Beijing Figures Q3 2026

Office
Three CBD premium projects were delivered in Q3 2026, ending a 12-month supply drought and pushing up citywide vacancy. Relocation-driven upgrades led demand. ZGC became the first submarket to see rents recover but citywide rents continued to bottom-out.

Retail
No new completions brought vacancy to a four-year low. F&B led new store openings, while refurbishment projects replenished leasable space. Average rents edged down slightly.

Logistics
Pinggu led citywide absorption on the back of aggressive rent cuts, with Beijing net absorption exceeding new supply for the second consecutive quarter. Vacancy in Majuqiao rose sharply as a major tenant relocated away from the district.
 
Business Park
Net absorption hit a quarterly high for the year amid the absence of new stock. TMT accounted for 74% of new leasing, led by AI and semiconductor firms. Rising absorption alongside a rental decline indicates intensifying price competition for volume.

Investment
Deals this quarter were mostly small-ticket but y-t-d volume has already exceeded the full-year 2025 total. Owner-occupiers and distressed-asset buyers dominated activity in Q3 2026. With cap rates flattening, the bottom of the pricing cycle is near.