{"id":25035,"date":"2021-09-01T13:43:32","date_gmt":"2021-09-01T06:43:32","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=25035"},"modified":"2021-09-01T15:40:53","modified_gmt":"2021-09-01T08:40:53","slug":"commercial-real-estate-in-greater-bay-area-shows-clear-signs-of-revival","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/commercial-real-estate-in-greater-bay-area-shows-clear-signs-of-revival\/","title":{"rendered":"Commercial real estate in Greater Bay Area shows clear signs of revival"},"content":{"rendered":"

Total transaction volume for 2021\u00a0<\/span>is expected\u00a0<\/span>to exceed\u00a0the RMB50 billion\u00a0(USD7.7 billion)\u00a0mark<\/span><\/span>\u00a0<\/span><\/p>\n

\"\"
Shenzhen (pictured above) enjoyed an increase in transactions from major corporations that opted to relocate their headquarters. ymgerman\/Shutterstock<\/figcaption><\/figure>\n

According to the Greater Bay Area Commercial Real Estate Investment Market Review and Forecast 1H 2021 by Cushman & Wakefield<\/a>, the rise in developments in the Greater Bay Area and the maturing of its transport network in recent years has led to changes in real estate investment across the region and has enabled industrial transformation.<\/b><\/span>\u00a0<\/span><\/p>\n

Foreign investors have been snatching up properties mostly in Guangzhou and Shenzhen, but they also have set their eyes on tier 2 cities. Apart from traditional developments like shopping malls and office buildings, investors have started to expand their portfolio to include new properties types such as data centres, cold chain, and industrial logistics.<\/span>\u00a0<\/span><\/p>\n

Growing interest in the region<\/span><\/i>\u00a0<\/span><\/p>\n

In 2017, when the Greater Bay Area initiative was launched, private investors and owner-occupiers expressed their interest in the region. Since then, commercial real estate (CRE) investment transactions surged, with Guangzhou and Shenzhen documenting RMB50 billion annual transaction value for four consecutive years.<\/span>\u00a0<\/span><\/p>\n

In Guangzhou, the number of small scale single-block buildings rose due to the abundance of technology, media, and telecom companies, which also prompted interest from owner-occupiers. Shenzhen, on the other hand, enjoyed an increase in transactions from major corporations that opted to relocate their headquarters.<\/span>\u00a0<\/span><\/p>\n

Opportunities for CRE investments skyrocketed further in 2019 when the\u00a0“Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area” was officially announced.\u00a0This development outline drove the appeal to other cities than Guangzhou and Shenzhen.<\/span>\u00a0<\/span><\/p>\n

Transaction value climbed RMB3.4 billion, around seven percent of the total, in 2020 compared to RMB2.7 billion, about four percent of the total, in 2019. More than RMB200 million or one percent of the total transactions were accounted for in the first half of 2021.\u00a0<\/span>\u00a0<\/span><\/p>\n

Cushman & Wakefield forecasts the total transaction volume for 2021 to exceed the RMB50 billion mark, demonstrating investors’ growing interest in the region.<\/span>\u00a0<\/span><\/p>\n

These growing numbers have served as a good omen for both\u00a0the\u00a0commercial and residential\u00a0<\/span>PropertyGuru Asia Property Awards (Mainland China, Hong Kong, Macau)<\/span><\/a>\u00a0Developers, namely\u00a0Financial Street (Beijing) Real Estate Co., Ltd,\u00a0Shanghai Ruihong Xincheng Co., Ltd,\u00a0Shanghai Ruihong Xincheng Co., Ltd, and\u00a0Shimao Group Suhu Branch\u00a0from Mainland China, as well as\u00a0Henderson Land Group\u00a0and Everlux Limited & Oootopia Hospitality Management Limited from Hong Kong,\u00a0who have all been anticipating the recuperation of the region.<\/span>\u00a0<\/span><\/p>\n

Outshining NY Bay Area<\/span><\/i>\u00a0<\/span><\/p>\n

Greater Bay Area has also surpassed another milestone\u00a0in 2021,\u00a0as\u00a0it tallies\u00a0more Global 500 companies\u2019 headquarters\u00a0than New York Bay Area,\u00a0reported\u00a0<\/span>China Daily<\/span><\/a>.<\/span>\u00a0<\/span><\/p>\n

For the first time in years, the region is now home to 25 Global 500 companies, outranking the 24 headquarters in New York.<\/span>\u00a0<\/span><\/p>\n

Nevertheless, the Tokyo Bay Area still holds the most numbers among the four global\u00a0bay areas, hosting 40 headquarters.\u00a0San Franciso Bay Area, where Apple and Alphabet offices are, come in last with 10 Global 500 headquarters.<\/span>\u00a0<\/span><\/p>\n

Statistics reveal that 99 of the Global 500 headquarters are stationed in these four global bay areas,\u00a0which are primary drivers\u00a0of the global economy.<\/span>\u00a0<\/span><\/p>\n

The Greater Bay Area makes up the largest area with 56,000 square kilometres, followed by\u00a0the Tokyo Bay Area\u00a0with 13,600,\u00a0the\u00a0New York Bay Area with 21,500, and\u00a0the\u00a0San Francisco\u00a0Bay Area\u00a0with\u00a018,000.<\/span>\u00a0<\/span><\/p>\n

More: Property prices in China\u2019s Tier-1 cities jumps an average of 10.5%<\/strong>\u00a0<\/span><\/a><\/p>\n

Manufacturing, finance, and innovative technology\u00a0are the main industries in the Greater Bay Area, whereas\u00a0finance, automobile, and petrochemical engineering top the\u00a0Tokyo Bay Area.<\/span>\u00a0<\/span><\/p>\n

New York Bay Area accommodates finance, medical healthcare, and real estate sectors, while San Francisco Bay Area hosts technical innovation and professional services.<\/span>\u00a0<\/span><\/p>\n

World Bank\u00a0data\u00a0reveals that\u00a0these bay areas are home to\u00a060 percent of the globe\u2019s major cities and its economy amount to 75 percent of the total global economy.<\/span>\u00a0<\/span><\/p>\n

Know of any award-worthy homes, condos, flats, or other real estate projects in China, Hong Kong, or Macau? Nominate them for the 2021 Asia Property Awards (Mainland China, Hong Kong, Macau) on or before 1 October 2021. Simply visit <\/span><\/i>asiapropertyawards.com\/award\/mainlandchina\/<\/span><\/i><\/a>,\u00a0<\/span><\/i>asiapropertyawards.com\/award\/hongkong\/<\/span><\/i><\/a>,\u00a0<\/span><\/i>asiapropertyawards.com\/en\/award\/macau\/<\/span><\/i><\/a>\u00a0for more details.<\/span><\/i>\u00a0<\/span><\/p>\n

Gynen Kyra Toriano, Digital Content Manager at PropertyGuru, wrote this article. For more information, email: gynen@propertyguru.com<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Total transaction volume for 2021 is expected to exceed the RMB50 billion (USD7.7 billion) mark <\/p>\n","protected":false},"author":9,"featured_media":25036,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[101,92],"tags":[137,464,174,232,171,172,189],"class_list":["post-25035","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-property-awards","category-news","tag-china","tag-economy","tag-greater-bay-area","tag-guangzhou","tag-hong-kong","tag-macau","tag-shenzhen","news_country-china","news_country-hk-macau","news_author-gynen-kyra-toriano"],"acf":[],"yoast_head":"\nCommercial real estate in Greater Bay Area shows clear signs of revival | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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