> **来源：[研报客](https://pc.yanbaoke.cn)** ```markdown # Beijing Grade-A Office Market Report Summary - Q2 2026 ## Core Content Overview This report provides an analysis of Beijing's Grade-A office market in Q2 2026, covering key indicators such as supply and demand, rental trends, vacancy rates, and the investment market. It highlights the regional variations in performance and the impact of industry dynamics on market stability. ## Market Stability and Outlook - **Short-term Stability**: The overall market remained broadly stable in Q2 2026. - **Rent Trends**: The citywide average net effective rent for Grade-A offices was RMB219.2 per sqm per month, down 0.8% QoQ and 8% YoY. - **Vacancy Rates**: The citywide average vacancy rate rose slightly to 15.9%, up 0.1 percentage point QoQ but down 2.5 percentage points YoY. - **Regional Divergence**: Performance varied significantly across submarkets, with some areas showing resilience and others facing downward pressure. ## Supply and Demand Analysis - **Technology Sector Dominance**: The technology sector continued to be the main driver of demand, with several major leasing transactions recorded. - **New Supply**: Qijiayuan Diplomatic Service Building in the CBD submarket was completed, adding 50,000 sqm of GFA. In Q3, three major projects in the CBD and the first stage of Taikoo Place Phase II in Wangjing-Jiuxianqiao are expected to be delivered, increasing supply and intensifying competition. - **Geographic Concentration**: Leasing demand was geographically concentrated, with Zhongguancun leading in transaction activity. - **Tenant Composition**: Domestic companies accounted for over 85% of transactions, while foreign demand remained subdued at less than 15%. ## Rental Trends by Submarket - **Zhongguancun**: Demonstrated strong rental performance with an average rent of RMB251.4 per sqm per month, up 0.3% QoQ. Vacancy rate remained below 10%. - **CBD**: Average rent was RMB231.9 per sqm per month, down 0.6% QoQ. Leasing activity was mainly through renewals and small-scale relocations. - **Financial Street**: Maintained the highest rent in the city at RMB336.7 per sqm per month, down 2.2% QoQ. - **Lufthansa**: Multinational occupiers reduced leased space, leading to a 1.2% QoQ decline in average rent to RMB183.5 per sqm per month. - **East 2nd Ring Road and East Chang'an Avenue**: Experienced the steepest rental declines in the city, with rents falling 2.5% QoQ to RMB201.7 per sqm per month. ## Investment Market Insights - **Domestic Capital Dominance**: The investment market was dominated by domestic capital, with a shift towards industry-oriented buyers. - **Owner-Occupier Demand**: Technology and innovation companies increased their owner-occupier acquisitions, while purely financial investments declined. - **Key Transactions**: - **Zhipu AI**: Acquired Diamond Building in Zhongguancun Software Park (22,700 sqm GFA) for RMB361 million, intended for AI large-model and computing-power R&D. - **Beijing Jinting Real Estate Co., Ltd.**: Purchased core CBD Z10 land parcel at RMB2.993 billion, with plans for a 120,000 sqm commercial and financial use project. - **Investor Preferences**: Investors focused on quality assets aligned with local industry fundamentals and offering long-term development potential. ## Key Observations - The market is expected to remain under downward pressure on rents, with temporary increases in vacancy rates due to concentrated new supply. - Domestic occupiers are the primary force behind leasing activity, while foreign demand remains limited. - Zhongguancun and Financial Street are the most resilient submarkets, while Lufthansa and East 2nd Ring Road face greater challenges. ## Contact Information - **Regina Yang**: Director, Head of Research & Consultancy, Shanghai & Beijing +86 139 1872 3123 regina.yang@cn.knightfrank.com - **Jasmine Wu**: Manager, Research & Consultancy, Beijing +86 139 1159 9150 jasmine.wu@cn.knightfrank.com - **Virginia Huang**: Managing Director, North and East China +86 137 0103 9900 virginia.huang@cn.knightfrank.com - **Charles Yan**: General Manager, Office Strategy & Solutions, Beijing +86 139 1111 1607 charles.yan@cn.knightfrank.com ```