-
Important news
-
News
-
Shenzhen
-
China
-
World
-
Opinion
-
Sports
-
Kaleidoscope
-
Photos
-
Business
-
Markets
-
Business/Markets
-
World Economy
-
Speak Shenzhen
-
Health
-
Leisure
-
Culture
-
Travel
-
Entertainment
-
Digital Paper
-
In-Depth
-
Weekend
-
Newsmaker
-
Lifestyle
-
Diversions
-
Movies
-
Hotels and Food
-
Special Report
-
Yes Teens!
-
News Picks
-
Tech and Science
-
Glamour
-
Campus
-
Budding Writers
-
Fun
-
Qianhai
-
Advertorial
-
CHTF Special
-
Futian Today
在线翻译:
szdaily -> Business/Markets -> 
High-end office space demand sees steady growth
    2021-07-14  08:53    Shenzhen Daily

Zhang Yu

JeniZhang13@163.com

RENTAL demand for grade-A office space in Shenzhen recorded stable growth in the first half of 2021, with the overall net absorption of office space reaching about 470,000 square meters, according to international real estate services provider Jones Lang LaSalle (JLL).

The growth of major firms in the TMT (technology, media and telecom) industry has spawned significant demand for workspace expansion in the first half of the year. Grade-A office space rented by firms engaged in games, media and e-commerce accounted for nearly 40 percent of the leasing deals, said JLL.

Financial institutions’ demand for high-end office space also remained stable during the January-June period. Large financial institutions have shown strong interest in offices due to expansion and new establishments of their fintech arms, according to JLL.

“Social and economic activities were not much affected [by the COVID-19 pandemic] in Shenzhen, although there was a brief rebound of the pandemic in the city in the first half of the year,” said Edward Xia, managing director at JLL Shenzhen.

“TMT and financial institutions have provided strong support to the substantial growth of rental demand in the grade-A office market, thus resulting in a drop in the vacancy rate,” said Xia.

According to a report from real estate advisory firm Savills, the pace of new building projects entering the grade-A office space market in the Guangdong-Hong Kong-Macao Greater Bay Area gradually recovered in the first half of 2021.

New top-grade offices in the region reached more than 1.44 million square meters during the period, bringing the total office space in the market to more than 30.39 million square meters.

Shenzhen, Hong Kong and Guangzhou continue to dominate the office space stock. Shenzhen surpassed Hong Kong in the volume of office space stock, ranking first in the Greater Bay Area.

The pressure of oversupply has continued to weigh down office rent in Shenzhen, but the rent index might have hit the the bottom, with the index posting a slight decline of 0.9 percentage points on a month-on-month basis to reach 138.5 in June, said Savills.

深圳报业集团版权所有, 未经授权禁止复制; Copyright 2010-2020, All Rights Reserved.
Shenzhen Daily E-mail:szdaily@126.com