Beijing’s Covid Outbreaks Push More Tenants Out of Office Buildings

Monthly rent for Beijing’s grade A office space declined 0.6% from the first quarter to $50 per square meter in the second quarter.

Pandemic outbreaks caused rising vacancies and declining rents in Beijing’s office buildings in the second quarter, data showed.

The net absorption volume for office space fell to a negative 10,750 square meters in the second quarter, data from real estate services firm Savills showed. The negative figure means more tenants terminated leases than new tenants signed up.

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