JLL Teams Up with China Resources Land to Redefine the Bay Area
JLL was appointed by China Resources Land at the beginning of 2018 as the chief leasing agency for the China Resources Tower, with the two parties working hand in hand to create this new landmark in the Guangdong-Hong Kong-Macau Greater Bay Area.
The China Resources Tower stands at a height of around 400 meters in the center of the Shenzhen Bay Super Headquarters Base in the city’s Houhai District. The total office building volume is 200,000 m², of which the rented area is about 160,000 m². JLL was appointed by China Resources Land at the beginning of 2018 as the chief leasing agency for the China Resources Tower, with the two parties working hand in hand to create this new landmark in the Guangdong-Hong Kong-Macau Greater Bay Area.
2018 witnessed a surge in supply of Shenzhen Grade A office buildings, and with annual supply as high as 1.5 million m², the competition was fierce. In addition, due to a multitude of factors, the rental market cooled in the second half of the year when it faced greater challenges. With a wealth of experience and professional capabilities in the operation of super high-rise office buildings, JLL's Markets team assisted the project achieve a pre-leasing rate of over 60% within nine months from the start of pre-leasing. This set a new high for the pre-leasing rate of a super-class office building in Shenzhen in recent years, and brought confidence to the market, acting as a source of inspiration to other projects.
Furthermore, JLL's Markets team has a keen sense of client requirements and excels in building a quality tenant mix. Well-known domestic and foreign companies including KPMG, King & Wood, OPPO, CSG, TEC, and Everbright Securities have all been confirmed as tenants in the China Resources Tower.
China Resources Land and JLL have gone on to complete the renewal of their chief leasing agency agreement, and the two sides continue to cooperate to push the project to new heights.