Guangzhou Office: Demand rebounded, IT sector remained strong
Dear Valued Client，
Compared to Q1 2022, demand was active in Q2, with net absorption of 90,000 sq metres (968,000 sq feet), of which 30,000 sq metres (323,000 sq feet) was pre-leasing in new projects. The IT, finance and professional services sectors were major demand drivers. Pazhou remained active, where demand ranked first among sub-markets. The market is seeing a supply wave since 2021. Four projects entered market in H1 2022. Affected by the new supply, vacancy increased for a third consecutive quarter. In Q2 2022, rent was basically flat.
