“The continued improvement in leasing demand has supported Beijing's office market. However, a large volume of new supply in H2/2026 will present new challenges for landlords.” –– Vincent Li, Savills Research.



Office Market Recovery Continues

• Beijing's Grade A office market welcomed one new project in Q2/2026, adding approximately 51,000 sqm of office space. Total stock reached 15.02 million sqm, including owner-occupied space.

• Leasing activity continued to improve, with net absorption reaching approximately 104,000 sqm, up 72.6% in Q2/2026 and 26.3% YoY.

• The vacancy rate fell 0.4 ppts in Q2/2026 to 17.7%, down 1.9 ppts YoY, supported by continued leasing activity.

• Grade A office rents fell 3.5% in Q2/2026 to an average of RMB205.0 psm pmth, down 10.2% YoY.

• A substantial volume of new supply is scheduled for completion in H2/2026, marking a new phase of supply-demand rebalancing as additional supply enters the market.