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Office Space

We make owned and leased office space more valuable by improving its productivity and financial performance

​​​​​​​​​​​​​​​​From acquisition to disposition—and every phase in between—our specialists in leasing, management and capital markets know how to position office assets and portfolios for long-term success. We devise more strategies and execute more transactions involving office space than any other property type.

If you're an owner or institutional investor, you'll benefit from our intimate knowledge of office markets and tenants—in your own back yard and around the globe. We'll skillfully manage your property to enhance its value and help you achieve the highest returns. And when it's time to sell, we'll bring the right buyers to the table and execute a transaction that exceeds your expectations.

If you're a company that owns or leases office space, we'll make sure it's flexible enough to meet your business and financial goals, operates efficiently and is capable of driving productivity.

Tapping over 230 years of global real estate experience, JLL's network at every level – international, regional and local – serves to build relationships between owners, occupiers and investors. In China, we offer you the most extensive market coverage through highly experienced agency professionals who are constantly in touch with the changing real estate situations in the markets. Our resources, commitment and experience gives you an integrated solution tailored specifically for your unique office needs, and access to the industry's best practices.


To know more about JLL China 
Office sector capability, please submit your inquiry via "Contact us" at the right navigation.​

 

 

News and research

 

 

Built to last: wholly owned office buildings outperform/china/en-gb/news/special/6/beijing-office-wholly-owned-enBuilt to last: wholly owned office buildings outperform<p><strong>​​</strong><span style="line-height:1.6;"><strong>B</strong></span><span style="line-height:1.6;"><strong>y Mi Yang</strong></span></p><p>Following 30 years of development, Beijing is scattered with buildings which have failed the test of time and shown rapid deterioration since their completion. But a handful of buildings have bucked this trend to remain relevant and competitive for 20 years or more. </p><p>We look at the best examples in the market to see how quality, forward-looking construction is crucial in helping <a href="http://www.joneslanglasalle.com.cn/china/en-gb/services/property-types/office" target="_blank">office​</a> buildings maintain their premium positions rather than fall behind. </p><h3><strong>Building for the future</strong></h3><p>In order to last as Grade A office buildings in Beijing, developers must build for the future to guard against premature obsolescence. Due to the speed at which the market is evolving, standards for new construction should exceed what is typical in the marketplace today.</p><p>Many structural features of a building are difficult to upgrade in the future, and therefore, are important to get right from the start. For example, the average elevator and restroom provisions in post-2010 Grade A buildings are 20-30% larger than those built pre-2010. But some buildings stand out: China World Trade Center Towers 1 and 2, completed decades ago, still offer competitive quality. If we take a combination of specifications (as developed in <a href="http://www.joneslanglasalle.com.cn/china/en-gb/research/267/beijing-office-report-2017" target="_blank">No Turning Back: Beijing's Grade A Office Market Set to Shine,</a> buildings like CWTC 1 and 2 were ahead of their time in terms of quality.</p><h4><img src="/china/en-gb/PublishingImages/Lists/NewsSpecial/AllItems/average-grade-a-quality-index-en.png" alt="Average Grade A Quality Index" style="margin:5px;width:500px;height:298px;" /><br></h4><h3><strong>Maintain in order to gain</strong> </h3><p>Good maintenance always makes things last longer, but a generous annual capital expenditure budget is also required. It is important to note that there is more to maintenance than keeping a clean space with working facilities: upgrading is essential along the way, as it is impossible to predict everything that will be needed for the future. For example, personal computers were not yet the norm in the late 1980s, but now, the power capacity of offices has had to be adjusted to accommodate higher power consumption needs for each workstation. Buildings like China World Trade Center Tower 2 (CWTC2) have carried out upgrades to their building infrastructure over the years to meet the needs of today's tenant.