Chengdu | 2020 Q4 | Office Report：DEMAND STILL PICKS UP
In Q4, one new office building, Funder Chengda Center, located in Tianfu Square was delivered. Demand for office space continues to pick up due to the economy’s recovery, and the net absorption increased 143.5% QOQ to 60,800 sq metres (654,200 sq ft). In Q4, TMT, consumer services and traditional finance are the top three demand drivers.
We expect a total GFA of about 300,000 sq metres (3.2 million sq ft) will come online in 2021, of which over 80% will be in the downtown submarkets such as Tianfu Square and Dongda Street. We recommend tenants expanding or looking for space consider the new supply in the downtown area to secure better leasing terms.