和讯房产消息 近期，高力国际发布第二季度北京写字楼物业市场报告：2012年第二季度，北京写字楼市场就租金及空置率变化而言表现相对平稳。优质写字楼面积的问询量依旧充盈，但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，并导致成交量的萎缩。尽管目前写字楼市场行情仍有利于业主方，但出于对宏观经济不确定性的担忧，市场中谨慎情绪开始显现，部分楼宇采用更为务实的租赁策略。因此，整体租金增长幅度如前期报告所预测一致继续放缓，业主亦为大面积客户让出更多谈判空间。季内，写字楼物业投资市场表现平静，无整售交易公布。

Real estate news recently with dispatch，High strength international issued the second quarter Beijing office property market report：The second quarter of 2012，Beijing office market is the rental and the vacancy rate in relatively stable performance changes。High quality office space of inquiry of still full amount，But high rent levels and limited vacancy area continues to be the rental market activities of obstacles，And lead to volume atrophy。Despite the current office market still is beneficial to the owner，But out of the macro economic uncertainty concerns，Caution in the market is beginning to show emotion，Part of the building used by the more pragmatic lease strategy。so，Overall rent increase the report as forecasts continue to slow down，The owner also make more customers for large area space negotiations。Season in，Office property investment market was calm，Without the whole sale transaction announced。

北京写字楼新增供应、净吸纳量和空置率 The new supply Beijing office、Net XiNaLiang and vacancy rate

北京写字楼子市场租金 Beijing office son market rents

供应 supply

　　由于甲级市场连续两季度无新项目竣工，且乙级市场一项目推迟入市，2012年第二季内无新增写字楼供应。北京市写字楼总存量截至本季末保持在1,198万平方米。

Because two consecutive quarter of class a market without new project completion，And serie b a project put off market entry，In 2012, the new office supply in season no。The Beijing office total stock at this season to keep in one,1.98 million square meters。

需求 demand

　　如前所述，租赁需求保持平稳，许多内资和跨国企业为搬迁和扩张积极寻找面积。新近落成的楼宇，甚至是位于新兴区域的项目均在较短时间内实现高出租率。市场整体空置率在第二季度末环比下降0.40个百分点，至3.46%的历史新低。然而，净吸纳量降至47,431平方米，仅为去年市场高峰时期的十分之一。净吸纳量的贡献主要来自于CBD、燕莎和望京子市场，三个区域净吸纳量分别占总体的10.98%, 62.25% 和36.49%，另有几个区域净吸纳量为负值。来自专业服务、金融、制药、消费品、服装和物流行业的租户是租赁市场主要驱动力量，代表性成交包括：安斯泰来制药在财源国际中心租赁3,700平方米，韩国国民银行在SK大厦租赁3,000平方米，雀巢在颐堤港承租4,000平方米，阿迪达斯在东方广场承租2,300平方米和挪威船级社在远洋光华国际租赁2,500平方米。

As mentioned，Lease demand balance，Many domestic and international enterprise for relocating and expansion actively looking for area。The newly built buildings，Even in the projects are emerging area in a short time to realize high ChuZuLv。The overall market vacancy rate in the second quarter, down 0.40% at the end of November，To 3.46% of the record lows。however，Net XiNaLiang drop to 47,431 square meters，Only last year for the market's peak of one over ten。The contribution of net XiNaLiang mainly from the CBD、Lufthansa and wangjing son market，Three regional net XiNaLiang respectively 10.98% of the overall, 62.25% and 36.49%，Another several regional net XiNaLiang as a negative value。Professional service from、financial、pharmaceutical、Consumer goods、Clothing and logistics industry tenants is rental market main driving force，Clinch a deal including representative：Ann's pharmaceutical in revenue, to international center lease 3,700 square meters，National bank of Korea in SK building lease 3,000 square meters，Nestle in Yi dike port 4 lessee,000 square meters，Adidas in Oriental plaza leased 2,300 square meters and Norway in ocean GSM international classification lease 2,500 square meters。

　租金 rent

　　由于可租赁面积的稀缺，尤以核心区域为甚，市场整体租金的上涨趋势在季内并未被渐长的谨慎情绪所扭转。北京写字楼物业市场整体平均净有效租金截止第二季度末上涨至每月每平方米237.51元，环比增长4.28%，但增幅却为近七个季度来最低。值得注意的是，小部分业主自2010年来首次调低楼宇的租金报价或暗示成交租金的弹性空间。各子市场中，燕莎和中关村区域租金环比涨幅位居前列，分别为5.91%和5.59%。而CBD和金融街区域租金依旧最高，分别为每月每平方米272.73元和286.03元。