</p><h3><strong>Outperforming the market</strong></h3><p>Landlords who put more in tend get more out of their buildings, allowing them to maintain a leading position with rent levels in Beijing's central business district over decades. In Figure 1 we show how CWTC 2 is a consistent top performer and outperforms 90% of CBD buildings even today. Others have not fared so well: their rental performance has lagged or fallen behind with age.</p><h4><img src="/china/en-gb/PublishingImages/Lists/NewsSpecial/AllItems/rental-performance.PNG" alt="Rental Performance Ranking of CBD Grade A Office Buildings in Beijing" style="margin:5px;width:550px;height:294px;" /><br></h4><p><em>Source: JLL Research​</em><br></p><h3><strong>Wholly owned vs. strata-titled</strong> </h3><p>While some of these observations seem fairly obvious, only a few buildings appear to have survived the test of time. What are the challenges holding them back? First and foremost is strata-titling. Only single-owned projects have the full flexibility required to keep up with the latest standards. If a building is built for strata-title sale to individual investors, less capital is in invested in higher-quality building features with lengthy payback periods. Second, after the building is sold to individuals, consistent and centralized maintenance is much more difficult. Some owners might use the space for office leasing, but others may use it for unintended purposes. Third, it will be easier for a single-owned building to make decisions regarding maintenance and upgrades. In many cases, maintenance is ignored to cut back on costs, and often the result is the lowest standard of maintenance or even no maintenance at all. </p><p>Revamps are also hard to achieve by consensus. It is nearly impossible to convince dozens of landlords to agree on capital expenditures. While the city's top buildings were pressing ahead with upgrades, the counter examples were stalled by a lack of decision-making. Even today, some buildings still do not have 24-hour chilled water, which most large tenants demand. In some poorly performing projects, a turnaround has been attempted by trying to buy back units and bring them under central ownership, but with limited success. </p><p>As new higher-quality office projects enter the market over the next 5-10 years, baseline building standards will further rise. To ensure their buildings last in the market, landlords need to plan for the future now – otherwise it will be too little, too late. </p><p><em>Mi Yang is the lead office analyst for JLL Research in Beijing. ​</em></p><p><em><br></em></p><p style="text-align:center;">​​– ends –​​</p><p>​​<span style="line-height:20.8px;">​</span><em style="line-height:1.6;">>>>Read more about <a href="http://www.joneslanglasalle.com.cn/china/en-gb/citymarkets/beijing" target="_blank">JLL ​Beijing​</a></em><br>​<em style="line-height:1.6;">>>>Read more about </em><em style="line-height:1.6;"></em><em style="line-height:1.6;"><a target="_blank" rel="nofollow" href="http://www.joneslanglasalle.com.cn/china/en-gb/news" style="line-height:1.6;">JLL News</a></em><br>​<em style="line-height:1.6;">>>>Read more a​bout​ </em><a target="_blank" rel="nofollow" href="http://www.joneslanglasalle.com.cn/china/en-gb/research" style="line-height:1.6;"><em>JLL Research​​​</em></a><em style="line-height:1.6;"><br></em>​​<br></p><span class="ms-rteFontSize-1 ms-rteThemeForeColor-5-0"><strong><em></em></strong></span><span class="ms-rteFontSize-1 ms-rteThemeForeColor-5-0"><strong><em>About JLL</em></strong></span><p>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 year-end 2016, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 77,000. As of December 31, 2016, LaSalle Investment Management has $60.1 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, <a target="_blank" href="http://www.joneslanglasalle.com.cn/" rel="nofollow">www.jll.com</a>. </p><p>JLL has over 50 years of experience in Asia Pacific, with 36,000 employees operating in 94 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 fifth consecutive year by Real Capital Analytics.​ <a target="_blank" rel="nofollow" href="http://www.joneslanglasalle.com.cn/asiapacific">www.jll.com/asiapacific</a>  </p><p>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​.  <a target="_blank" rel="nofollow" href="http://www.joneslanglasalle.com.cn/china/en-gb">www.joneslanglasalle.com.cn</a>​​​​​​​​​​​​​​​</p>0x01003D5B69DBCEFF8A4DAC22CC12D9F11F5400D1F2B63B5167CE45980996E1BDFDACDB
