The net take-up of Guangzhou’s Grade A Office continuously increased to 63 thousand square meters in the second quarter, according to Savills, an international property consulting company.
Because there’s still no supply of new office space, the city’s vacancy rate declined to 4.9 percent, reaching the lowest point in twenty years. However, the average rent in the city grew relatively slowly to 168.6 yuan per square meter per mouth, up 1.9-percent quarter on quarter (QoQ).
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Apart from Zhujiang New Town, pazhou also witnessed strong demands for Grand A office with its vacancy rate dropping for 4 quarters in a row to 7.6 percent. The average rents of different business areas in Q2 are as follow:
A total of more than 600 thousand-square-meter Grade A office projects will be launched in the second half of the 2018, and expected to rebound the vacancy rate and push pressure on average rents. However, as these new projects are located at emerging business areas, such as pazhou, Huangpu and panyu, they will have little influence on Tianhe Bei and Zhujiang New Town.
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In addition, average rent for Guangzhou’s serviced hotel decreased to 194.2 yuan per square meter per mouth, down 4.3 percent QoQ, while its occupancy rate increased 6.9 percent QoQ to 99.22 percent. More than 500 serviced apartments, most of which are located at Zhujiang New Town, will enter the market in the next three quarters.
The rents of serviced hotels in Guangzhou are expected to remain stable because of the pressure brought by the increasing numbers of five-star hotels.
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