An increased number of local businesses ranging from Internet to finance developed strong demand for Grade A offices last year in Guangzhou, capital of Guangdong province, according to an industrial report.
Released by global property service provider JLL (South China), the report indicated that about 70 percent of new Grade A offices in Guangzhou were rented by local private companies as they have been upgrading.
Private businesses were concentrated in the booming business center of Zhujiang New Town, where the vacancy rate of Grade A offices decreased significantly.
Following strong demand from private businesses, the renting price increased about 4 percent year-on-year in 2015, the highest level since 2011, according to the report.
"Emerging industries such as Internet and finance will continue a upward demand for Grade A offices this year," said Cheng Zhiwen, a commercial property manager of JLL.
According to the report, about 800,000 square meters of new Grade A offices will become available in the city during this year.
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