Guangzhou property retail leasing market flourishes in Q1
2011-April-15 Source:
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Phase 3 G.T.LAND PLAZA is completed, the largest CBD office in Zhujiang New Town. 

With more international brands rushing into Guangzhou, the retail leasing market has flourished, according to the 2011 first quarter property review recently released by Jones Lang LaSalle."The tertiary industry will become an economic pillar in Guangzhou, supplying more space for business development," stated Mr. Jex Ng, the managing director of Jones Lang LaSalle for Guangzhou and Shenzhen. "We expect commercial real estate in Guangzhou will enter a new development stage of maturity next decade."Retail MarketIn 2011 total retail sales of social consumer goods had already reached 7.81 billion Yuan by January and February, a 16.1 percent increase compared to the same period last year. As more international brands enter places like Grandview Mall and La Perle, they lead to a higher demand for the retail leasing market. Average rents remained stable in the first quarter at 777 Yuan/sqm/month, 0.6 percent up from last quarter, 6.5 percent higher the same period last year.The Jiangnanxi business circle in Haizhu District has become a new area for shopping malls like Uniqlo and will enter the Grandbuy Sun Mall, R & F project and Ever Bright business projects to add more supply in the area.Grade A Office MarketMore demand in the office market has arisen, especially in the industries of bank and consumer goods. New office projects completed include Ever Grande Centre, R & F Yingxing Building, North Tower of Phase 3 G.T.LAND PLAZA, etc. Average rents reached 132 Yuan/sqm/month, 2.8 percent higher than last quarter. 1.2 million square meters of grade A offices are expected to be put into use in 2011.

Editor: Olivia
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