| Volume # 147 |
|
|
Corporate Real Estate Advisors l Atlanta
|
|
Shenzhen, China
 Shenzhen and its Commercial Real Estate Market are unique in many respects. Did You Know… · Shenzhen, located in southern China, is the economic hub of the Guangdong province, in which is one of the wealthiest and most popular provinces in China. the province of Guangdong has a nominal GDP of over $422 billion, and it generates approximately 12.5% of the national economic output. Shenzhen is situated near the Pearl River Delta, about 30 miles north of Hong Kong and 60 miles southwest of Guangzhou. · In 1980 Shenzhen became the first Special Economic Zone (SEZ) in China, and since then the city has been one of the fastest growing cities in the world. Over the past two decades, more than $32 billion has been invested in the city by foreigners, and there has been an average GDP growth of nearly 15% in the last seven years. Shenzhen's GDP exceeds $91 billion, bringing its GDP per capita to over $10,000. Shenzhen's port is one of the most active in the world. The volumn of imports and exports ranks in the top three of all Chinese ports. Key industries in Shenzhen include manufacturing, banking, finance, insurance, real estate, trade, and high tech. · Shenzhen is considered one of the top ten cities in the world in terms of high-rise buildings. In the Luohu and Futian districts along, more than 20 buildings over 656 feet have been built, including the 9th tallest building in the world (shun Hing Square), and many more are under contstruction. · The average age in Shenzhen is less than 30. About 88% of the total population is between the ages of 15 and 59, thus forming one of the youngest labor forces in the country. Labor costs are also substantially lower than in neighboring Hong Kong. In order to attract more businesses and accomodate the growing demand of the population, new roads and railways projects such as the Guangzhou-Shenzhen Coastal Expressway and the Shenzhen-Hong Kong Express Rail Link are under construction and are expected to be completed in 2012. · The rapid economic growth of Shenzhen continues to strengthen the commercial real estate market. The office market is competitive as over 110 of the Global Fortune 500 companies operate in Shenzhen. The office market is experiencing high demand; however, supply continues to be abundant, which has stablized rental prices. The current overall rental price for Class A space is $1.80 per square foot per month.
· The districts of Luohu, Futian, Nanshan, and Yantian form what is known as the Special Economic Zone. Luohu, a financial and trade center is located adjacent to Hong Kong and covers an area of 30.5 square miles. Futian, located in the center of the SEZ, is home to the municipal government and covers an area of 30.1 square miles. Nanshan, located on the west of the SEZ, and with an area of 65.4 square miles, houses the high tech industry. Yuntian, known for logistics, covers 30 square miles. · The office market is expected to remain strong, mainly fueled by companies in the IT, high-tech finance, and other service industries. The city is also expected to continue attracting a large number of foreign firms. |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Global Real Estate Services provided by the ITRA and AsiaPac International Partnership |
| To remove your name from our mailing list, please contact sholcombe@itraglobal.com or call us at 1.404.816.2200 |
