。净吸纳量达到274,578平方米，CBD与燕莎区域净吸纳量占总额的
as Wangjing or remote projects with relatively convenient transportation, 65%以上。
such as MSD’s leasing of 7,000 sqm in Universal Business Park and
Sony’s pre-commitment of 6,600 sqm in a project under construction in
the northeast Third Ring. Firm demand translated to a continuous dip in
the overall vacancy rate, which fell by 2.19 percentage points q-o-q to
4.90%. Meanwhile, net absorption amounted to 274,578 sqm, with CBD
and Lufthansa submarkets collectively contributing over 65% of the total.
Chart 1: Overall Beijing Office New Supply, Net Absorption and Vacancy Rates Chart 2: Beijing Office Rents by Sector and Submarket
图1： 北京写字楼新增供应、 净吸纳量和空置率 图2： 北京写字楼子市场租金
sqm | 平方米 RMB psm per month | 人民币每月每平方米
300
800,000 20%
250
600,000 15% 200
150
10%
400,000
100
5%
200,000 50
0 0% 0
CBD East Chang East 2nd Ring Financial Lufthansa Zhongguancun AGV Others
4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11
An Av enue 东二环 Street 燕莎 中关村 亚运村 其他
东长安街 金融街
Grade A Office Rents | 甲级写字楼租金 Grade B Office Rents | 乙级写字楼租金
New Supply | 新增供应 Net Absorption | 净吸纳量 Vacancy Rates | 空置率
Overall Average Rent | 总体平均租金
Source: Research, Colliers International Beijing Source: Research, Colliers International Beijing
数据来源：北京高力国际调研部 数据来源：北京高力国际调研部
rents 租金
The convergence of a steady decline in vacancy rate and increasing 空置率持续下降和准租户对优质面积的竞争使业主进一步增加了租金报价，
competition among prospective tenants for quality space have resulted 并最终将净有效租金推升至新高。截至2011年第二季度末，北京写字楼物业
in the further escalation of rental offerings by landlords, which ultimately (含甲级与乙级)整体平均租金环比上涨10.59%，或同比上涨30.27%，至每
pushed the net effective rents to a new high. As of end-2Q11, the overall 月每平方米182.55元。其中CBD，东长安街和亚运村子市场涨幅明显，分
average rent of the Beijing office property market (including Grade A 别环比上涨13.83%,12.96%和13.19%。主要由于私人业主对市场敏感性较
and Grade B) grew by 10.59% q-o-q or 30.27% y-o-y, reaching 低，租户组合背景相对次优，乙级写字楼市场租金涨幅低于甲级市场3.54
RMB182.55 psm per month. Notable increases were registered in the 个百分点，为8.83%。
CBD, East Chang An Avenue and Asia Games Village submarkets, where
rentals grew by 13.83%, 12.96% and 13.19% q-o-q, respectively. Due
largely to the lower market sensitivity of individual landlords and a
relatively low-profile tenant mix, the rental growth of the Grade B sector
lagged behind that of the Grade A sector by 3.54 percentage points,
posting at 8.83% q-o-q.
investment 投资
Relative to previous quarters, which embarked a string of significant 相对于大单频现的前几季度，北京写字楼投资市场在2011年第二季度相对
deals, Beijing’s office investment market was calm in 2Q11, with only one 平静，仅有一例整售交易在望京区域成交。来自台湾的联发科技以4.12亿元
transaction in the Wangjing area. Media Tek from Taiwan purchased a 购买位于中关村电子城国际电子总部一在建写字楼项目。
building under construction in the Beijing Electronic City for a total
consideration of RMB412 million.
