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china news service, beijing, september 28: title: cushman & wakefield: new supply in beijing’s retail market in 2024 is expected to reach the highest level in the past decade

sino-singapore finance reporter ruan yulin

cushman & wakefield recently released the "beijing office retail market report for the third quarter of 2024" in beijing, which shows that as of the third quarter, the beijing retail market has welcomed a total of 8 retail projects into the market during the year, bringing 756,000 square meters of high-quality retail space to the market. at least three high-quality projects from non-core areas are scheduled to open, all of which are large-scale projects of more than 100,000 square meters. if they can enter the market as scheduled, the new supply for the year will exceed 1.2 million square meters, the highest in the past decade. .

meng yi, director of the commercial department of cushman & wakefield's north district, said that in the future, driven by beijing's efforts to build an international consumer center city, various supporting policies for the retail market will also enter the implementation stage. the new urban business district pattern has been further improved and upgraded.

in the third quarter, beijing's retail market welcomed the opening of tongzhou's first wanxianghui, fengtai huiqin shopping center and mentougou huayuanfang, bringing a total of 236,000 square meters of high-quality retail space to the market, and the city's total shopping mall stock rose to 15.45 million square meters. . among them, huiqin shopping center and huayuanfang are both urban renewal projects. while promoting the improvement of the business environment in the region, they also bring great convenience to the living and consumption of residents in the region. meng yi said that as new shopping malls continue to enter the market and consumers' demand for experiential consumption increases, old-fashioned department stores and businesses have been greatly impacted and are in urgent need of transformation and upgrading.

in the third quarter, beijing’s office market rents were rmb 266.1 per square meter per month, down 4.7% from the previous quarter, and rents in the five core business districts were rmb 312.8 per square meter per month. in the third quarter, the types of leasing transactions in the beijing office market were still dominated by lease renewals and relocations. the three traditional industries of finance, tmt (technology, media and communications) and professional services accounted for 35.7%, 24.2% and 20.0% of the total transaction area of ​​all industries respectively. medical health has also become a new growth point in demand for office buildings, ranking fourth.

according to the report, in the fourth quarter, beijing’s office market will usher in many highlight projects such as the national financial information building. (over)