Institution: It is expected that there will be an additional supply of over 800,000 square meters in the retail property market by 2025

CBRE's "2024 Beijing Real Estate Market Review and 2025 Outlook" shows that the total area of new leasing demand in Beijing's office market will decrease by 5% year-on-year in 2024, but relocation transactions continue to increase, accounting for 80% of the total new leasing area for the year, breaking historical records again. Thanks to multiple large transactions from state-owned and leading enterprises, as well as a year-on-year decline in the number of lease terminations, the city's net absorption for the year reached 340,000 square meters, leading to a year-on-year decrease of 0.7 percentage points in the city's vacancy rate to 21.0% by the end of the year. (Jiemian)