戴德梁行：2023年大中华区写字楼供应及需求前沿趋势报告（英文版）（61页）.pdf

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1、Greater China Top Office Supply/Demand Trends13Greater China Top Office Supply/Demand Trends4BEIJINGIn 2022,Beijings Grade A office new supply dropped 32.1%year-on-year(y-o-y)to 423,858 sq m.A total of nine Grade A office buildings completed in the market,the same number of completions as seen in 20

2、21.Impacted by the pandemic,downward economic pressure,and uncertainty in the external environment in 2022,market activity decreased significantly in Beijing.Thus,the annual net absorption for the Grade A office market in the city was 173,000 sq m,down 79.4%y-o-y.The TMT,finance and professional ser

3、vices industries still ranked in the top three in terms of the leasing transactions by area.These industry sectors accounted for 43.2%,25.0%and 13.6%of total Grade A office leasing transaction activity,respectively in Beijing in 2022.With the relaxation of the epidemic control measures and the rapid

4、 release of economic activity,the citys Grade A office market is expected to gradually recover.Both supply and demand are expected to increase significantly compared to 2022.About 2.1 million sq m of new office space is expected to be ushered in over the next three years.The influx of new space will

5、 continue to exert pressure on landlords.Subsequently,market rental will still face some downward pressure in the short term,which should provide tenants with a favourable window of opportunity for lease negotiation.SHANGHAISHENZHENIn 2022,the Shanghai Grade A office market was greatly impacted by t

6、he outbreak of the COVID-19 virus.Still,much new supply entered the citys non-core submarkets,helping the total stock of Grade A office to surpass 15 million sq m.Meanwhile,market transaction volume slowed.The annual net absorption figure for the Grade A office market in Shanghai reached 625,725 sq

7、m,a smaller figure than the one recorded in 2021.Throughout the year,professional services,TMT and finance still led the industry sectors in the volume of transactions by area stakes with a market share of 23.8%,17.4%and 17.4%,respectively.In the future,with the greater adoption and implementation o

8、f more advanced technologies in AI and the Internet,the digital economy is expected to continue to bring changes to many industries in Shanghai.Some of the industries which are expected to see related transformative new business opportunities are trading,education,life sciences,media,marketing,finte

9、ch,asset management,new retail,high-end manufacturing and modern logistics.Additionally,many office projects delayed by previous COVID-19 epidemic outbreaks are scheduled to enter the market this year.These projects are likely to add more than 2 million sq m of quality supply.Lastly,in terms of mark

10、et revival,gradually recovering from the COVID-19 epidemic outbreak in 2022,this year,Shanghai is aiming to encourage a greater influx of capital to support the office economy in the city.Shenzhen welcomed 597,950 sq m of prime new office supply in 2022,with Futian CBD and Houhai adding 130,000 sq m

11、,respectively.Supply in Qianhai made up the remaining new supply share of 56.5%.In terms of demand,the annual Grade A office net absorption totalled 221,608 sq m,a drop of 66.3%when compared to the figure achieved in 2021.Subsequently,the citywide vacancy rate climbed 3.6 percentage points y-o-y to

12、22.8%and the average rent declined 3.3%y-o-y to record RMB 203.5 per sq m per month.The finance,TMT and professional services industries remained key drivers of leasing demand,although with changing market shares.The finance sector,which took a 36.5%share of the total leased area in 2022 was up 10.9

13、 percentage points y-o-y.Meanwhile,on an annual basis,TMT dropped 15.1 percentage points while professional services was up 5.9 percentage points.New supply in the pipeline for 2023 is expected to reach 1.3 million sq m,bringing on considerable supply pressure.As borders further reopen,the market wi

14、ll witness a further rebound in business activity,which will help out in the recovery of Shenzhens economy and bring support to the degree of office demand.Greater China Top Office Supply/Demand Trends5GUANGZHOUSix new projects completed in 2022,bringing over 416,953 sq m of office space to the Guan

15、gzhou Grade A office market.This new supply expanded the citywide Grade A office market stock to more than 6.0 million sq m.During the past year,the recurrence of the COVID-19 epidemic in major cities in mainland China brought great challenges to economic development and urban operations.Enterprises

16、 turned cautious on expansion plans,with renewal and relocations driven by cost controls largely responsible for much leasing activity.In 2022,weaker demand in Guangzhou placed the citys annual net absorption figure into negative territory.Domestic enterprises were still the main drivers for transac

17、tion activity in Guangzhous Grade A office market,with a 72.6%share of total transactions by area in 2022.Meanwhile,professional services took a 28.4%of leasing activity by area,growing 15.1 percentage points y-o-y.Ahead,approximately 3.7 million sq m of new supply is scheduled to complete during th

18、e next five years.The return of market participant confidence will be the key to promoting the resumption of market activity and vitality.HONG KONGTAIPEIIn 2022,the Hong Kong market saw six new Grade A office building completions.All were located in the citys non-core areas.The six projects added 26

19、6,500 sq m and went some way to lift the overall availability rate to 16.7%by end-2022;this from 13.6%at end-2021.At 23,300 sq m and driven by take up in new completions,Grade A office net absorption in Hong Kong for 2022 rebounded back to positive territory.This was after two consecutive years of n

