Market Size of China Office Real Estate Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 5.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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China Office Real Estate Market Analysis
During the period from 2023 to 2028, the China office real estate market is expected to register a CAGR of more than 5.5%.
- Due to restrictions, social distancing policies, and a work-from-home culture, COVID-19 had a significant impact on China's office real estate market. The COVID-19 pandemic in China resulted in significant changes in workplace working habits and locations. As a result of the pandemic, the majority of businesses implemented remote working.
- The volume of commercial real estate investments on the Chinese mainland reached USD 7.3 billion in the third quarter of 2021, and the full-year amount is expected to surpass that of 2020. Office investments took the lion's share, or 57.6 percent, of the volume of commercial real estate investments in the third quarter, up 14.2 percent quarter-on-quarter. In 2021, eight of the world's top 20 most expensive office spaces will be in China. These include Beijing Financial Street, Beijing's Central Business District, and Shanghai's Pudong New Area.
- With the recovery of Beijing's commercial real estate investment market continuing through year-end, the 2021 total sales volume exceeded 60 billion yuan (USD 8.92 billion), with nearly 60 transactions recorded. The figure was the second highest in the previous five years, up 35% from 2020. Office properties remained hot in 2021, accounting for 56 percent of the total transaction volume. In the first half of 2021, SK Tower sold for CNY 9.06 billion (USD 1.35 billion), making it the highest-priced single-asset deal to close since 2019. The total transaction volume for retail properties rose 34 percent year-on-year, with Brookfield's acquisition of Yuehui Vanke Plaza drawing great interest in the market.
