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China's Tier II cities plan lion's share of Asia's skyscrapers
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CHINA is dominating Asia's development pipeline of supertall office buildings, with the country accounting for 71 percent of the region's plans to build them over the next five years, the international real estate services provider CBRE has found.
Notably, 51 percent of the region's future supply of office buildings with a height of more than 300 meters are planned in China's Tier II cities, triggering growing concerns of oversupply amid rather weak tenant demand.
"While the supply of supertall office buildings continues to increase, the recent slowdown in the Chinese economy coupled with tighter controls on the shadow banking industry has resulted in weaker demand from the financial sector, which is the key tenant in supertall office buildings across the region," said Frank Chen, executive director, head of CBRE Research, China. "The existence and future completion of a large number of supertall office buildings in Tier II cities such as Shenyang, Chongqing and Tianjin, which are merely regional hubs within China, undoubtedly creates a risk of oversupply."
A "build and they will come" strategy is commonly adopted by emerging financial markets across Asia, where there is a perception that a high density of tall buildings is synonymous with being a successful financial hub. Asia is currently home to 55 percent of the total number of tall (above 150 meters in height) office buildings globally, according to CBRE Research.
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