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Five new high-profile retail projects completed in Q4: Wanda Plaza in Yanqing District, Joy Breeze in Daxing District, Beijing Fun Capital Wanda Plaza in Changping District, Beijing Shuangqiao Wanda Plaza, and Beiyuan Huamao Place (West Zone) in Chaoyang District. They added a combined 506,452 sq m of space, bringing total shopping mall supply to 12.6 million sq m, accounting for 87% of the city’s retail stock. The market continued to recover from the impacts of the pandemic in 2H, supported by initiatives from the government, developers and brands. A government-issued shopping voucher campaign, launched in June, together with shopping season promotions, have been key drivers in reviving consumer activity. New store openings rose significantly, led by F&B and fashion sectors, with several fashion brand first stores in the preferred Sanlitun and CBD submarkets. High-end sports brand Descente opened China’s first Descente Blanc flagship store at Takoo Li in Sanlitun, while Kilian launched a Beijing first store at Beijing SKP in the CBD. In Q4 Zara opened the doors to a new Asia flagship store, a four-storey standalone building in Wangfujing submarket of more than 3,500 sq m.
Download the Report Read MoreThe Beijing office market is set for approximately 3 17 million sq m of new supply in the next three years, of which up to 1 5 million sq m is due in 2021 Under the weight of the supply influx and ongoing global economic headwinds, we expect overall office vacancy to continue to edge up and for rental levels to face downwards pressure However, in the longer term, as the wave of new supply abates and benefits from the expansion and opening up of the services industry and development of the Beijing Free Trade Zone are gradually realized, we expect to see renewed leasing demand in related financial and high tech industries, and further development opportunities for the Beijing office market.
Download the Report Read MoreWhile office rents continued to drop in the downbeat market, tenants seized the opportunity for better relocation options, resulting in high activity in the leasing market during the month. However, landlords further softened their approach and adopted a more realistic stance in negotiating leasing terms to secure tenants, so the majority of tenants tended to renew their leases. As a result, new take-up of Grade-A office space was at an exceptional low level during the month, particularly in the CBD area.
Amid the challenging economic environment,
Download the Report Read MoreIt has been over a month since Thailand announced the state of emergency to combat the coronavirus disease 2019 (COVID-19). The global pandemic has created disruptions to the Thai economy to the extent that the Bank of Thailand has had to revise the previous 2.8% GDP growth projection to a 5.3% contraction for 2020. We are seeing a variety of ways in which different organizations are responding to the crisis as part of the largest workplace experiment conducted to date. Some companies are...
Download the Report Read More“When virus-related restrictions ease, we expect to see the release of some pent-up demand, but this will reflect shifting preferences following the experience of the pandemic and extended working from home, with businesses all likely to take a different approach.”
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