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Office space may add 80% in 4 years
By Cherry Cao |
April 12, 2013, Friday
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Print Edition
Print Edition
THE inventory of quality office space in 14 major Chinese cities may surge 80 percent within the next four years, although second-tier cities may suffer from an oversupply, a real estate services provider has predicted.
Between 2013 and 2016, quality office space totalling 40.8 million square meters may be added in Beijing, Shanghai, Shenzhen, Chengdu, Guangzhou, Tianjin, Chongqing, Hangzhou, Shenyang, Wuhan, Ningbo, Qingdao, Nanjing and Dalian, revealed a research released yesterday by CB Richard Ellis, the world's largest commercial real estate services and investment firm.
"Beijing will continue to suffer an acute undersupply while the office markets in Shanghai, Guangzhou and Hangzhou will be rather balanced in terms of demand and supply," said Frank Chen, executive director, head of research at CBRE China. "A number of second-tier cities, Tianjin, Shenyang and Chongqing in particular, will probably see supply significantly outpacing demand."
Shanghai may see 5 million square meters in the supply of new office space over the four years, with nearly 50 percent in secondary and decentralized locations, CBRE data showed.
Shanghai, where there were 10.5 million square meters of quality office space as of 2012, may see 1.8 million square meters of new office space in 2015.
Between 2013 and 2016, quality office space totalling 40.8 million square meters may be added in Beijing, Shanghai, Shenzhen, Chengdu, Guangzhou, Tianjin, Chongqing, Hangzhou, Shenyang, Wuhan, Ningbo, Qingdao, Nanjing and Dalian, revealed a research released yesterday by CB Richard Ellis, the world's largest commercial real estate services and investment firm.
"Beijing will continue to suffer an acute undersupply while the office markets in Shanghai, Guangzhou and Hangzhou will be rather balanced in terms of demand and supply," said Frank Chen, executive director, head of research at CBRE China. "A number of second-tier cities, Tianjin, Shenyang and Chongqing in particular, will probably see supply significantly outpacing demand."
Shanghai may see 5 million square meters in the supply of new office space over the four years, with nearly 50 percent in secondary and decentralized locations, CBRE data showed.
Shanghai, where there were 10.5 million square meters of quality office space as of 2012, may see 1.8 million square meters of new office space in 2015.
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