Chongqing
Chongqing, known as “Yu Zhou”, “Gong Zhou” in ancient times and built at the junction of the Yangtze River and the Jia Ling River, is now the only municipality in western China. With its rapid growth Chongqing has a profound influence and is stimulating sustainable economic development in western China. The nine main urban districts of Chongqing hold a total population over 8.5 million (dated to the end of 2016) which is almost 30% of its total registered population. Become municipality in 1997 Chongqing has benefited from the “West Development Strategy of Chinese National Economy”, the “The Belt and Road Initiatives” and the latest “Free-trade Zone” policies. As one of the thriving mega-cities Chongqing is now positioned not only as an important destination of the diversion and transformation of industries but also the hub of Euro-Asia connectivity and the window for communications of inner China to the globe. Since 2012, a number of prime office and commercial properties have been constructed and operated, such as the World Financial Centre in Jie Fang Bei, the Corporate Avenue Commercial complex in Hua Long Qiao, the Chongqing IFS and the Guohua Financial Centre in Jiang Bei Zui, just to name a few. In terms of Six out of the eighteen projected metro lines of Chongqing are now in operation covering most of the urban districts with total a length of over 230 km. The Chongqing Jiangbei International Airport, with a total terminal area of 730,000 sqm and passenger throughput of 45 million per year, is the only one consisting of 3 terminals and capable of operating 3 runways simultaneously in western China.
Jiangbei
Yuzhong
Yubei
Due to its superior location, well-established fundamental in the industrial sector and the extensive supports from the central government Chongqing has been positioned one of the economic growth engines in western China. Benefited from the incentives, such as the “Chongqing-Sinkiang-Europe International Railway”, the “Liangjiang New Area”, the “Belt and Road Initiatives” and the “China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity”, Chongqing is deepening on the economic structural adjustment and growth which in turn is stimulating the increase of demand for prime office properties. The strong demand for business expansion and upgrading of working environment has become two fundamental motivations for the prime office leasing market of Chongqing. From the end of 2014, the prime office leasing market has seen rapid growth in terms of completion and handover of new properties which has widened options for tenants; on the other hand, supply bloom within a relatively short period has also contributed to the higher market overall vacancy that has been challenging the strategies of all landlords. Outlook for 2020, nearly 3 million square kilometers of new prime office supply yet to be constructed will bring pressures to the leasing market and intensify competition amongst projects. However, offices that is of higher quality and provides excellent property services will win favour of tenants and stand out from the competition.