Office: Leasing recovered slightly in Q4, but for the full year the office market has under performed, with net absorption well off annual averages and rentals declining to end 2019 at RMB382.4 per sq m per month for the overall market, down 4.4% y-o-y.
Retail: Overall, the retail market is now in an upgrade stage, with many department stores closed for upgrading in the year. With the supply slowdown coupled with renewal projects we expect the vacancy rate in the core submarkets to continue to dip in the short term, and for rentals to strengthen further.
Capital market: The Beijing investment market remained active in 2019 despite downward economic pressures. Major transactions were clustered in the second half, recording RMB50 billion, up 103% compared with the first half of the year.
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