30% office vacancy rate in major Chinese cities

INTERNATIONAL DESK: Grade A office building in mainland Chinese cities is vacant. As many as 19 out of 40 cities in mainland China, has recorded vacancy rate.

According to the “2021 China Office space Market White Paper” published by the Chinese real estate consulting agency Jones Lang LaSalle “In 19 out of 40 cities in mainland China, the vacancy rate of Grade A office buildings exceeded 30 per cent.”

The survey pointed out that among 40 cities including 31 Chinese provincial capitals, plus Shenzhen, Ningbo, Qingdao, Xiamen, Dalian, Suzhou, Wuxi, and Macao, 19 cities have problems with vacant office buildings.

Among them, Changchun Office buildings have the highest vacancy rate at nearly 44 per cent, followed by Wuxi, Nanchang, Hohhot and Wuhan, where vacancy rates have reached or exceeded about 39 per cent, and vacancy rates in Dalian and Qingdao have all exceeded 30 per cent.

In Shanghai, the vacancy rate of Grade A office buildings has reached more than 20 per cent. Shenzhen has reached 23 per cent and Suzhou and Henan Zhengzhou have exceeded 25 per cent.

Except for Hong Kong, which has the lowest vacancy rate of 9 per cent, other Chinese regions have exceeded 10 per cent.

The survey pointed out that Wuhan’s vacancy rate is very high, showing the impact of the epidemic.

(The Hong Kong Post)