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KUALA LUMPUR: The overall Beijing office market experienced a recovery in 2Q2010, with a significant increase in leasing transaction volume and the overall vacancy rate dropping due to several new completions in the market, according to Colliers International in a report released on Tuesday, July 20.
The total stock of the overall Beijing office market exceeded 11 million sq m in the same quarter. This includes the Office Park Tower C in the central business district -- which is within the Grade A sector -- that has a gross floor area (GFA) of 52,737 sqm.
In the Grade B sector, projects such as Pangu Plaza in the Asian Games Village area and Sanlitun SOHO in the Lufthansa area were completed, adding a combined 300,411 sq m of new space to the market.
The report added that rentals of offices were pushed up, caused by the collective impact of confirmed demand resuscitation and landlords’ strong optimistic sentiment.
At the same time, multinational companies recovered further from the global recession and resumed their expansion, while domestic enterprises aggressively penetrated into the local market, as seen by the number of headline-making leasing transactions recorded in the same quarter.
Meanwhile, Beijing’s leasing market was active in 2Q2010, with the overall vacancy rate down by 2.14% to 14.56%, or 494,157 sqm.
The total stock of the overall Beijing office market exceeded 11 million sq m in the same quarter. This includes the Office Park Tower C in the central business district -- which is within the Grade A sector -- that has a gross floor area (GFA) of 52,737 sqm.
In the Grade B sector, projects such as Pangu Plaza in the Asian Games Village area and Sanlitun SOHO in the Lufthansa area were completed, adding a combined 300,411 sq m of new space to the market.
The report added that rentals of offices were pushed up, caused by the collective impact of confirmed demand resuscitation and landlords’ strong optimistic sentiment.
At the same time, multinational companies recovered further from the global recession and resumed their expansion, while domestic enterprises aggressively penetrated into the local market, as seen by the number of headline-making leasing transactions recorded in the same quarter.
Meanwhile, Beijing’s leasing market was active in 2Q2010, with the overall vacancy rate down by 2.14% to 14.56%, or 494,157 sqm.
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