<p>根据高纬物业的报告，预计中国大陆城市和香港的优质办公供应将在今年达到峰值，而需求受到经济放缓和全球不确定性的影响。到 2025 年底，包括香港、北京、上海、深圳和广州以及台湾在内的中国大湾区 21 个主要城市的优质办公库存达到了 9920 万平方米（10.7 亿平方英尺），比去年增加了 460 万平方米，增长了 8.4%。报告指出，需求未能跟上，总办公净吸纳量仅增加了 230 万平方米，导致该地区整体空置率上升了 1 个百分点，达到 25.4%。香港、上海和深圳记录了 2025 年租赁优质办公空间的跨国公司数量，其中约占总交易的五分之一到一半。报告显示，2025 年在主要市场，优质办公租金下降了 3.9% 至 16%，其中北京的降幅最大。高纬物业南中部中国研究负责人张晓端表示：“未来的大规模供应，加上全球不确定性和国内经济的结构性压力，将进一步加剧市场的广泛逆风。但新优质生产力的加速发展和持续的支持政策将推动相关行业租赁需求的逐步增长。” 在这种情况下，报告预计北京等城市的租金将触底，而上海和深圳的房东可能会采取更积极的租赁策略。报告指出，香港的租金预计全年将在上下浮动 1% 的狭窄范围内波动。按城市计算，上海、深圳、香港、北京和广州将在未来几年看到一些最大的新增办公供应，范围在 134,000 平方米到 400 万平方米之间。报告称：“[今年] 新优质生产力的加速发展和持续的支持政策，净吸纳量预计将逐步恢复。然而，考虑到全球不确定性和国内经济的结构性压力，企业在租赁决策上将保持谨慎，需求恢复的速度预计将保持温和。” 为了应对这些挑战，报告建议房东追求 “在资产生命周期内提供全链条定制房地产资产管理服务——从收购、持有到最终退出——以帮助资产在竞争激烈的市场中脱颖而出，并最大化投资回报。”</p>

华润置地

恒基发展

龙湖集团

恒基地产

中国海外发展

太古地产

中国海外宏洋集团

新鸿基地产

九龙仓置业

<p>库什曼与韦克菲尔德报告称，中国大陆和香港的高端办公供应预计将在今年达到峰值，而由于经济放缓和全球不确定性，需求滞后。到 2025 年底，大中华区的高端办公库存预计将达到 9920 万平方米，但净吸纳量仅将增加 230 万平方米，空置率将上升至 25.4%。主要城市的租金正在下降，建议房东采取积极的租赁策略。预计在持续挑战中，需求的恢复将是温和的</p>

<p>Prime office supply in mainland Chinese cities and Hong Kong is estimated to peak this year, while demand remains hampered by an economic slowdown and global uncertainties, according to Cushman &amp; Wakefield. At the end of 2025, premium office inventory in 21 major cities in Greater China – including Hong Kong, Beijing, Shanghai, Shenzhen and Guangzhou, as well as Taiwan – amounted to 99.2 million square metres (1.07 billion sq ft), up 4.6 million square metres or 8.4 per cent from a year earlier, the property consultancy said in a report on Wednesday. Demand failed to keep pace, with total office net absorption rising only 2.3 million square metres, pushing overall vacancy rates across the region up by 1 percentage point to 25.4 per cent over the period, it added. Hong Kong, Shanghai and Shenzhen recorded some of the largest numbers of multinational firms leasing prime office space in 2025, accounting for about one-fifth to more than half of the total deals. Prime office rents declined between 3.9 per cent and 16 per cent in 2025 in gateway markets, with Beijing seeing the largest retreat, the report showed. “Large-scale future supply, combined with global uncertainties and structural pressures on the domestic economy, will further exacerbate broad-based market headwinds,” said Xiaoduan Zhang, head of research for south and central China at Cushman. “But accelerated development of new quality productive forces and ongoing supportive policies will drive gradual leasing demand growth in relevant sectors.” Given these conditions, rents in cities like Beijing were expected to bottom out, while landlords in Shanghai and Shenzhen were likely to adopt more proactive leasing strategies, the report said. In Hong Kong, rents were likely to move within a narrow range of minus or plus 1 per cent throughout the year. On a per city basis, Shanghai, Shenzhen, Hong Kong, Beijing and Guangzhou would see some of the biggest stock of new office supply in the coming years, ranging between 134,000 square metres and 4 million square metres, the report said. “[This year] accelerated development of new quality productive forces and ongoing supportive policies, net absorption is expected to recover gradually,” the report said. “However, given global uncertainties and structural pressures on the domestic economy, companies will remain cautious in leasing decisions, and the pace of demand recovery is expected to stay moderate.” To weather these challenges, landlords were advised to pursue “a full chain of customised real estate asset management services to be offered throughout an asset’s life cycle – from acquisition, to holding and finally to exit – to help assets stand out in a competitive market and maximise investment returns,” the report said.</p>
<div class="lb-trans"><p>根据高纬物业的报告，预计中国大陆城市和香港的优质办公供应将在今年达到峰值，而需求受到经济放缓和全球不确定性的影响。到 2025 年底，包括香港、北京、上海、深圳和广州以及台湾在内的中国大湾区 21 个主要城市的优质办公库存达到了 9920 万平方米（10.7 亿平方英尺），比去年增加了 460 万平方米，增长了 8.4%。报告指出，需求未能跟上，总办公净吸纳量仅增加了 230 万平方米，导致该地区整体空置率上升了 1 个百分点，达到 25.4%。香港、上海和深圳记录了 2025 年租赁优质办公空间的跨国公司数量，其中约占总交易的五分之一到一半。报告显示，2025 年在主要市场，优质办公租金下降了 3.9% 至 16%，其中北京的降幅最大。高纬物业南中部中国研究负责人张晓端表示：“未来的大规模供应，加上全球不确定性和国内经济的结构性压力，将进一步加剧市场的广泛逆风。但新优质生产力的加速发展和持续的支持政策将推动相关行业租赁需求的逐步增长。” 在这种情况下，报告预计北京等城市的租金将触底，而上海和深圳的房东可能会采取更积极的租赁策略。报告指出，香港的租金预计全年将在上下浮动 1% 的狭窄范围内波动。按城市计算，上海、深圳、香港、北京和广州将在未来几年看到一些最大的新增办公供应，范围在 134,000 平方米到 400 万平方米之间。报告称：“[今年] 新优质生产力的加速发展和持续的支持政策，净吸纳量预计将逐步恢复。然而，考虑到全球不确定性和国内经济的结构性压力，企业在租赁决策上将保持谨慎，需求恢复的速度预计将保持温和。” 为了应对这些挑战，报告建议房东追求 “在资产生命周期内提供全链条定制房地产资产管理服务——从收购、持有到最终退出——以帮助资产在竞争激烈的市场中脱颖而出，并最大化投资回报。”</p>
</div>

Mainland China, Hong Kong premium office supply to peak as demand lags: Cushman

南华早报

高纬环球表示，中国大陆和香港的高端办公楼供应将在需求滞后的情况下达到峰值