Owing to lease area of scarcity，Especially in the core region why，The overall market rent the upward trend in the season has not been gradually long cautious emotions turn。Beijing office property market overall average net effective rent at the end of the second quarter by rose to $237.51 per month per square metre，Annulus comparing growth of 4.28%，But growth for nearly seven quarter but to a minimum。Note the，Small part owner down for the first time since 2010 the rent of the quotations or hinted that the flexible space clinch a deal the rent。Each child in the market，Lufthansa and zhongguancun area rent annulus comparing or among the top，To 5.91% and 5.59%, respectively。And CBD and regional financial street rent is still the highest，For every square metre per month respectively 272.73 yuan and 286.03 yuan。

投资 investment

　　尽管季内并无整售交易成交公布，但自用型买家似乎更为积极寻求交易目标。位于燕莎区域的某甲级写字楼物业业已进入收取买卖意向书的阶段。此外，在CBD和其他区域有数宗整层的散售成交，以内资公司为购买主力。

Although in the season and no the whole sale announced business，But for buyers seem to seek more positive type trading goals。Located in the area of a Lufthansa grade a office property has into buying and selling of the letter of intent for stage。In addition，In CBD and other area several cases of whole layer scattered sold a deal，Local company to purchase of main。

展望 looking

　　保持社会稳定和取得经济稳定发展将是中央政府2012年下半年工作的主要目标。六月份的利率下调、未来可能实施进一步放松货币政策加之政府为刺激固定资产投资所做的努力均将为经济发展注入更多动力。着眼北京本地市场，尽管某些行业或跨国公司确实一定程度上为经济形势所累，但无任何信号显示本地经济将重蹈2008金融危机时的放缓和萎缩之覆辙。有鉴于此，高力国际对2012年下半年的北京写字楼物业市场保持谨慎乐观预期。

Maintain social stability and make the economic stability and development will be the central government in the second half of 2012 main objectives。Interest rates in June、The future may implement further loosening monetary policy and the government to boost investment in fixed assets efforts are for the economic development will inject more power。Focus on the Beijing local market，Though some industry or multinational companies do to some degree the economic situation was，But without any signal indicates that the local economy will be a repeat of the 2008 financial crisis and the slowdown in the shrinking it again。In view of the，High strength international to the later half of 2012 Beijing office property market cautiously optimistic expectations。

　　相较上半年，北京写字楼物业市场的新增供应在2012年下半年内将相对充裕，有将近298,000平方米的新增面积计划在其内竣工。新增供应预计将以充足的面积和优惠的租金吸引更多有搬迁、扩张和整合需求的租户，激发更多租赁活动发生。市场整体空置率将保持在目前的低位，并伴随净吸纳量的逐步回升。尽管写字楼需求保持稳定，但许多公司的运营预算将会因为目前的保守心态或业务的实质性恶化而有所收紧。相信业主为应对市场微妙变化将采取更务实的租赁策略。因此，整体租金的增长步伐将在下半年继续放缓。

Compared with the first half，Beijing office property market of new supply in the second half of 2012 will be in relative abundance，Nearly 298,000 square meters of new area of plan in them was completed。The new supply is expected to with plenty of area and preferential rent attract more have move、Expansion and integration of demand tenants，Inspire more lease activity occurred。The overall market vacancy rate will remain in the current low，And with the net XiNaLiang gradually to bounce back。Although office needs remain stable，But many of the company's operating budget will be the moment because the conservative attitude or business of substantial deterioration and has tightened。Believe that the owner to cope with market subtle changes will take more pragmatic lease strategy。so，The pace of the whole rent will continue to slow in the second half。

　　北京写字楼物业投资市场对投资者而言依旧充满挑战，投资回报率继续下降，核心资产投资机会有限以及非核心资产的过高定价仍将是本地市场主要特征。尽管如此，仍有部分业主将在过去几年中已实现资本值大幅增长的物业投入市场出售，吸引了众多内资公司、写字楼自用客户和部分外资投资者的目光。

Beijing office property investment market for the investors still full of challenge，The return on investment is continue to fall，The core asset investment opportunities limited and non-core assets pricing will remain high local market main features。Even so，There are still part of the owner in the past few years has realized capital value of a sharp increase in market to sell property，Attracts many domestic companies、Office buildings for customers and foreign investors eye part。