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Enough demand to fill huge office stock
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SHANGHAI’S Grade A office inventory may nearly double by 2020 but a significant growth in services will generate sufficient demand to absorb the huge supply, Jones Lang LaSalle has predicted.
By the end of this decade, the stock of Grade A offices will jump about 80 percent to 13 million square meters in the city, surpassing Hong Kong as the largest office market in China, according to a white paper released yesterday by the real estate services provider.
The city’s existing central business district area is set to see some 2.3 million square meters of office space released over the next seven years while 3.4 million square meters will be added in new business districts outside the CBD during the same period.
“We expect to see a changing pattern of demand in Shanghai’s office market,” said Joe Zhou, JLL’s head of research for east China. “While the financial and professional services sectors will continue to be the major occupiers of CBD offices, expansion requirements and rising rents will lead an increasing number of large-sized occupiers from industries such as healthcare and retail to gradually move out of the CBD.”
Emerging sources of demand for Grade A office space in the CBD and decentralized areas will come from large Chinese state-owned and private companies as well as new industries such as hospital management, entertainment, e-commerce, new media, education and new energy, according to the white paper.
Despite the surge in supply, the vacancy rate is expected to be under 10 percent in 2020 due to robust demand from tenants, the company has forecast.
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