Guangzhou | 2022 Q4 | Office: Market sentiment is expected to gradually improve in 2023
Dear Valued Client，
One building in Yuexiu was the only source of prime office supply in this quarter and Pazhou projects postponed until 2023. Due to the double-whammy of the gloom business sentiment and COVID-19 pandemic control, market demand was crimped. Though net absorption turned back to positive as forecast in last quarter, but it was largely relying on pre-commitment of new project. Resilient leasing demand was witnessed in some quality buildings of PRNC in this quarter, mainly from professional services sector and some self-using spaces taking by landlords. Consumer products and professional services sectors are key drivers of demanding, accounting for over 50%.