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around 100,000 SF. PRC office demand is expected to remain
relatively strong over the next three years, particularly in
Hong Kong’s Greater Central area as more PRC companies
seek to “go global.”
Elsewhere, Shenzhen’s newly developed Qianhai area will
also continue to attract many domestic and multinational
companies. As of March 2017, Qianhai had 133,000 registered
companies of which 41% opened offices—a significant
increase from the 250 companies four years ago, according
to data from the Qianhai Authority. Moreover, in March 2017,
the Chinese government announced a new “Greater Bay”
plan to press forward with development of a city cluster
in the Guangdong-Hong Kong-Macao Greater Bay Area,
which includes Hong Kong, Shenzhen and Guangzhou. The
South China economy is expected to strength further when
execution of the Greater Bay plan is implemented in five
years’ time.
GREATER CHINA: OFFICE SUPPLY VS. DEMAND
2017 - 2019
Source:
Cushman & Wakefield Research
132.7
199.4
0
50
100
150
200
250
2017-2019
MSF
Net Absorption
Completions