New Supply will Change Prime Office Market Dynamics - Agency
A flood of new prime office supply in 2017 will have a significant impact on occupier markets in major Chinese cities, according to property agency DTZ/Cushman & Wakefield.
DTZ/Cushman & Wakefield's latest report forecasts completion of a combined 5.8 million sq m of new prime office supply in 2017 across many of China’s major city-level Grade A office markets.
James Shepherd, DTZ/Cushman & Wakefield's Managing Director, Head of Research, Greater China said, the new supply will change the prime office market dynamics in these cities, placing extra competition pressure on office landlords while creating more location options and opportunities for office occupiers.
Shaun Brodie, DTZ/Cushman & Wakefield’s Senior Director, Head of Occupier Research, Greater China said, “2017 will continue to see the maturation of the prime office offering in many major city peripheral sub-markets in China. Given the expected lower office occupation costs and greater availability, these peripheral sub-markets will continue to attract a good number of companies looking to either decentralize from central CBDs or set up new headquarter offices or even a campus style offices.”
- APMR News