Beijing Figures Q4 2022

CBRE FIGURES1BEIJING1C42022 Demandpoisedtoreboundfollowingshift fromzero-covidpolicy Teble"-Qu'o<Statislcs +0.7% SLH +3.6% --4,7707A-? -7.2% Rralali .AA) FY79,Y office q-0-q P--4 Y-o-y Reril -a53 -1.5%. AOJEceA -06iCP +'6 +1.6pP Retail 2-- y-t-d 4-0- Kent +0.pv Vaugrcy Laglstles +G.5p29-89 y-t-d +0.8UP-D-A Reril 0.5% +2.9% +2E%: ASJA 1* -14*3 BusineeePark -t-d A-0-A Hrnt Ex4*. 119% vacarcy 121p3 3.JD 2.3p Invcstmenl ri-r 4-tdtotal,y-y 1812 -1223 -54.12 D:instc. 937$ 9:.点 46.15%; I-.:CTccrr:i:th:w3h::-rx:ti-2*xcK*1**CF.>:lr*3m.I==+*di-:L1(ie1rm.it:'m:e;=:9:shx:p*9ma-.=*:n.f.+.:::Ir'ilf.;+:l:1iv;.·x:.s.h- -h,**$***ar*r11**,I-r*,I*(1ra,*:*di:1t1*wx:?*rnc(d-c*-1,*x**1?F*1I-n1*:*]-P-?*-hym.*-I-*u?.*>. 30,e,CERIXK4iN22 F+r'+-'aa.r~an,rfiS1.ili's?a.+Ir2? ExecutiveSummary offlcew-renpatsranani34n22f.ll-rs.p:yfeo:lirstcn. NrarlvScs=fnryst:rkvnsincmergi1gsubmarkr*s.).iartrrlyn:rnkr:1.p:rurnar:pastve:i.tanrualnst .ake-pdap:Loace:ly.Thefrarseclw*wasLhi:eand,i.hin:Jsldrrt 2lsoac.ive.CelltclimbedgfddugllvuerLree1wlile9veaμlcegitsdeclited. ‒ Retall:Icckdoanssxertsca1mpastanco1si,eractty:alls.thmarkatswltroseddlifferentdlegr9sof disupton.F&-westrekaysemardsrlver,hllalg1grdoudso-fashicnNevnergyVetcs(h.tvs? in:ra'tardta1rathie':var2artivr.eitscartnlldl-odrrlireaslan:llo-dsfari.sdan'cnrtrntnrthn1. Logistics:hreerewG'ectscareorstregninFatrgslian.Jingngr2nDd>ingAiiporl,pushingJpdnnus StcplsWdnI's.oritzlpeoKelasorptioreldreearehigh,erivenOr_.'reshgsodsecon'1ere.told- chgirgrdtecentradenandOul.erlyrgn.ellorsloreddttot1estplypsakgrdrenamic. ‒ ‒ ‒ BuslnessPark;FpurnrvIrfrscirnnsprajrrtsorr:d:lvara:t,rrnlcl1gisl.plypirak.Iif:sc.c1.csiand naruifat.iringodgasi.tI'd1isthrnainr1:frk:man:t.(twrllirrymsavrtharamsa?Ir ‒ Investmentrenatorvolu19ros9a-oqcutdecliradv-2-.tete-cnadtuverstrradmoeast*9er h9qugrtr,wilesa1-t,seburegccontad1o'tta$qest31erecttull-sgarinvestmentvolume.OHices weretremcstpopullaressett:ze.willet1evearelses3w,grwlrgdema1dtcrnultifamllv.Ccazltalvalueefor ffinardratafalltirraish:/2,vtlag:srscapratrsintnmirgsi.t:"r:r's:id v:Ga'tv::b:twce'1intra-k:t:,irllixrd:;G*cate-ZGC:prcei:cxlro*crerit:lnceritiv:- $:2323DR,C. Ofticc 17,600sq.m. -u-6%9'0 TIGJRC2OrliteSupplrandDemand +0.6ppq-0-c 15% Pandemiccontinugstoweighonleasingdemand u3s 215; 500 03 2113 20: 100 15': Twsnewvofficepsjectspirswklinetetalof121,2nostq.m.ofspacewerecompletedinTongzhoua*ad 17% Jinzhani-Cvi2022.Th=postponedd=iveryofseveralbuildingsensuredan-ualsupply"elltoits