Guangzhou Office 1H/2019

The Guangzhou economy continued to expand in 2018, with GDP increasing by 6.2% year-on-year (YoY) to RMB2.29 trillion by the end of 2018. Meanwhile,  tertiary industry continued to grow rapidly, with total volume increasing by 6.6% YoY to RMB1.64 trillion. By the end of the year, the total output of the tertiary industry accounted for 72.0% of local GDP. As a reflection of the active economy throughout the year, the total number of registered domestic and international enterprises increased by 18.2% YoY to 1.09 million by June 2018. The positive economic fundamentals and commercial activity supported a healthy development of the local Grade A office property market levels. 

In 2H/2018, only two new projects were completed, injecting a combined GFA of 207,405 sq m into the market. As a result, the total stock of local Grade A office property expanded by 4.2% YoY to approximately 5.2 million sq m by the end of 2018. Both projects, Poly Midtown Plaza and Poly Skyline Plaza, are located in Pazhou.