Advanced Pre-Leasing Strategy Helps Guangzhou's Tallest Office Building Set Leasing Records
With help from JLL Guangzhou’s commercial real estate team, leasing of space for K11 Office has performed excellently.
The latest landmark in Guangzhou’s Pearl River New Town CBD, the Guangzhou Chow Tai Fook Finance Center, is a mixed-use complex operated by the Chow Tai Fook Group. It was formally handed over in July 2016, with a height of 530 meters making it the tallest building in Guangzhou. The complex includes K11 Office and K11 Art Mall, as well as a six-star Rosewood Hotel and serviced apartments. It is currently the largest international super-A class office building in Guangzhou
The project developer already possessed extensive experience in professional commercial real estate operations. Guangzhou K11 Office’s investment promotion team sought out international agencies with extensive experience in preliminary renting, to assist the project in building a high-quality tenant mix based primarily around Fortune 500 companies and foreign-funded enterprises. They also invited their partners to help build the brand value of K11 in order to create a premium destination with all the qualities of a true landmark.
Since 2014, JLL has provided exclusive leasing agency services for the Guangzhou K11 Offices, during which time the project has received continuous attention from the market. In 2016 and 2017, the last wave of office building stock to come online in the Pearl River New Town CBD ushered in a final peak in supply. In the context of the emergence of a large number of new office buildings and the homogenization of offerings in the region, the rental of K11 Office units have consistently remained a focus of the leasing market.
With help from JLL Guangzhou’s commercial real estate team, leasing of space for K11 Office has performed excellently. JLL had already started designing a tailored pre-leasing promotion strategy for the project two and half years before it was handed over, gathering marketing materials as well as creating a fully decorated showroom. A dedicated and experienced team of agents also proactively made targeted visits to identify high-quality potential tenants. During our three years of acting as the exclusive agency, we have successfully attracted a number of Fortune 500 enterprises and industry leaders, including Bank of China, Cisco, Adidas, KPMG, and King & Wood Mallesons. K11 Office achieved an occupancy rate of 70% two months before the expected delivery date and enjoyed a leased rate of over 80% after delivery, creating a record for the pre-leasing of a super high-rise office building in Greater China, which proved to be a hugely satisfying result.
JLL has always been committed to providing our customers with tailor-made, innovative, and forward-looking solutions. In the future, the commercial real estate team will continue to provide our outstanding and professional services to this super-A grade office building as well as thousands of other enterprises. We remain 100% dedicated to helping K11 Office to create a unique brand which seamlessly integrates art and business.