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JLL releases the latest Offices 2020 series report, introducing forward-looking real estate advice and action plan
SHANGAHI, May 22, 2017 - JLL (NYSE: JLL), a world-leading professional services firm that specialises in real estate and investment management, today officially releases the 2017 version of Offices 2020 series report. The report consists of a review and outlook on the first edition of Offices 2020 published by JLL in 2014, providing clients with forward-looking real estate strategy advice and action plan.
The report consists of four parts: Reflect, Re-imagine, Re-invent and Shanghai City Report.
Back in 2014, JLL began its future-mapping journey to answer the question of "Where next for Hong Kong, Mumbai, Shanghai, Singapore, Sydney and Tokyo?" 2017, midway through the journey toward 2020, is a fitting opportunity to evaluate what JLL forecasted in the first edition of Offices 2020, and what has happened since.
Reflect briefly takes stock of macroeconomic themes across the Asia Pacific office landscape over the past few years and provides readers a better understanding of the fundamentals underpinning the wider Asia Pacific region.
James Allan, Head of Markets, Shanghai, JLL said, "As the growth engine of the world, Asia Pacific has led global economic growth since 2010, and will continue to do so over the next few years. Asia Pacific-based corporations are now the biggest share in the Fortune Global 500, making the region the new bastion of corporates. The robust demand among these corporates has been reflected in strong regional leasing take-up, particularly in the established global gateways. Another key demand driver for office real estate in Asia Pacific is the technology sector. New players are emerging from this sector, hiring thousands of staff. Besides being at the forefront of the wave of fresh appetite for office floor space, tech players are also pushing the envelope on workplace design and real estate portfolio strategy."
Re-imagine offers a clear vision of the regional office landscape over the next few years from four different perspectives - the city, the building, the office, and the worker. The report captures the ongoing shift of the office market toward the "Future of Work".
Joe Zhou, Head of Research for JLL China, said, "Facing limited space, urban development needs to catch up with the pace by embracing the concept of 'urban cluster' and 'cities in the sky'. The humble office building is on the cusp of a revolution. One of the current trends is to utilise cutting-edge technologies for a switch to smarter buildings, thus creating ideal environments for employees. Moreover, as organizations increasingly place the attraction and retention of talent at the top of their agendas, workplaces need to evolve. With the inclusion of younger generations in the workforce and the rising 'liquid workforce', shared office space has also become a new trend."
Re-invent report concludes the methods of "Future of Work" and comes up with the 20/20 action plan for real estate strategy. The ability to anticipate and adapt empowers clients to stay ahead of the curve in the industry.
James Allan said, "As we conclude this future-mapping exercise for offices in Asia Pacific, we recognise that the only constant is change. Our 20/20 action plan for real estate strategy provides clients with forward-looking solutions. For example, when reviewing the portfolio strategy, we urge clients to consider agile workplaces and responsive portfolios. While adopting smart buildings, we encourage clients to put data in the driving seat. In terms of investment in change management, we suggest clients to plan for continuity and optimise their relocations."
By 2020, Shanghai is expected to receive approximately 11 million square metres of Grade A
office space, replacing Hong Kong as the largest office market in Greater China. Meanwhile, Shanghai is set to have the largest pipeline of prime office completions by 2020, overtaking Hong Kong, Sydney and Tokyo. James Allan said, "With rising office rents in Shanghai, an increasing number of price-sensitive tenants are shifting to emerging business areas outside the traditional CBD. Fringe districts such as Railway Station, the North Bund and Qiantan are especially attractive to tenants due to convenient access to CBD core areas." Meanwhile, Shanghai's service sector is expected to go from strength to strength, cementing its status as China's core financial hub. Toward 2020, Shanghai has immense potential to upgrade itself as an "Established World City" in the midst of a shifting world order, achieving its ambition towards "World City" status.
Download the full report of Offices 2020:
>>> Shanghai Offices 2020 >>> Offices 2020 – Re-imagine >>> Offices 2020 – Re-invent
>>> Offices 2020 – Re-flect
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At the end of the first quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 78,000. As of March 31, 2017, LaSalle Investment Management had $58.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
JLL has over 50 years of experience in Asia Pacific, with 36,800 employees operating in 95 offices in 16 countries across the region. The firm won the ‘World’s Best’ and ‘Best in Asia Pacific’ International Property Consultancy at the International Property Awards in 2016 and was named number one real estate investment advisory firm in Asia Pacific for the sixth consecutive year by Real Capital Analytics. www.jll.com/asiapacific
In Greater China, the firm was named ‘Best Property Consultancy in China’ at the International Property Awards Asia Pacific 2016, and has more than 2,200 professionals and 14,000 on-site staff providing quality real estate advice and services in over 80 cities across the country. www.joneslanglasalle.com.cn
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