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Shenzhen Grade-A OFFICE MARKET REPORT Q1 2021

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Shenzhen Grade-A OFFICE MARKET REPORT Q1 2021 TMT enterprises were active in the office leasing market Shenzhen Grade-A Office Market Report knightfrank.com.cn Q1 2021 SHENZHEN GRade-A OFFICE MARKET REPORT Q1 2021 LOWERING PRICE TO BOOST VOLUME WAS STILL AN IMPORTANT STRATEGY FOR MOST OFFICE LANDLORDS TO ATTRACT TENANTS In Q1, Guangdian Financial Centre was delivered, bringing 229,000 sqm new supply to the Shenzhen Grade-A office market. The overall stock increased to 8.23 million sqm. The fixed asset investment in Shenzhen The Shenzhen Grade-A office leasing projects achieved high occupancy due to recovered well, and the consumer market market was active in this quarter. the high-quality building specifications, was picking up fast. From January to Although the negative impact of the well-equipped commercial facilities, and February 2021, the cumulative growth in epidemic on Shenzhen Grade-A office relatively few supplies in the surrounding fixed asset investment increased by 46.2% market has been gradually eliminated, it is areas. YoY while total retail sales of consumer expected that competition in the Shenzhen goods in Shenzhen increased by 37.6% YoY. Grade-A office market will remain fierce Quality companies were still actively due to the large amount of new supply seeking opportunities to upgrade or In Q1 2021, the vacancy rate of the in the future. In the short to medium expand office spaces. The occupancy of Shenzhen Grade-A office market was 23%, term, most office building developers will many leading companies in emerging remained the same as previous quarter. continue to bear great pressure on leasing, business districts has also driven their The average rent of the Shenzhen Grade-A and lowering prices to boost volume will upstream and downstream affiliated office market fell 1.0% QoQ to RMB 203 be still an important leasing strategy for companies to lease office space in the per sqm per month, which was a narrower most landlords. Despite the abundant surrounding areas. decline compared to the previous quarter. new supply, some prominent office 2 SHENZHEN GRade-A OFFICE MARKET REPORT Q1 2021 Fig 1. Shenzhen Grade-A office market indicators NEW SUPPLY RENT VACANY RATE PrICE Q1 2021 229,000 sqm RMB 203 / sqm / month 23.0% RMB 50,407 / sqm QOQ CHANGE 1.0% 0.05% FORCAST (Q2 2021) Source: Knight Frank Research RENTS AND PRICES In Q1, the average rent for Grade-A office space in Shenzhen was RMB 203 per sqm Fig 2. Shenzhen Grade-A office rental and price per month, down 1.0% QoQ and the decline Price Rental narrowed 0.4 percentage points. RMB/sqm/month RMB/sqm In terms of business district, the average rent 260 60,000 in emerging business districts remained 240 55,000 stable during the quarter, while the average 220 50,000 rent in the core and secondary business 200 45,000 districts went down. The average rent of 180 40,000 Grade-A office buildings in the core business districts decreased by 2.9% QoQ to RMB 212 160 35,000 per sqm per month, while the average rent 140 30,000 of Grade-A office buildings in the secondary 120 25,000 Q1 Q4Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4Q1 Q4Q1 Q4 Q1 Q4Q1 Q4Q1 Q4 Q1 Q4Q1 business districts decreased by 0.8% QoQ to 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 RMB 186 per sqm per month. Source: Knight Frank Research In the strata-title market, the average price of office buildings in Shenzhen during the quarter was RMB 50,407 per sqm, increased slightly by 0.05% QoQ. 3 SHENZHEN GRade-A OFFICE MARKET REPORT Q1 2021 Table 1. Major Grade-A office sub-market indicators, Q1 2021 Rent Rent Change Vacancy rate change Submarket Vacancy Rate (RMB / sqm / month) (QoQ) (QoQ) Caiwuwei 185 ↓4.2% 17.6% ↑3.0 Futian CBD 238 ↓1.2% 16.5% ↑3.0 Houhai 211 ↓2.8% 30.9% ↑0.8 Qianhai 156 ↓0.6% 43.7% ↓1.9 Huaqiang North 175 ↔ 25.5% ↓5.2 Chegongmiao 211 ↓2.3% 14.7% ↓2.2 Shekou 193 ↓3.5% 35.7% ↔ Nanyou 165 ↔ 4.4% ↔ High-tech Business Park 179 ↔ 18.9% ↓3.0 Source: Knight Frank Research SUPPLY AND DEMAND In Q1 2020, Guangdian Financial Centre was delivered, bringing 229,000 sqm new Fig 3. Shenzhen Grade-A office supply, take up and vacancy rate supply to the Shenzhen Grade-A office Grade-A office supply (left) Grade-A office net absorption (left) Vacancy rate (right) market. The overall stock increased to 8.23 million sqm, raised 2.9% YoY. '000 sqm 1,600 30% 1,400 In this quarter, TMT companies still 25% dominated the leasing transactions. 