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1、A quarterly overview of Beijing office market北京写字楼物业市场季度概览First quarter 2011 / 2011 年第一季度Market OverviewAfter stronger than expected performance last year, the latter half in particular, Beijings office property market saw a further boom in 1Q11, demonstrating signs of another prosperous market cycl
2、e. The overall vacancy rate expe-rienced a dramatic decline of 9.61 percentage points y-o-y, underpinned by demand from both indigenous and overseas enterprises with genuine business opportunity and consequent headcount increment in the capital. On the other hand, sustained landlord-favourable marke
3、t conditions combined with the increasing number of tenants with adequate budget pushed rentals to the highest ever level as of end-1Q11. The office property investment market remained active while capital values witnessed significant y-o-y growth of more than 20% during the quarter. 市场概览2011年第一季度，北
4、京写字楼物业市场在去年， 尤其是下半年，超出市场预期的强劲表现之上进一步繁荣，市场步入新一轮上升周期。大量内资及跨国企业在本地经济发展中获得实在的商业机会并随之进行人员扩张，由此带来的写字楼面积需求使市场整体空置率较2010年同期大幅下降9.61个百分点。另一方面，持续的业主方市场行情加之预算充足之租户的增多将整体租金推升至有史以来最高水平。写字楼物业投资市场继续保持活跃，资本值本季度同比上涨超过20%。SupplyWhile no new supply was launched in the Grade B sector, two Grade A schemes, Beijing IFC i
5、n the CBD area and Tsinghua Tongfang Hi-Tech Plaza Tower D in the Zhongguancun Area, were completed in 1Q11, collectively injecting approximately 190,585 sqm of office space to the stock. As a result, the total stock of the Beijing office market expanded to 11.67 million sqm, up 1.66% q-o-q.供应季内，两个甲
6、级写字楼项目竣工入市，分别为CBD区域的北京财源国际中心与中关村区域的清华同方科技广场D座，共为市场新增190,585平方米写字楼面积，而乙级写字楼市场无新项目入市。至此，北京写字楼市场总存量达到1,167万平方米，环比增长1.66%。DemandIn this quarter, solid demand was widely spread in various kinds of industrials, such as manufacturing, automobile, pharmaceuticals, energy, media, technology, consulting, IT a
7、nd finance. Of all the leasing demand generators, MNCs gearing up for expansion became the most significant market highlights, as evidenced by a series of large-sized deals, including Toyotas take-up of 22,000 sqm at China Overseas Plaza, Bayers leasing of 30,000 sqm at Jia Ming Centre, Volvos commi
8、tment to 7,000 sqm at the Office Park Tower C and Yahoo!s leasing of 7,500 sqm at Tsinghua Tongfang Hi-Tech Plaza Tower D. Correspondingly, the overall vacancy rate of Beijings office property market dropped by 2.75 percentage points q-o-q, or 9.61 percentage points y-o-y, to 7.10% as of end-1Q11. M
9、eanwhile net absorption peaked at 492,905 sqm, with that in the CBD and Lufthansa areas accounting for 44.70% and 21.91% of the total, respectively.需求本季，市场对于写字楼面积的强劲需求广泛分布于多个行业，如制造、汽车、医药、能源、媒体、科技、咨询、IT和金融等。而在所有需求来源中， 加速扩张的跨国企业成为市场焦点，数个大面积租赁合约于季内成交。譬如： 丰田在中海广场租赁22,000平方米；拜耳在嘉铭中心租赁30,000平方米；沃尔沃在远洋光华国际
10、C座签约7,000平方米以及雅虎在清华同方科技广场D座签约7,500 平方米。与活跃的租赁市场相呼应，市场整体空置率环比下降2.75个百分点，同比下降9 . 6 1个百分点，至7 . 1 0%。同时，市场净吸纳量达到492,905平方米，其中CBD和燕莎区域净吸纳量分别占总量的44.70%和21.91%。RentsRental expectation among most landlords continued to grow, with some particular buildings that have successfully attracted or retained major r
11、enowned tenants increased rental offerings by 20% to 30% over last quarters. On the other hand, tenants, especially domestic occupiers eager to upgrade their image, allocated more of their budget to office accommodation. Collectively, the overall average net effective rent of the Beijing office prop
12、erty market (including Grade A and Grade B) were pushed to RMB165.06 psm per month, up 6.65% q-o-q or 21.86% y-o-y. By submarkets, the rental growth rates in the CBD, East Chang An Avenue and Lufthansa areas surpassed the overall market, up by 10.38%, 10.54% and 8.84% q-o-q, respectively. Financial
13、Street remained the most expensive submarket at RMB207.79 psm per month.租金大部分业主对租金的期望值继续上升，某些成功吸引或续约主力租户与知名租户的楼宇将租金较上季度提高了20%至30%。另一方面，更多租户增加了对办公场所开支的预算，其中尤以致力提升企业形象的内资租户为代表。综合作用下，北京写字楼物业(含甲级与乙级)整体平均净有效租金被推升至每月每平方米165.06元，环比上涨6.65%，同比涨幅达21.86%。各子市场中，CBD、东长安街和燕莎区域的涨幅超过整体市场水平，分别环比上涨10.38%,10.54%和8.84%
14、。金融街子市场依旧为最昂贵的办公区域，租金为每月每平方米207.79元。InvestmentThree en bloc sales transactions were concluded in 1Q 2011, demonstrating an active scene in Beijings office investment market. China Minmetals Corporation purchased the Fifth Square with a total GFA of over 120,000 sqm for RMB4.5 billion. SOHO China ann
15、ounced on 31 December 2010 the acquisition of an office building under construction in the Zhongguancun area for a consideration of RMB1.155 billion. In addition, Jinhui Centre in the Fengtai District, one of the distressed projects dragging for the longest time in Beijing, was purchased by a privat
16、e-owned enterprise for RMB280 million. Another significant investment activity worth mentioning is Financial Street Holdings acquisition of the land use rights of plots B, C and D of the Beijing CITIC Town from CITIC Real Estate, for a consideration of RMB4 billion. These plots have a total planned GFA of 200,000 sqm and are planned to be developed as a com
