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Grade A office rents stable in 1st-tier cities
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GRADE A office rents in China鈥檚 four first-tier cities will be stable this year but face downward pressure in most second-tier cities amid abundant supply, said international real estate services provider CBRE.
鈥淚n first-tier cities, where the supply-demand situation is comparatively balanced, office rents are expected to remain stable or rise modestly,鈥 said Frank Chen, executive director and head of research at CBRE China.
鈥淗owever, in many second-tier ones, southward pressure seems obvious as supply is huge but demand remains soft.鈥
The new supply of Grade A offices in the four first-tier cities is forecast to fall 1.6 percent this year from 2015 while the inventory in second-tier cities is seen to jump 22 percent, according to CBRE data.
Around 9.3 million square meters of Grade A office space are set to be released across China in 2016, according to a report released yesterday by CBRE, which tracks 17 major cities nationwide. More than half, or 53 percent, of the supply will be located in emerging areas of those cities.
Domestic tenants will continue to drive the Grade A office leasing market while multinational corporations are set to see robust demand for offices, the report said.
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