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Substantial growth in office mart
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Rapid growth of high-quality office buildings in decentralized locations across Shanghai is giving a new look to the city’s Grade A office market as it continues to move toward maturity, according to the white paper released by international property consultancy JLL.
More than half of the city’s Grade A office inventory, which was around 14 million square meters at the end of 2020, is outside the city’s core — compared with 5 million square meters in late 2017.
“The landscape of Shanghai’s Grade A office market has continued to evolve over the past few years amid a rapid increase of new supply in decentralized areas,” said Anny Zhang, managing director for JLL East China and head of markets for JLL China.
“The ongoing transformation will help set the tone for the future development of the market, the growth of which is driven by the clustering of industries and development of retail amenities and infrastructure,” Zhang added.
From the tenant perspective, finance-related companies remain the cornerstone of the city’s Grade A office market with a 36 percent market share in 2020, up from 34 percent in 2018.
The technology, media and telecommunications industry, meanwhile, continued to expand robustly across the city, taking up 10 percent of Grade A office spaces in core locations and 21 percent in non-core areas in 2020, compared to 8 and 17 percent, respectively, in 2018.
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