In this quarter, the overall demand of Tianjin office market was stable, and the turnover remained high. Landlords continue to reduce rents and promote the demand for relocation to remain active. The retail real estate market and catering brands continued to expand throughout the city, and the overall rent remained stable.
Continuing the trend of the first half of 20 19, the demand remained stable this quarter. In the third quarter, the market rental demand remained relatively active, and the overall market net absorption recorded 40,000 square meters, an increase of 9.7% over the same period last year. The financial and IT industries are still the main demand in the office building market, and the leasing activities of professional services and other consulting services enterprises have increased in this quarter, including small law firms, accounting firms, human resources, immigration services and education and training enterprises. The rent reduction of office projects has promoted the growth of new rents and relocation activities in the market. Many new projects and projects that have recently entered the market have recorded lease transactions, attracting market attention with high project quality and low rent level.
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