The mainland's buoyant economy is attracting an increasing number of multinational corporations to set up offices in either Beijing or Shanghai. These companies, along with their local counterparts, are looking for stylish office buildings.
Tenants are looking for premium office complexes that suit their image, they want offices in central business districts with convenient transportation, easy access, top-grade interiors that include green features, and a world-class building management.
Occupiers are once again placing greater emphasis on the quality and flexibility of office accommodations versus making decisions based on costs alone, says Tim O'Connor, senior director and head of office services at CB Richard Ellis (Shanghai).
'Increased activity is being seen from high-value-added manufacturing companies, pharmaceutical firms and the professional services sector, as real estate decisions are being made with an eye on the future,' O'Connor says.
Situated in Jing'an District in Puxi, Shanghai, Wheelock Square is the only premium office tower that will be completed in the district this year.
'Puxi's office market is on the road to steady recovery,' says Anthony Couse, managing director at Jones Lang LaSalle (Shanghai). 'It has witnessed net absorption for two consecutive quarters since the fourth quarter of last year.