“In Q3/2025, leasing demand in the Beijing Grade A office market continued to bounce back. The absence of new projects and increasing demand dragged down the overall vacancy rate and narrowed the decline in rents. The market is still in the destocking period, however, supply in the coming years will undoubtedly put more pressure on the market. As a result, landlords need to optimise their leasing strategies, while tenants can also select optimal locations underpinned by the current opportunities. ”

VINCENT LI, SAVILLS RESEARCH



Market recovery in progress

• ­­­In Q3/2025, no new Grade A office project was launched into the Beijing office market, maintaining the citywide Grade A office stock at 14.97 million sqm (including self-use areas).

• ­­­The leasing demand in the Beijing office market continued to pick up from the previous quarter, with a quarterly net absorption of 89,000 sqm, up 8.1% quarter-on-quarter (QoQ).

­• ­­­The increasing absorption has cut Beijing Grade A office vacancy rate by 0.6 percentage points (ppts) QoQ and 1.1 ppts year-on-year (YoY) to 19.0%.

­• ­­­Grade A office rents have declined by 2.1% QoQ to an average of RMB 223.7 psm pmth, down 14.9% YoY.

• ­­­Beijing Grade A office market remains in destocking period in the short term, but new supply in the next three years will inevitably weigh on the vacancy rate and push landlords to upgrade future plan. While landlords need to refine their leasing strategy, tenants may settle down with the current optimal situations.