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"Beijing office market showed signs of recovery and performed better than expected at the beginning of 2025. After the pandemic from previous years, the overall economic has recovering steadily. Leasing demand in the Beijing office market saw a decent rebound in Q1/2025."
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"Chengdu recorded 5.7% of GDP growth in 2024, reaching RMB2,351.13 billion while maintaining its position as China’s seventh-largest economic hub. The hightech manufacturing sector achieved 5.7% value-added growth, led by computer/office equipment manufacturing and electronic communication devices. Consumer markets showed accelerated recovery, particularly in new energy vehicles, cosmetics, and precious metals/jewelry."
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"The Greater Bay Area (GBA) economy expanded by 5.1% YoY in 2024, outperforming the national average by 0.1 ppts despite facing persistent external headwinds and weak domestic demand. Growth momentum moderated by 1.1 ppts from 2023 , but was supported by the rapid emergence of high-quality productive forces. In response, local governments across mainland GBA cities intensified efforts to foster strategic industries such as artificial intelligence (AI), the low -altitude economy, and biopharmaceuticals."
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"It is worth noting that this covers the 'prime-prime' segment of most major property sectors in key cities around the region. "
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"It is worth noting that this covers the 'prime-prime' segment of most major property sectors in key cities around the region and should not be confused with the market overall, particularly when comparing market cycles."
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"The GBA Grade A office market appeared to be on its way to recovery in 1H/2021. Many market players were increasingly confident with rental decreases slowing (down just 1.6% half-onhalf(HoH)), and prices once again rising (up 0.2% HoH)."
"The Beijing Grade A offi ce market will continue to face signifi cant pressurein the medium-to-long term as over 1.3 million sq m of new supply is expected in 2021."
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"The COVID-19 outbreak severely impacted Beijing’s office market. Both landlords and tenants are facing enormous pressure from the stagnate leasing market in 1H/2020 and have adjusted their leasing strategies to make it through these darkdays."
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"In 2019, Chengdu’s GDP reached RMB1,701 billion in 2019, an increase of 7.8% year-on-year (YoY)—1.7 percentage points (ppts) and 0.3 of a ppt higher than the national rate and the Sichuan provincial rate, respectively."
"Savills Research has launched its Greater Bay Area Grade A Office Index, hereinafter referred to as the GBA Grade A Office Index. It aims to provide market players, such as investors, developers, landlords and office occupiers, with a reliable benchmark for the GBA office markets on a city-by-city basis."
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