Beijing Figures Q1 2023

April 12, 2023

Looking for a PDF of this content?


No new office supply was completed in Q1 2023. Emerging submarkets registered steady net absorption but several large surrender cases in mature submarkets ensured overall net absorption was negative for the quarter. Vacancy rose most significantly in ZGC, Wangjing and Olympic. Rents were stable in emerging areas but declined across other submarkets.


New supply included the renovation project DT51 in the Olympic Village submarket. Leasing demand was driven by F&B; high-end retail; children’s education and entertainment; outdoor and sportwear; and the bakery and dessert sectors. Vacancy increased and rents declined as landlords provided higher incentives.


One new project came on stream in Miyun. Steady leasing activity from the automotive and parts, pharmaceuticals, and 3PL pushed down overall vacancy. Rental growth remained stable, led by traditional submarkets. Rents remained under pressure in Tianjin and Langfang where demand was slowly recovering.

Business Park

Two new life sciences parks in Beiqing Road and BDA were delivered at full occupancy. However, a slow recovery in leasing activity along with surrenders and consolidations by internet unicorns pushed up vacancy in existing projects. Landlords continued to lower rents.


Only seven investment deals were completed this quarter, with property funds contributing over half of deal value and insurance firms also active. Self-use buyers continued to target office and business parks in non-core areas. Multifamily investment volume increased over the quarter.