Pazhou Becomes the Next Hot Spot in the Guangzhou Office Property Market

琶洲成廣州寫字樓樓市下一個熱點

Supported by large-value transactions, the overall total transacted floor area of Guangzhou's office market in Q3 this year has exceeded 320,000 square metres, an increase of 34.1% year-on-year, reflecting an optimistic situation of the area's office property market. In September, there were large transactions involving a gross floor area of nearly 70,000 square metres, located in Luogang, Huadu, and Panyu. The region with the largest supply in the future, Guangzhou, will benefit from the integration of the Greater Bay Area and provide numerous new investment opportunities for the market.

The Chinese government aims to develop Pazhou into an e-commerce hub, attracting more tech companies to settle and gradually develop into the next emerging business centre in Guangzhou. Over the next five years, more than half of Guangzhou's new supply will be concentrated in the Pazhou market. Leading companies in science and tech, such as Tencent and Alibaba, have set up their headquarters there; the subsidiary of Evergrande Group has moved to the Pazhou Trade Centre area, gradually forming a cluster effect of large enterprises, which will help the area's commercial real estate development in the long term. According to market news, Alibaba South China Operations Centre and Vipshop headquarters buildings are expected to be delivered in 2019, and the Wechat headquarters building in 2020. With a large rental space and rental advantages, the office building in Pazhou also recorded good absorption. Tenants have mainly come from the joint office space, telecommunications, media and technology companies.

Over the next 12 months, the Pazhou office market will see the completion of three new projects, and the vacancy rate will peak in the next few years. Although there will be much new supply in the future, some companies will also keep it for their own uses. Thanks to the continued economic development of the GBA, there might still be room for a slight increase in rent levels in the coming years. As such, the office property stock is expected to be gradually absorbed by the market.

在大額交易支撐之下，廣州整體寫字樓今年第三季總成交建築面積逾三十二萬多平方米，同比增長34.1%，反映該地寫字樓樓市呈現樂觀態勢。其中九月，出現了整棟及大宗交易，涉及近七萬平方米的總建築面積。物業位於蘿崗板塊的廣州綠地中央廣場，花都的廣州國際空港中心，及番禺的粵海廣場。而未來新增供應最多之一的地區—琶州，受惠於大灣區一體化的規劃，將為市場提供大量新的投資機遇。

據了解，政府旨在將琶洲規劃及建設成電商集聚區，從而吸引更多科技公司落戶，逐步發展成廣州下一個新興商務中心。未來五年，廣州市超過一半的新增供應，將集中在琶州市場。科技業龍頭如騰訊及阿里巴巴，紛紛在琶洲設立總部；恆大集團下屬企業遷往琶洲貿易中心，逐漸形成大型企業集群效應，有助該區的長遠商業地產發展。市場消息指出，阿里華南運營中心及唯品會總部大樓預計在2019年完成交付；微信總部大廈亦將於2020年交付。憑藉大面積的租賃空間和租金優勢，琶州寫字樓亦錄得不俗的吸納量，租戶主要來自聯合辦公空間、電信、媒體及科技企業。

於接下來的十二個月內，琶州寫字樓市場將見三個新項目完成，空置率於未來數年將攀至高峰。雖然未來將會有大量的新增供應，但部分企業亦會留作自用。事實上，受惠於大灣區的經濟持續發展，預期未來數年，租金水平仍會有小幅上升的空間，存量預期會逐步被市場吸收。