本报实习记者 张敏

This practice reporter zhangmin.i am

　　搜房网数据监控中心统计显示，6月北京在售商用项目（写字楼、商铺）共成交346311.66平方米，环比增长138.09%，创18个月来新高。其中，七成以上为商住房项目。商业地产正以“蓄水池”作用吸纳越来越多的避险资金。一些业内人士警示，部分二三线城市商业地产可能存在泡沫化的风险。

Search room net data monitoring center statistics show，6 month in Beijing sell commercial projects（Office buildings、shops）Clinch a deal with 346311.66 square meters，Annulus comparing growth of 138.09%，Gen 18 months to new highs。Among them，More than seventy percent of ShangZhuFang project。Commercial real estate is in“reservoir”Role of hedge funds absorbing more and more。Some in the industry warning，Part two, three lines there may be turning into a bubble-and the city commercial real estate of risk。

　　商住房为成交主力 For the first ShangZhuFang clinch a deal

　　搜房网数据监控中心统计显示，6月北京写字楼交易面积为294956.3平方米，环比增加1.4倍；成交均价为22781元/平方米，环比下降1.58%。商铺买卖交易面积为51355.36平方米，环比增加1.33倍，成交均价为23139元/平方米，环比下跌9.61%。

Search room net data monitoring center statistics show，June Beijing office trading area is 294956.3 square metre，Annulus comparing increased 1.4 times；The price is 22781 yuan/square metre，Annulus comparing fell 1.58%。Shops transactions area is 51355.36 square metre，Annulus comparing increased 1.33 times，The price is 23139 yuan/square metre，Annulus comparing fell 9.61%。

　　搜房网数据监控中心研究员张源源向中国证券报记者表示，在6月北京成交的商业地产中，70%以上为商住房项目，即以商业立项，却以住宅的性质建设和销售的商品房项目。

Search room net data monitoring center ZhangYuanYuan researchers to the Chinese stock certificate report reporters，In June, a commercial real estate in Beijing，More than 70% of ShangZhuFang project，That is applications in business，But with the nature of the housing construction and sales of the commodity house project。

　　有分析认为，由于限购政策主要针对住宅项目，因此不少商业地产项目纷纷以住宅形式投放市场，并获得较好的销售业绩。这也是除价格下调之外，商业地产交易旺盛的又一个重要因素。

Have analyzed that，Because 限购 policy mainly for residential projects，So a lot of commercial real estate projects in residence form in the market，And achieve good sales performance。This is in addition to the price cut away，Commercial real estate transactions exuberant and an important factor。

　　1-6月，北京商业地产累计成交总量为944989.72平方米，同比增长约91%。张源源表示，在这部分销售面积中，超过六成为商住楼项目，商住房已成为当前北京商业地产成交的主力。

1-June，Beijing commercial real estate cumulative total clinch a deal for 944989.72 square meters，Year-on-year growth of about 91%。ZhangYuanYuan said，In this part of the sales area，More than six become commerce-residence building projects，ShangZhuFang has become the main Beijing commercial real estate deal。

　　相比之下，商业地产的租赁交易表现却不够活跃。高力国际发布的报告显示，高租金水平和有限的空置面积继续成为市场租赁活动的障碍，并导致二季度北京优质写字楼成交量出现萎缩。数据显示，截至二季度末，北京写字楼市场整体平均净有效租金为每月237.51元/平方米，环比增长4.28%，增幅为近7个季度最低。

compared，Commercial real estate leasing trade performance is not active。High strength international report shows，High rents and limited vacancy area continues to be the rental market activities of obstacles，In the second quarter and lead to high quality office building in Beijing, the volume of atrophy。Data shows，By at the end of the second quarter，Beijing office market overall average net effective for monthly rent 237.51 yuan/square metre，Annulus comparing growth of 4.28%，For nearly a quarter of growth and the lowest。

　　避险资金持续涌入 Hedge funds constant flow

　　搜房网的数据显示，在商业地产交易创新高的同时，6月北京商业地产项目仅新发布7个预售证，总供给面积为277953.99平方米，仍低于2011年月均入市量。

Search room net figures show，In commercial real estate transactions innovation high at the same time，June Beijing commercial real estate project only seven new release to open to booking card，Total supply area is 277953.99 square metre，Still lower than the 2011 average monthly entering the market volume。

　　DTZ戴德梁行发布的报告显示，2011-2012年以来，随着楼市调控的不断深入，越来越多的资金出于避险和逐利目的，开始涌入商业不动产市场。其中，不仅包括保险公司、人民币私募基金等境内投资机构，还有以PE形式存在的境外投资者。

DaiDeLiang DTZ do report shows，2011-since 2012，With the deepening of the market regulation，More and more money out of hedge and profit purposes，Began to flood into the commercial real estate market。Among them，Not only includes the insurance company、Private equity funds RMB investment within China by institutions，And in the form of PE overseas investors。

　　DTZ戴德梁行华北区投资部主管及董事王宇涛表示，由于租金上涨使收益率显著上升，写字楼成为投资机构的首选投资品，未来这种投资趋势还将继续发展，并从一线城市延续到二线城市。

DaiDeLiang DTZ do TouZiBu director and director in north WangYuTao said，Due to significant increase yields rising rents，Office buildings become the first choice of investment institutions investment，The future investment trends will continue to development，And from a city continue to second city。

　　王宇涛认为，一般而言，相近地段的商业地产项目售价应该比住宅项目高出30%左右。但在很多二线城市，相近地段的住宅价格高于商业项目，这也意味着商业地产投资空间仍然较大。

WangYuTao think，Generally speaking，Similar lots of commercial real estate projects should be higher than for residential projects around 30%。But in many second city，Similar area of house prices higher than commercial projects，It also means that commercial real estate investment is still greater space。

　　2010年以来，不少以住宅为主的开发商也在商业地产加码。其中，万科、保利、龙湖等品牌房企均加大商业地产比重，以求多元化发展。有业内人士认为，需警惕二三线城市商业地产过度投资带来的资产泡沫。

Since 2010，A lot of developers are mainly in residence in commercial real estate pyramid。Among them，vanke、poly、The brand such as room enterprises are longhu, increase the proportion of commercial real estate，For diversified development。The personage inside course of study thinks，Need to alert two three city commercial real estate excessive investment bring asset bubble。