www.colliers.com

3. The Knowledge Report | 2Q 2011 | OfficE | Beijing
residential | Beijing
Outlook 展望
Looking ahead, Beijing’s office property market 展望2011年下半年，尽管在政府现行的控制通胀 512 offices in
should continue to be resilient in 2H11, with the
underlying fundamentals unlikely to change. In
压力的措施下，GDP增速预计将有所放缓，但支
撑写字楼市场的基本面将有极大可能保持，加之
61 countries on
addition, sources reveal that both indigenous 有迹象表明本地和跨国企业依旧在为业务扩张而 6 continents
增加雇员，北京写字楼将在下半年继续保持繁
and overseas enterprises continue to enlarge USa 125
荣。在核心区域供应吃紧，净吸纳量可能相应下 canada 38
headcounts for business expansion, albeit with
降的情况下，位于传统市场以外的楼宇将因相对 asia 32
a moderate GDP growth projected forward
较低的租金和充足的面积获得更多潜在租户的青 australia and nZ 182
under the government’s ongoing efforts to curb Latin america 18
睐。总体而言，北京写字楼市场的前景依然乐
inflation. While the core areas fall short of stock EMEa 117
观，而市场在中短期内也将加速分化。
and the net absorption may slow down • Over $1.5 billion in annual revenue
correspondingly, developments situated outside • 2.02 billion square feet under management
traditional submarkets should gain more • 12,500 professionals
attention from prospective tenants, with lower
rents and sufficient space. In a nutshell, the
colliers international Property
outlook for Beijing office market remains Services(Beijing) co., Ltd.
positive and the market divergence is expected
Suite 502, Tower W3, Oriental Plaza,
to expedite within the short- to medium-term. No.1, East Chang An Avenue,
Dong Cheng District, Beijing, 100738, P. R. China
During 2H11, eight projects with a collective GFA 建筑面积超过46万平方米的八个写字楼项目预
of over 460,000 sqm are scheduled to enter the 计将在下半年进入租赁市场。鉴于之前所提及的
leasing market. Instead of loading upward 数个楼宇中较高的预租率，这些新楼宇将不会给 amanda Gao
pressures on the vacancy rate, the new entries 总体空置率带来上升压力，反而应在某种程度上 Managing Director
should ease the disequilibrium between supply 缓解市场供求失衡的现状。业主极度乐观的情绪 North China
Tel: 86 10 85181633
and demand to some extent given the favourable 将使租金继续处于上升轨道，报价与成交价间的 Fax: 86 10 85181638
pre-commitments rates in some buildings. 差距将继续减小。然而，由于租户通常能在续约 amanda.gao@Colliers.com
Meanwhile, the overwhelmingly optimistic 合同中获得低于市场价格的租金，高涨的租金将
carlby Xie
sentiment among most landlords should keep 抑制部分搬迁需求；扩租需求亦将被分散至望 Director
rentals on an upward trajectory and narrow the 京、亦庄和上地等新兴子市场。高力国际预计租 Research, North China
Tel: 86 10 85181590
discrepancy between asking and transacted 金涨幅相对于上半年的急速上涨将有所缓和。
Fax: 86 10 85181638
prices. Nevertheless, hiking rents may subdue carlby.xie@Colliers.com
some relocation plans as tenants can usually get
competitive rents in renewal contracts compared
with the market price, and more expansionary
requirements should be decentralised to This report and other research materials may be found on our
emerging submarkets, including Wangjing, website at www.colliers.com. Questions related to information
herein should be directed to the Research Department at the
Yizhuang and Shangdi. Colliers International number indicated above. This document has been prepared by
Colliers International for advertising and general information
projects that the growth rate should wane only. Colliers International makes no guarantees,
representations or warranties of any kind, expressed or
marginally from the hectic pace in 1H11. implied, regarding the information including, but not limited to,
warranties of content, accuracy and reliability. Any interested
party should undertake their own inquiries as to the accuracy
The backdrop of an extremely vigorous leasing 极度活跃的租赁市场将继续增加投资者对北京写 of the information. Colliers International excludes
unequivocally all inferred or implied terms, conditions and
market should continue to stock investors’ 字楼物业投资市场的乐观情绪，进而增加本地市 warranties arising out of this document and excludes all
liability for loss and damages arising there from. Colliers
optimism about Beijing’s office property 场上的问询和谈判活动。另一方面，考虑到业主 International is a worldwide affiliation of independently owned
investment market, and in turn, increase the 对市场租金普遍上涨的反应，资产价格亦将进一 and operated companies.
enquiry levels and negotiation activities in the 步上涨。预计资本值的涨幅将超过租金涨幅，在
local market. On the other hand, the asset price 利率维持稳定的假设前提下，投资收益率将继续
is expected to stage further uplift in light of 下降。
landlords’ response to resilient rental growth
across the board. The yield compression should
continue in anticipation of a faster growth of
capital values against rental, under the Accelerating success.
assumption that interest rate remains flat.
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