The Tower Offices at Beijing Oriental. Plaza Beijing’s office vacancy rate as at the last quarter of 2020 hit 10-year high of 19.4%1. Xxx Xxxxx Xxxxxxx xx Xxxxxxx Xxxxxxxx Xxxxx comprises eight towers, offering over 300,000 square metres of Grade A office space. It has a diversified tenant base across different industries, including finance and banking, insurance, accounting, technology, legal, pharmaceutical, media and advertising, and consumer products. There are also educational and professional institutions, and government-related organisations. Revenue of The Tower Offices was RMB1,054 million (2019: RMB1,199 million). NPI amounted to RMB756 million (2019: RMB895 million). Amid a tough economic climate, a number of tenants did not renew or put their expansion plans on hold. At the same time, leasing activity was slow due to weak demand from corporations. Occupancy rate dropped to 85.2% (2019: 90.5%). Average monthly passing rent was RMB281 (2019: RMB298) per square metre. Given the challenging business environment, it was unavoidable that the newly committed rents were lower than 2019. Average monthly spot rent was RMB273 (2019: RMB303) per square metre.
The Tower Offices at Beijing Oriental. Plaza Beijing’s vacancy rate remained at a relatively high level of 15.0%1 in the fourth quarter of 2021. The continual influx of new supply and a weaker leasing demand are expected to exert downward pressure on rents. The Tower Offices at Beijing Oriental Plaza comprises eight towers, offering over 300,000 square metres of Grade A office space. It has a diversified tenant base across different industries, including finance and banking, insurance, accounting, technology, legal, pharmaceutical, media and advertising, and consumer products. There are also professional institutions and government-related organisations. During the year, revenue of The Tower Offices was RMB1,049 million (2020: RMB1,054 million). NPI was RMB760 million (2020: RMB756 million). Average occupancy rate was 87.4% (2020: 85.2%). Average monthly passing rent was RMB269 (2020: RMB281) per square metre while average monthly spot rent was RMB270 (2020: RMB273) per square metre.
