Beijing's large-scale real estate transactions make a strong comeback, with a total of 12.2 billion yuan in the first quarter, a year-on-year increase of 184%.

China Economic Information Service April 3 (Li Jie) — At the start of 2026, the Beijing commercial real estate bulk transaction market has shown clear signs of a significant rebound.

A recent report from Colliers International shows that in the first quarter of 2026, the bulk transaction market in Beijing recorded quarterly transaction value of RMB 12.2 billion, up sharply by 184% year over year compared with the same period of 2025. The transaction volume has reached 67% of the total for all of 2025, returning to near the high level of single quarters in recent years.

“In the first quarter, a total of 7 bulk transactions were recorded, and the market’s trading pace has been greatly accelerated compared with the relatively steady trend seen in 2025.” Han Mo, Director of Capital Markets and Investment Services for Colliers International in North China, said.

Meanwhile, the median value of bulk transactions in Beijing in the first quarter rebounded significantly to RMB 670 million, up 81% from RMB 370 million for all of 2025, basically returning to the level of RMB 680 million in June 2024.

From the perspective of asset categories, the retail segments were particularly strong, becoming the main force behind market transactions in the first quarter.

Colliers International data shows that in the first quarter, transaction value for Beijing retail-property assets was approximately RMB 8.7 billion, with its share rising sharply to 71%. This represents a leap from the mere 6% share for all of 2025; transaction value for office segments was approximately RMB 2.4 billion, with 4 transactions recorded in total, mainly driven by corporate buyers for owner-occupation. The hotel and long-term rental apartment segments maintained steady hotness, with transaction value of about RMB 1.2 billion and a share of 10%.

“This structural difference further highlights the market’s mindset of strong owner-occupation demand and weak investment.” Han Mo said. He added that the rigid support provided by corporate owner-occupation demand has continued to strengthen, becoming the core driving force behind the bulk transaction market for office buildings. By contrast, investment-type buyers are still highly cautious, influenced by factors such as their expectations for asset valuations and the pace of rent-market recovery; their investment appetite remains at a low level.

However, Han Mo believes that since office, hotel, and other segments have been included in the underlying asset scope for REITs, and as the exit pathways become clearer, it is expected to boost the vitality of the primary bulk transaction market for related segments. Meanwhile, core large office buildings and retail assets remain under the attention of institutional investors. With the market’s pullback reaching a bottom, it is expected that relevant transactions will be the first to stabilize and increase in volume.

Compared with the relatively heated conditions in the bulk transaction market, Beijing’s Grade A office leasing market is still in a “stable volume and falling rents” phase.

Lu Ming, Head of Office Building Research for Colliers International China and a Research Director for North China, said that in the first quarter of 2026, the overall net absorption in Beijing’s Grade A office market was approximately 57k square meters. Market demand was moderate, with releases continuing and the pace of ongoing destocking remaining. The vacancy rate fell by 0.6 percentage points quarter over quarter to 18.5%, and declined by 1.7 percentage points year over year.

On rents, the overall market’s average monthly net effective rent was RMB 212.6 per square meter. It fell 4.2% quarter over quarter, and the year-over-year decline expanded to 12.4%.

“A deep rent pullback is a key signal of the market self-adjusting.” Lu Ming said. On the one hand, landlords are accelerating destocking by offering rent concessions; this helps clear low-efficiency supply. On the other hand, lower office costs provide a more favorable move-in environment for start-up technology enterprises and specialized, refined, and innovative companies.

He further said that as rents continue to undergo deep adjustments, landlords should focus on the pressure from continuously increasing new supply that is expected to arrive in Beijing’s Grade A office market over the next two to three years. In some sub-markets, future demand may be inclined to adopt more flexible rent-discount strategies, especially in certain sub-markets where tenant roll-offs, concentrated new supply, or relatively higher vacancy rates emerge.