Commercial real estate services and investment management firm Jones Lang LaSalle (JLL) released a report in Beijing on the 8th, stating that in 2025, the pace of major transactions in Beijing's commercial property market slowed down, with the total annual volume of major deals recorded at approximately 18 billion yuan. From an asset class perspective, commercial retail assets were relatively more favored by capital.

In 2025, the scale of Beijing's core artificial intelligence industry continued to lead the nation, becoming the core driving force of a new round of industrial chain transformation.

"Beijing's office market is undergoing a mindset reset from a 'downturn cycle' to 'repricing'," said Zhang Jisu, Managing Director of JLL North China, adding that extreme rationalization of market demand and the structural normalization of oversupply are reshaping supply-demand relationships and pricing logic.

The report stated that in 2025, lease renewal transactions gradually became dominant in the Beijing office market, with tenants' bargaining power continuously increasing.

Performance divergence in the retail property market intensified, placing higher demands on project operational capabilities.

The industrial logistics market underwent a deep adjustment under the dual pressures of concentrated new supply releases and persistently weak end-user demand.

The high-end hotel market faced challenges of price declines and slow recovery in revenue during the second half of 2025, although market demand maintained a positive outlook.

By the end of 2025, the overall vacancy rate for Grade A offices in Beijing decreased by 0.3 percentage points quarter-on-quarter to 15.2%, showing slight signs of market improvement.

New supply of premium retail properties was mainly concentrated in core urban submarkets in the first half of the year, with the pace of new project launches slowing down significantly in the second half.

The total new supply for the full year 2025 exceeded 800,000 square meters, approximately half of the 2024 total, yet still slightly above the average annual level from 2022 to 2023, indicating a gradual return to rationality in market supply.

Ji Ming, Senior Director of Research for JLL North China, stated that core assets with prime locations, precise customer insights, and efficient operational capabilities are leading the market bottoming out through brand revitalization and business format restructuring.

Beijing's retail property market is expected to accelerate its entry into a new stage of high-quality development driven by operational capability and content innovation.