Offices for rent in great demand

PUBLISHED : Wednesday, 07 November, 2012, 10:03am
UPDATED : Wednesday, 07 November, 2012, 10:04am

The office leasing market in Wuhan sustained robust activity in the first half of this year, as companies started renting grade A office spaces and achieved healthy gains, according to analysts.

Grade A office rentals for projects in the city's main business districts soared by 24.6 per cent in the first half compared with the corresponding period last year, says Frank Chen, executive director of China research at CBRE Research, China. "Average monthly rentals for grade A offices in Wuhan reached 95.8 yuan (HK$117.20) per square metre in the second quarter, up 0.8 per cent compared with the first quarter," he says.

According to Grace Lee of DTZ Guangzhou, international and domestic enterprises in the manufacturing, professional services, information technology, logistics and finance/insurance sectors, have driven office leasing activity.

Lee is the senior associate director and head of business space department for central China at DTZ.

New projects with grade A offices, which will become available soon, include the Guangdong Development Bank Building, with a gross floor area 73,000 square metres, International Finance Centre (43,932 square metres), and the Poly Plaza (142,742 square metres). "Leasing transactions will continue to increase steadily, and the overall availability ratio is expected to witness a slight decrease," she says.