Ji Su, Zhang, chief of JLL China said: Farewell to cyclical adjustments, Beijing office buildings enter a period of price restructuring.

Recently, Zhang Jisu, Managing Director of the North China region of CBRE, pointed out in an interview that the current office market in Beijing is not simply undergoing a cyclical adjustment period, but entering into a systematic "market restructuring phase." He believes that against the backdrop of restructuring supply and demand relationships, the Beijing office market has shifted from an absolute owner's market to a tenant's market, prompting owners to reassess the true market positioning of their assets. In this ongoing process of price restructuring, although overall rents continue to face downward pressure, the absolute decline is significantly narrowing, with the entire market entering a critical phase of finding the bottom. Zhang Jisu estimates that with the gradual introduction and absorption of new supply, the market as a whole is expected to bottom out around 2028. However, he also emphasizes that "bottoming out" does not mean "rebound," but rather the market is more likely to enter a new equilibrium phase characterized by low rents stabilizing and narrower fluctuations.