Conversion craze – not every building fits the Beijing office bill/china/en-gb/news/special/5/beijing-office-conversion-enConversion craze – not every building fits the Beijing office bill<p> <span style="line-height:1.6;">​​​​​​By Mi Yang and Linda Yu</span></p><p> <span style="line-height:1.6;"></span> <span style="line-height:1.6;">As an old hotel in northeast Beijing becomes one of the latest projects to be swept up in the city's conversion craze – intent on turning lower-performing retail, hotel, and serviced apartment properties into new office space – landlords and investors continue to scour the market for the next convertible building to get in on the action.</span></p><p> <span style="line-height:1.6;">Since the retail-to-office conversion project at Pacific Century Place completed a year ago in the high-profile Sanlitun area, a handful or two of other office conversions have sprung up in the market as landlords and investors have been inspired to follow suit and pursue potentially higher gains. In the last year or so, these office conversions have generally seen achievable rents increase by as much as 30-50% from their former incarnations as retail, hotel, or serviced apartment properties.</span></p><p> <span style="line-height:1.6;">But while the numbers are compelling, landlords and investors need to ask a critical question before jumping at the next conversion opportunity: is every building in Beijing suitable for <a href="http://www.joneslanglasalle.com.cn/china/en-gb/services/property-types/office" target="_blank">office​</a> conversion?</span></p><h4> <img src="/china/en-gb/PublishingImages/Lists/NewsSpecial/AllItems/rental-index.png" alt="rental index" style="margin:5px;width:500px;height:336px;" /> <br> <strong style="color:#262626;font-family:"segoe ui semilight", "segoe ui", segoe, tahoma, helvetica, arial, sans-serif;font-size:1.15em;line-height:1.4;">A no-brainer?</strong><br></h4><p>At first glance, office conversions in Beijing seem a no-brainer. Grade A office vacancy hovers around 5% and is among the lowest in the world, while rents are the second-highest in Asia. Adding to this are development restrictions preventing new commercial buildings from being constructed within the city centre. In a market where pent-up office demand remains and upgrade potential is huge, interest in office conversion is high.   </p><h4> <img src="/china/en-gb/PublishingImages/Lists/NewsSpecial/AllItems/beijing-office-conversions.png" alt="beijing office conversions in the market" style="margin:5px;width:520px;height:291px;" /> <br> </h4><p>But when we take a step back to look at the bigger picture, we see that all of the office conversions in recent years total less than 2% of the entire office market. In other words, office conversions continue to be special cases. Most office conversions to date have also been small in scale, limiting their influence on the wider market. As such, conversions have not introduced significant inventory to the market compared to new construction. Still, landlords and investors need to act smartly to reduce the risk of converting an unsustainable property.</p><p>First, a building must be deemed suitable for office conversion. Retail spaces, for example, tend to suffer from odd-shaped floor plates that cannot be easily divided into uniform office units, or lack enough lifts to support the daily crowds of office workers that come with office buildings. Old hotel and serviced apartment buildings, meanwhile, may be limited by outdated structural features like low ceilings. Properties which are too far off the mark for office space may not be worth the effort.​</p><p> <span style="line-height:1.6;">While a prime location has helped Pacific Century Place's converted project command relatively high rents, modern office features such as high ceilings, raised floors, and bright corridors have set it apart from other newly completed office conversions in less desirable locations on the edges of office clusters. Hindered by obstacles like low efficiency ratios, these projects will find it difficult to achieve comparable results. Their relevancy in the market will also be challenged in the future as obsolescence quickly sets in.</span></p><h3> <strong>Finding 'the one'  </strong></h3><p>Beijing is facing a major influx of new office supply and much of what is coming through the pipeline is of higher quality. As tenants flee low-end buildings for better and more competitively priced office space, poorly converted office buildings will be among the first to be abandoned in the market.