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Demand for Beijing’s premium office space surged in last 3 years as tech, finance firms expanded, CBRE report finds
- The amount of premium office property rented out in the capital rose by 41 per cent between 2019 and 2022, the survey found
- The premium end of the market proved resilient to Covid-19 restrictions, with businesses less exposed to the pandemic
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Elise Makin Beijing
Prime office space in Beijing has seen a surge in demand in the last three years as companies in the technology and finance sectors sought to move in or expand, according to a survey.
The total amount of premium office property rented out in the capital rose by 41 per cent between 2019 and 2022, real estate consultancy CBRE said in a report on Tuesday.
The survey found a 44 per cent jump in the space rented out in new office buildings. In existing buildings, tenants rented 9 per cent more space to expand their offices, while newcomers moved in to rent 30 per cent more space.
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The data came from 138 grade A office buildings in the city that span a total area of 5.2 million square metres, with 2,753 companies as occupants. CBRE releases a report on Beijing’s premium office market every three years.
“Beijing’s grade A office market saw a leap forward in terms of quality and quantity over the past three years,” CBRE wrote in the report.
03:28
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Overall, take-up of office space in Beijing and other Chinese cities slumped in the three-year period as strict Covid-19 measures stunted growth. However, the premium end of the market proved remarkably resilient, with businesses less exposed to the pandemic such as tech firms expanding.
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