Daideliang, a real estate service and consultant, issued the second quarter of 2021 Guangzhou real estate market report. The report shows that in the first half of 2021, after eight consecutive quarters of decline, the rent of Grade A office buildings in Guangzhou has seen a small recovery to 179 yuan per square meter per month in the second quarter, while the vacancy rate of high-quality retail market has continued to decline to 4.5%, reaching the lowest level in recent five years.
According to the report, the bright report of the grade A office market benefited from the strong recovery of Guangzhou economy. The report shows that the domestic economy continued to recover in the first half of 2021, with the GDP growth of four first tier cities in northern, upper, Guangzhou and Shenzhen exceeding 17% year-on-year in the first quarter, of which, Guangzhou’s economic GDP growth reached 19.5%, fixed assets investment, third industry growth and other important economic growth indicators ranked first in the first tier cities.
The report shows that in the first half of 2021, the net intake and new supply of Grade A office buildings in Guangzhou reached the highest level in the same period of nearly five years, respectively, 310000 square meters and 287000 square meters, with a significant increase in market activity.
Specifically, in the first half of this year, the demand for office property of Pearl River New City, Pazhou, sports center and Yuexiu was active, among which Pazhou and Pearl River new town are still the hottest area for office location, and the net absorption volume of the half year is about 100000 square meters.
From the perspective of transaction area, TMT (the initial letter of technology, media, telecom, technology, media and communication) and finance are still the leading industries in leasing transactions in the first half of the year, accounting for 35.8% and 15.7% of the total volume of the city. If the headline is moved to Heji international building today, rent 30000 square meters of office space.
In the first April of this year, Guangzhou realized a total retail sales of social consumer goods of 34.3 billion yuan, a year-on-year growth of 27.1%. Despite repeated delays in Guangzhou, compared with the first outbreak in late 2019, the retail market has been relatively slow in response to the government’s precise and quick response. In the first half of the year, 414 thousand square meters of quality shopping centers were put into operation in the new market. The COVID-19 has been operating in the first half of the year. In terms of rent, except for Baiyun’s decrease due to the new supply, the average rent of other business districts has increased to different degrees. At present, the average rent of the city is 722.7 yuan per square meter per month, up 2.6% compared with 2020.