​</p><h4> <img src="/china/en-gb/PublishingImages/Lists/NewsSpecial/AllItems/comparing-building-eras.jpg" alt="comparing building eras" style="margin:5px;width:530px;height:318px;" /> <br> </h4><p>So, while there are some office conversions that make strong financial sense, we need to remember that not every building is suitable for such an undertaking. Only buildings with characteristics that are compatible with office conversion will prove a worthy investment in the long run. The good news is that as more landlords and investors get their hands on the right projects, we can expect to see a greater number of high-quality office conversions complete to form a small, but unique contribution to the market.</p><p> <span style="line-height:1.6;"> <em>Mi Yang is the lead office analyst for JLL Research in Beijing, and Linda Yu is a manager on the team.​</em></span></p><p> <span style="line-height:1.6;"> <em> <br></em></span></p><p style="text-align:center;">​​– ends –​​</p><p>​​<span style="line-height:20.8px;">​</span><em style="line-height:1.6;">>>>Read more about <a href="http://www.joneslanglasalle.com.cn/china/en-gb/citymarkets/beijing" target="_blank">JLL ​Beijing​</a></em><br>​<em style="line-height:1.6;">>>>Read more about </em><em style="line-height:1.6;"></em><em style="line-height:1.6;"><a target="_blank" rel="nofollow" href="http://www.joneslanglasalle.com.cn/china/en-gb/news" style="line-height:1.6;">JLL News</a></em><br>​<em style="line-height:1.6;">>>>Read more a​bout​ </em><a target="_blank" rel="nofollow" href="http://www.joneslanglasalle.com.cn/china/en-gb/research" style="line-height:1.6;"><em>JLL Research​​​</em></a><em style="line-height:1.6;"><br></em>​​<br></p> <span class="ms-rteFontSize-1 ms-rteThemeForeColor-5-0"> <strong> <em></em></strong></span> <span class="ms-rteFontSize-1 ms-rteThemeForeColor-5-0"> <strong> <em>About JLL</em></strong></span> <p>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 year-end 2016, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 77,000. As of December 31, 2016, LaSalle Investment Management has $60.1 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, <a target="_blank" href="http://www.joneslanglasalle.com.cn/" rel="nofollow">www.jll.com</a>. </p><p>JLL has over 50 years of experience in Asia Pacific, with 36,000 employees operating in 94 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 fifth consecutive year by Real Capital Analytics.​ <a target="_blank" rel="nofollow" href="http://www.joneslanglasalle.com.cn/asiapacific">www.jll.com/asiapacific</a>  </p><p>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​.  <a target="_blank" rel="nofollow" href="http://www.joneslanglasalle.com.cn/china/en-gb">www.joneslanglasalle.com.cn</a>​​​​​​​​​​​​​​​</p>0x01003D5B69DBCEFF8A4DAC22CC12D9F11F5400D1F2B63B5167CE45980996E1BDFDACDB
Self-storage takes off in Asia/china/en-gb/news/608/asia-self-storage-take-offSelf-storage takes off in Asia<p> <span style="font-size:18px;">​​​<em style="line-height:1.6;">​​Growing sector attracting investor interest, reveals real estate consultancy JLL  </em></span></p><p> <strong>SHANGHAI, Jun 8, 2017</strong> - The self-storage sector is increasingly on the radar of both private and institutional investors due to its growth potential and increasing public awareness, according to a new report by JLL.​</p><p>Yields on self-storage facilities are potentially attractive compared to other traditional asset classes. According to the re​port, landlords can expect yields of around two to four per cent in Hong Kong and Taiwan, five to seven per cent in Tokyo and Singapore, five to eight per cent for Australia, and up to eight per cent or above in China and India depending on location, access, quality, and building facilities.</p><p>Alternatives such as self-storage are also seen as an affordable investor option, compared to higher priced big-ticket core assets such as <a href="/china/en-gb/services/property-types/office" target="_blank">offices</a>, and offers an avenue for investors to ​diversify their portfolio. Alternative assets include data centres, student housing, schools, carparks, healthcare facilities and others.</p><p>The self-storage industry has a younger history in Asia, compared with more mature markets in North America, Europe, and Australia. The notion of storing personal items outside the home is catching on due to the region's dense population, increasing residential prices, growing affluence, and changing lifestyles.</p><p>"Globally, demand for self-storage, just like any other real estate class, is driven by economic and demographic forces," says <strong>Bob Tan, Director of Alternatives, Asia Pacific Capital Markets at JLL</strong>. "Urbanisation is an important driver for self-storage. Growing urban populations mean smaller and increasingly expensive living spaces in cities, and creation of more renters who move around more frequently."