Beijing office market saw the sustained leasing demand in 2026, however, high vacancy rates and continued rental declines continue to weigh on market rebalancing, intensifying competition among existing projects for tenants.” Vincent Li, RESEARCH

Market Rebalancing Under Pressure

•Beijing’s Grade A office market welcomed three new projects in Q3/2026, adding approximately 382,000 sqm of office space. Total stock reached 15.41 million sqm, including owner-occupied space.

•Leasing activity continued to gain momentum, with net absorption reaching approximately 317,600 sqm. Cumulated net absorption reached 481,300 sqm in the first nine months of the year, surpassing the full-year absorption recorded in 2025.

•Benefiting from strong leasing momentum and robust net absorption, the vacancy rate remained stable at 17.7% in Q3/2026, down 1.3 percentage points (ppts) year-on-year (YoY).

•Grade A office rent declined further, down 2.3% quarter-on-quarter (QoQ) to an average of RMB200.2 psm pmth, down 10.5% YoY.

•In Q4/2026, another influx of new supply will enter Beijing’s Grade A office market, adding more options for the potential tenants and inevitably intensifying competition among existing projects.