根据全球房地产服务公司仲量联行（JLL）的说法，看到中国内地写字楼和零售物业市场出现早期复苏迹象的国际投资者，预计将在供过于求的担忧缓解时开始买入。
International investors who have seen early signs of recovery in mainland China’s office and retail property markets are expected to start buying when oversupply concerns are eased, according to global real estate firm JLL.
仲量联行亚太区资本市场首席执行官Stuart Crow表示，当新增供应被新增需求消化时，外资机构将重新青睐内地物业资产。
Stuart Crow, JLL’s CEO for capital markets in the Asia-Pacific region, said foreign institutions would fall back in love with mainland property assets when new supply was absorbed by fresh take-up.
“国际投资者正在等待实体经济真正消化那些商业物业空间，”他说。“我们可能需要对中国价值回归再多一点耐心。”Crow补充称，在世界第二大经济体中，新增空间供应与需求之间的平衡正在形成，供过于求的担忧有所缓解，但房地产基金和保险公司等大型机构除非商业物业能产生足够的收入，否则不会回归。
“International investors are waiting for the real economy to really absorb those commercial property spaces,” he said. “Probably we need to be a little bit more patient for the China value recovery.” Crow added that a balance between fresh supply of space and take-up was emerging in the world’s second-biggest economy, with oversupply concerns eased, but big institutions like real estate funds and insurers would not return unless commercial properties could generate sufficient income.
今年上半年，随着本地买家（包括企业投资者和高净值个人）抢购核心地段的写字楼和酒店，预期物价将在经历多年低迷后很快触底，上海和北京等内地主要城市的商业物业交易大幅上升。
Commercial property transactions shot up in major mainland cities including Shanghai and Beijing in the first half of this year as local buyers, including corporate investors and high-net-worth individuals, snapped up office buildings and hotels in prime locations on expectations that property prices would soon bottom out after a years-long downturn.
经纪人表示，在2021年开始的全国性房地产危机中，上海写字楼价格从高点暴跌了30%至40%，这促使本地投资者寻找捡漏机会。
In Shanghai, prices of office buildings had plunged 30 to 40 per cent from their peaks amid a national property crisis that started in 2021, prompting local investors to hunt for bargains, brokers said.
“即使整体市场可能存在供过于求，最优质的写字楼资产也将率先复苏，”仲量联行的Stuart Crow表示。他们补充道，近期内地首批以商业物业为支持的交易型房地产投资信托基金（REITs）推出——这为物业所有者提供了新的融资渠道——也有助于刺激买入。
Even though there may be an oversupply in the broader market, the best of the best office assets will recover first Stuart Crow, JLL The recent launch of the mainland’s first exchange-traded real estate investment trusts backed by commercial properties – a new financing source for property owners – had also helped spur buying, they added.
克劳表示，随着全球投资者增加在亚太地区的资产配置，以从其经济增长和流动性中获利，中国商业地产市场看到了一线希望。
Crow said the Chinese commercial property market had seen a ray of hope as global investors increased their asset allocations in the Asia-Pacific region to profit from its economic growth and liquidity.
“尽管整体市场可能存在供过于求的情况，但最优质的办公资产将率先复苏，且其增长速度将更快，”他说。
“Even though there may be an oversupply in the broader market, the best of the best office assets will recover first, and their rate of growth will be quicker,” he said.
仲量联行上月发布的一份评估上海顶级办公物业的报告称，一些“超高端甲级”办公楼表现出了非凡的韧性，且跑赢了大盘。
A report released by JLL last month that evaluated top office properties in Shanghai said some “elevated premium grade A” office buildings had exceptional resilience and were outperforming the market.
“与普通甲级办公楼相比，‘超高端甲级办公楼’在租金溢价和空置率方面展现出了持续优势，”仲量联行中国区研究部主管姚嘉栋表示。“进入2026年，这类办公楼的租金已企稳并开始触底回升，带动整体办公市场复苏。”仲量联行数据显示，今年第二季度此类办公楼的平均租金为每平方米每天8.5元人民币（约合1.27美元），近70%的此类办公楼在上半年录得租金正增长或持平。上海普通甲级办公楼的平均租金为每平方米每天6元人民币。
“The elevated premium grade A offices have demonstrated consistent advantages in rental premiums and vacancy rates compared with regular grade A offices,” said Daniel Yao, head of research for JLL China. “Entering 2026, their office rents have stabilised and started to bottom out, driving the overall office market recovery.” The average rent for such offices stood at 8.5 yuan (US$1.27) per square metre per day in the second quarter of the year, with nearly 70 per cent recording positive or flat rental growth in the first half of the year, JLL data showed. The average rent for a regular grade A office in Shanghai was 6 yuan per square metre per day.