</p><p>In Asia, the self-storage industry is most established in densely populated and more affluent regional cities. Hong Kong, Singapore and Tokyo have the smallest average home sizes in the region. The size of an average home is less than 800 square feet in these three cities, as compared to nearly 1,000 square feet in the United Kingdom, and over 2,000 square feet in the United States and Australia.</p><p>Along with the rise of e-commerce and growth of small medium businesses, there is likely to be greater demand for niche or value-add services, presenting various opportunities for operators in these growth markets. These services include document storage, climate-controlled environments, valet delivery and storage among many others.</p><p>Mr Tan adds: "Going forward, we will see greater interest from operators and investors seeking opportunities to participate in growth markets, and to invest in good quality platforms with scale, particularly if they already own their real estate."</p><p>For more information, download the report "The rise of self-storage in Asia Pacific" <a href="http://www.ap.jll.com/asia-pacific/en-gb/research/887/rise-of-self-storage-in-ap-jun17" target="_blank">here</a>. </p><p style="text-align:center;">- ends -</p><p> ​</p><p> </p><em style="line-height:1.6;">>>>Read more about </em><em style="line-height:1.6;"><em style="line-height:20.8px;"></em><a href="/china/en-gb/services/property-types/industrial-and-logistics" target="_blank">Industrial and Logistics ​</a></em><br><p><em style="line-height:1.6;">>>>Read more about </em><em style="line-height:1.6;"><a target="_blank" href="http://www.joneslanglasalle.com.cn/china/en-gb/news" style="line-height:1.6;">JLL News</a><br></em><em style="line-height:1.6;">>>>Read more about​ </em><a target="_blank" href="http://www.joneslanglasalle.com.cn/china/en-gb/research" style="line-height:1.6;"><em>JLL Research</em></a></p><p> </p><div><span><br>​</span></div> <span class="ms-rteThemeForeColor-5-0 ms-rteThemeFontFace-1" style="background-color:#ffffff;"> <strong> <em>About JLL</em></strong></span> <p style="font-family:'helvetica neue', helvetica, arial, sans-serif;margin-bottom:20px !important;line-height:1.57143 !important;color:#454545 !important;background-color:#ffffff;"> <span class="ms-rteThemeFontFace-1">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 </span><a target="_blank" href="http://www.joneslanglasalle.com.cn/" rel="nofollow" style="color:#006ed3;"><span class="ms-rteThemeFontFace-1">www.jll.com</span></a><span class="ms-rteThemeFontFace-1">. </span></p><p style="font-family:'helvetica neue', helvetica, arial, sans-serif;margin-bottom:20px !important;line-height:1.57143 !important;color:#454545 !important;background-color:#ffffff;"> <span class="ms-rteThemeFontFace-1"></span> <span class="ms-rteThemeFontFace-1">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.​​ </span><a target="_blank" rel="nofollow" href="http://www.joneslanglasalle.com.cn/asiapacific" style="color:#006ed3;"><span class="ms-rteThemeFontFace-1">www.jll.com/asiapacific</span></a><span class="ms-rteThemeFontFace-1">  </span></p><p style="font-family:'helvetica neue', helvetica, arial, sans-serif;margin-bottom:20px !important;line-height:1.57143 !important;color:#454545 !important;background-color:#ffffff;"> <span class="ms-rteThemeFontFace-1">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 professio</span>nals and 14,000 on-site staff providing quality real estate advice and services in over 80 cities across the country​.  <a target="_blank" rel="nofollow" href="http://www.joneslanglasalle.com.cn/china/en-gb" style="color:#006ed3;"><span class="ms-rteThemeFontFace-1">www.joneslanglasalle.com.cn</span></a><span class="ms-rteThemeFontFace-1">​​​​</span></p>0x0100E81015D9D08198458B498FF948D658F90052B0972AFC77B94093C478C1B5B47C88

 

 

Workplace powered by Human Experience /china/en-gb/research/282/human-experience-china-enWorkplace powered by Human Experience In this report we present our Human Experience Model, which we have developed from the outcomes of our extensive research project. 0x01010063443623C9F9004FA21AA8EABD6132C80096456DD4F4AF204EB9DD2C24B361B045
Asia Pacific Property Digest 2Q 2017/china/en-gb/research/286/asia-pacific-property-digest-2q-2017Asia Pacific Property Digest 2Q 2017Interest in industrial assets stacking up0x01010063443623C9F9004FA21AA8EABD6132C80096456DD4F4AF204EB9DD2C24B361B045
Future of Work/china/en-gb/research/280/future-of-work-whitepaper-enFuture of WorkThe Future of Work is JLL’s outlook on the changing world of work and its impact on the next generation of corporate real estate.0x01010063443623C9F9004FA21AA8EABD6132C80096456DD4F4AF204EB9DD2C24B361B045