lowcstlcvclsincc2015.Fulyuu1supr:lvof310.8C-0su.rn.rc[>cscntcdivst25%of2021'stctul,wit* nearly8o%ofnewstocklocatednemergingsub-markets. Irousen, 6% NeS.ipply varancyRate(RHS) Leasingvolumefella%qcqc-totheongoingimpactofpandemicrel=tedcontrols.However. conselilstlen.dswnslzingandsurendercaseafellnvert*quarternalringtywklenettake-up endedtwoconsecutivequartersofnegatrveperforTance.t.rningpcsitiveto1/,bocsq.m.1he financoseclorvaasthemuindhiverofdenond,aithfundsinsuronceandsocuiliuslunan.scontinuing rcxp9*dsnd*loatinthet:3L>.11n8nis1s:reet,E2anclLize.11demsndpickedupoverthe quarter.ledb'thesoftvarsariclintsrnetlusservicesegrnents.O-hersolllceso"derlariclincluded thertsourcosanclulilitissinclustuicssAlhcourhannualnellaki-upfrlltotalislori:llce:cf63,cnos1. m.,f.II-ye=r'=w:leasingvoluTeram=inedn=artheaveragelogg=dte/een2C18-202c.industria Icrldritsinthcirlariulactu'inl.["glllacuuticulunucricrssyscutorssrizudliuwirdeuioprcrtur'tytc emosrkuponfligt-for-q..altymovsst~iscquarter.backfllingvacantspacesurrenderedbyrsditional tenantsinseveralsubmark=ts.Sp3cesofunder2.c00sg.m.domi-atedle3singt'nsacticnsin2022 _y:.,?2 rIGJRC:OfticeRentalidgs OvcraIveeancvclimbuslsloelythroughcul2C22,rcuching18.7%alyuer'scnd,thohighoslluvels'ntce 20ic.Thevacancyrategapnarroviedbetweensubrrarketsovarthecourseoftheyear.TheCSDa'd E2Rsawvacancytallyoy.whilevacancywashighestinliriergingsubnikets.Howeve'vacancyin 200 80 3x<:1 rluetacheadlvaritagescheyofferintermnsofshorterrlecisio*cvelesandlflexibility. Risingvacancyansurasrantsremainunderprassure 170 60 a til N allrecrdedhighervacancy.creatingopportuntiesfortenantstosec.reεtt'activ=terrs. intalirdrx :rad:Krntaldax Averageacerents:erdged:lnwnLiy0.5%.rl-o-rlonalike-for-likehasis2RMn2105.6persoMm.psr monthi.KkentsforSracleprapertiesdrcapedfasterchsnt'oaeforGracAstockverallrentsfell 1.5%y-c-y.Rcritsinth:CBDarnidiriajcrciricrginigsubnaikctswicrcstablc.v.hil:thicsinothcr submarcets:sawvaryinglevelsof:decline.Wang.ing,7ccandchynpeloggedthesharpestfallsas .+.2dd?2**s landlordsecughttoprovidecompet'tiveterr'soataracttenants. Rctail Va:a*r Hrl bo%r'o- TIGl=:NewSupenSalateLeeslngTrareclo1s -45.6005g.m. AddnsMon Submarket Gfa(sq.m.) Landlord NewCpeninge Sactor Froperty Submarket Qeelir ee6 Sassar:PlhsrSrnpng Gi:nt:!! Xicher-C:hgr3 Flxel- Nev=nerarvehlcle Ta<coL'Scutn enltun VOFCYA r&F In01 CBD K-iWav Fasilcn CelerlesLateyate JEPIX EeJ6. Gtld:rPesulsSlopFing II5W venchi Jessert CuterCBC SnmltasTn Cofr:T ChingIny