1,200 20% Notable examples include the lease 1,000 of a 3,100-sqm-office space in Baidu 800 15% Mansion by TRANSSNET; the expansion 600 10% of a 1,500-sqm-office space in Neptune 400 Galaxy Technology Building by EXC- 5% 200 LED. 0 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Q1 Source: Knight Frank Research Table 2. Major Grade-A office leasing transactions, Q1 2021 District Building Tenant Area(sqm) Leasing Type High-tech Baidu Mansion TRANSSNET 3,100 New Lease Business Park Neptune Galaxy High-tech EXC-LED 1,500 Expansion Business Park Technology Building Source: Knight Frank Research Note: all transactions are subject to confirmation 4 SHENZHEN GRade-A OFFICE MARKET REPORT Q1 2021 INVESTMENT MARKET In March 2021, Shenzhen Expressway stated that the purchase of new office development. In the development and Shenzhen International jointly properties can meet the office needs environment of Shenzhen’s industry announced that Shenzhen Expressway of Shenzhen Expressway and its many agglomeration effect and talent agreed to purchase office properties subsidiaries. gathering effect, it is expected that from Loren-Sebo with a transaction more cooperate buyers will become the value of RMB 1.559 billion. The property The rapidly expanding and well-funded major demand side for office en-bloc is a first-hand office property on 35 to 48 corporate buyers have gradually transaction in the future, thereby floors of Hanking Financial Center, with become an important demand side enhancing the company’s image and a transaction area of approximately of the Shenzhen office investment promoting the benefits of corporate 23,000 sqm. Shenzhen Expressway market to meet the needs of their own development. MARKET OUTLOOK Starting in 2021, the development of and Technology Innovation Pole, to Shenzhen’s “headquarters economy” promote integration while stimulate Driven by the macro policy has been accelerated. On February 22, the construction of a national science Wumart Southern Technology Co., center; promote the construction of orientation, the inflow of Ltd. acquired a commercial land in major cooperation platforms among capital and other factors, Futian District for RMB 1.257 billion, Guangdong, Hong Kong and Macao, it is expected to effectively with a land area of 4,499.95 sqm. After such as Qianhai District, Shenzhen, the land was acquired, Wumart would Hengqin District, Zhuhai, Nansha promote the development sign a headquarter project industry District, Guangzhou, and Shenzhen- of professional services, development supervision agreement Hong Kong Loop. with Shenzhen Futian District Industry TMT and other industries and Information Technology Bureau, As an important area of the “Shenzhen in Shenzhen, conforming promising that the acquired land can Strategy”, Qianhai had a brilliant only be used for the construction of the performance in attracting foreign direct to Shenzhen’s strategic headquarters for Digital Distribution investment. In 2020, the foreign direct positioning, thereby further Supply Chain, Futian District. investment in actual use in Qianhai promoting the development Shenzhen-Hong Kong Cooperation Zone In order to further promote Shenzhen was USD 4.305 billion, an increase of of Shenzhen office leasing into a competitive and international 11.7%, accounting for 49.6% of the city market, especially the metropolis, Shenzhen was repeatedly and 3% of the country. There was a total mentioned in the “The Fourteenth of 11,300 registered Hong Kong-funded demands in Qianhai Five-Year Plan for National Economic enterprises, and the direct investment sub-market. and Social Development of the People’s in actual use from Hong Kong Republic of China and the Outline accounted for about 88.3% of the total of Vision Goals for 2035”, which was foreign investment in Qianhai. released in March. The outline proposes to support Shenzhen to become a Driven by the macro policy orientation, pioneering demonstration zone for the inflow of capital and other factors, socialism with Chinese characteristics; it is expected to effectively promote the improve the Guangzhou-Shenzhen- development of professional services, Hong Kong, Guangzhou-Zhuhai- TMT and other industries in Shenzhen, Macao Science and Technology conforming to Shenzhen’s strategic Innovation Corridor, Shenzhen-Hong positioning, thereby further promoting Kong Loop, and “Two Corridors and the development of Shenzhen office Two Points” framework system for leasing market, especially the demands Guangdong-Macao-Hengqin Science in Qianhai sub-market. 5 SHENZHEN GRade-A OFFICE MARKET REPORT Q1 2021 SHENZHEN GRADE-A OFFICE market dashboard q1 2020 Qianhai High-tech Business Park Chegongmiao Huaqiang North Rent: 156 Rent: 179 Rent: 211 Rent: 175 VR: 43.7% VR: 18.9% VR: 14.7% VR: 25.5% Shekou Houhai Nanyou Futian CBD Caiwuwei Rent: 193 Rent: 211 Rent: 165 Rent: 238 Rent: 185 VR: 35.7% VR: 30.9% VR: 4.4% VR: 16.5% VR: 17.6% Source: Knight Frank Research Note: rents using average effective rent at RMB/sqm/day; VR refers to average vacancy rate. We like questions, if you’ve got one about our research, or would like some property advice, we would love to hear from you.
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