According to the latest data from various agencies, rents in the Beijing office market continued to decline in the first quarter, and the decline in grade A office rents surpassed grade B for the first time in the past seven quarters, thus boosting leasing activity continued to rise since the beginning of the year. According to the latest data from Cushman & Wakefield, in the first quarter, due to large-scale leasing transactions in emerging business districts, the net absorption volume of the overall market in Beijing was close to the level of the full year of 2023, at 144,000 square meters. The slight recovery in office market transactions caused the city's vacancy rate to fall for the first time since the second quarter of 2022, down 0.4 percentage points from month to month to 18.3%. Wanghou Market, Zhang Siliang, senior director of JLL's Beijing Commercial Real Estate Department, believes that although office rents continue to decline, for end users such as corporate tenants, the rent reduction has significantly reduced the operating costs and expenses of enterprises in Beijing, and has also brought more opportunities for enterprises to relocate, integrate, and upgrade quality.