20、egative net absorption.Continuing on the demand side and in line with previous years,the finance and professional services sectors continued to dominate the leasing market by total newly leased area in 2022.In addition,the Hong Kong Grade A office market also saw emerging demand from the public sect

21、or in 2022.With the border fully reopened and most COVID-19 pandemic restrictions relaxed in the city,overall business sentiment is expected to improve along with a gradual return of demand from mainland firms.This returned demand is expected to result in office rental decline to narrow and then sta

22、bilise in 2023.In 2022,only one quality Grade A office building,E.SUN Second Headquarters,was launched.The new supply added 28,800 sq m to the Taipei Grade A office market.The full-year net absorption in the citys Grade A office leasing market reached 35,200 sq m in 2022.The leasing transactions wer

23、e predominantly small-and medium-sized areas,averaging 2,100 sq m per deal.By 2025,approximately 330,000 sq m of future Grade A office supply is expected to complete in Taipei,equating to about 13%of the exiting stock.A trend to upgrade hardware in older A-grade office buildings in core areas will e

24、merge due to intense competition and company emphasis on achieving ESG goals.Businesses in the office market will prioritise Grade A offices with flexible space usage and sustainability features.6Greater China Top Office Supply/Demand Trends7Greater China Top Office Supply/Demand Trends8Greater Chin

25、a Top Office Supply/Demand Trends9Greater China Top Office Supply/Demand Trends1020%0%5%10%15%20%25%0246810121420162017201820192020202120222023202420252026SupplyNet AbsorptionVacancy RateMillion Sq mThis data includes Beijing,Shanghai,Guangzhou,Shenzhen,Changsha,Chengdu,Chongqing,Dalian,Hangzhou,Nan

26、jing,Qingdao,Shenyang,Tianjin,Wuhan,Xiamen,Xian,Wuxi,Suzhou,Hong Kong and TaipeiGreater China Top Office Supply/Demand Trends11Greater China Top Office Supply/Demand Trends1251%21%14%5%4%4%1%Office/R&DIndustrialMixed UseRetailHotelApartmentData CentreGreater China Top Office Supply/Demand Trends13Gr

27、eater China Top Office Supply/Demand Trends14Greater China Top Office Supply/Demand Trends15Greater China Top Office Supply/Demand Trends16Greater China Top Office Supply/Demand Trends17Greater China Top Office Supply/Demand Trends18Greater China Top Office Supply/Demand Trends19Greater China Top Of

28、fice Supply/Demand Trends20Greater China Top Office Supply/Demand Trends21Greater China Top Office Supply/Demand Trends2222Greater China Top Office Supply/Demand Trends2323Greater China Top Office Supply/Demand Trends24Greater China Top Office Supply/Demand Trends25Greater China Top Office Supply/De

29、mand Trends26Greater China Top Office Supply/Demand Trends27Greater China Top Office Supply/Demand Trends28Source:Cushman&Wakefield ResearchGreater China Top Office Supply/Demand Trends29Greater China Top Office Supply/Demand Trends30SupplyGreater China Top Office Supply/Demand Trends31Greater China

30、 Top Office Supply/Demand Trends32Greater China Top Office Supply/Demand Trends33Greater China Top Office Supply/Demand Trends34Source:Cushman&Wakefield ResearchGreater China Top Office Supply/Demand Trends35Greater China Top Office Supply/Demand Trends36Greater China Top Office Supply/Demand Trends

31、37Greater China Top Office Supply/Demand Trends38Greater China Top Office Supply/Demand Trends39Greater China Top Office Supply/Demand Trends40Source:Cushman&Wakefield ResearchGreater China Top Office Supply/Demand Trends41Greater China Top Office Supply/Demand Trends42Greater China Top Office Suppl

32、y/Demand Trends43Greater China Top Office Supply/Demand Trends44Greater China Top Office Supply/Demand Trends45Greater China Top Office Supply/Demand Trends46Greater China Top Office Supply/Demand Trends47Greater China Top Office Supply/Demand Trends48Greater China Top Office Supply/Demand Trends49G

33、reater China Top Office Supply/Demand Trends50Greater China Top Office Supply/Demand Trends51Greater China Top Office Supply/Demand Trends52Source:Cushman&Wakefield ResearchGreater China Top Office Supply/Demand Trends53Greater China Top Office Supply/Demand Trends54Greater China Top Office Supply/D

34、emand Trends55Greater China Top Office Supply/Demand Trends56Greater China Top Office Supply/Demand Trends57Greater China Top Office Supply/Demand Trends58KEY TAKEAWAYS59Greater China Top Office Supply/Demand Trends61Sabrina WeiNorth CThis report was authored by Shaun Brodie,Head of Research,East Ch

35、ina&Greater China Content.Analysis support was provided by Larry Sang,Lianne Yang,Ning Wen,Pheobe Wang,Anthony Wong,Julia Law and Lynn Huang.To better serve our clients our China Research Team has established Centres of Excellence in various focus areas,such as Capital Markets,Industrial,Logistics a

36、nd Retail.Shaun leads the Research Centre of Excellence for Greater China Occupier Research.If you have any queries related to Occupier Research in Greater China,please contact:Ivy JiaWest CRosanna TangHong KXiaoduan ZhangSouth&Central CEason LeeTShaun BrodieHead of Research,East China&Greater China

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