Navigating the ideal workspace with half the effort
The recently released 2022 JLL China Office Leasing Guide provides detailed instructions, responding to queries that you may have regarding office leasing.
You may encounter a multitude of questions regarding office leasing, such as:
- What are the general standards for China’s office market?
- What are the types of office buildings?
- How do we grade office buildings?
- What is the definition of an office area?
- What needs to be considered in office leasing?
- What are the costs of renting an office?
- What are the steps to lease an office?
The recently released 2022 JLL China Office Leasing Guide provides detailed instructions, responding to queries that you may have regarding office leasing. The comprehensive guide covers all major office markets across China and lists several key factors, including the classification of office buildings, leasing progress, rents, and more.
“Setting up a new workspace or relocating the office is a significant decision of strategic importance. The process is complicated and time-consuming but directly impacts your business growth. The guide is based on JLL’s extensive market research and first-hand data. Its bilingual versions can help corporates navigate the ideal workspace with half the effort,” said Anny Zhang, Managing Director for JLL East China and Head of Office Leasing Advisory for JLL China.
A quick summary of China’s office market
In 2021, the stock of Grade A offices in 21 key cities, including Hong Kong, in China totaled 87.87 million sqm. Furthermore, 21 cities will contribute up to 20 million sqm of new office space in the next two years, representing approximately 22% of the current stock. Shenzhen, Shanghai, Guangzhou, and Chengdu will be the main contributors.
Total stock of Grade A offices in key cities
A glance at major cities
Th guide covers core office market information in major cities across China. Taking Shanghai as an example, this guide provides historical supply and demand of Grade A office market, and includes analysis on Grade A office rents, vacancy rates, locations, and demand distributions.
Following infrastructure outwards, Shanghai’s office market has evolved from two categories (CBD and decentralized) into four types of business districts: Core, Central, Mature, and Emerging business districts.
Where are Shanghai’s office buildings located?
What needs to be considered in office leasing?
The guide provides comprehensive directions for office leasing decisions. For example, the points listed below are worth considering during office leasing.
Office location: An ideal office location, including its surrounding environment and amenities, not only enhances the corporate image but also helps to increase the confidence of tenants and employees in their companies while improving work productivity.
Leasing area: The number of employees and how they use the office space are crucial in determining the area needed for a workplace. With the increasing trend of digital transformation and the development of innovative technologies, flexible working spaces will gradually become mainstream. More enterprises are starting to integrate flexible office models into their strategies.
Progress management: Depending on the size of the business and office space planning, companies typically require 2 to 6 months to set up a new office. It is critical to allow sufficient time for the project to ensure its successful completion.
Budget control: Cost control is a major trend in every industry today. Since many landlords do not quote in a standard format, we advise tenants to carefully compare Letters of Intent to lease different office buildings.