Changsha office market entered oversupply supply from 2014. CBRE initiated a tenant survey adapting to the changing market landscape and latest trends of office tenants in Changsha. We aim to shed light on the tenant structure and advance some strategies for market stakeholders according to data and analysis.
- Finance, service and real estate & architecture sectors ranked as top three demand drivers. The contribution was 37%, 20% and 16% respectively.
- Foreign MNCs remained prudent in real estate strategy, whereas China home-grown companies rose to dominate, accounting for more than 90% of total occupied space of Grade A offices.
- The number of companies occupying 300 sq. m and below space accounted for 47% of total number, and 300-500 sq. m. 19%. 2,000 sq. m. and above accounted only 7% in terms of number of occupiers, among which over 50% were traditional finance companies.
- Hexi Riverside expected to emerge as a new office cluster second to Wuyi Ave. and Middle Furong Rd. Co-working and TMT industries anticipated to serve as new impetus to drive office demand.