China News Service Wuhan, April 7 (by Liang Ting) Wuhan’s office and commercial markets have picked up, according to the Wuhan Office and Retail Market Report in the first quarter of 2021 released by DTZ on Tuesday.
In the first quarter of 2021, the total stock of Grade A office buildings in Wuhan reached 2.398 million square meters. Under the preferential and flexible leasing strategy, the city’s A-level office market continued to pick up. In the first quarter, the five core business districts (Jianshe Avenue Financial Street, Wuguang Business District, Hankou and Wuchang Yanjiang Business District, Central South North Business District, Optics Valley Business District) recorded a total net absorption of about 51,000 square meters.
The sustained recovery of the external economy has pushed the demand for new enterprises to continue to pick up. Leasing demand was mainly from finance, education and manufacturing, accounting for about 42.6 percent, 12.1 percent and 10.5 percent of the transaction area, respectively, in the quarter, the report said. Upgrading and relocation was the dominant driver of the transaction, accounting for about 51.2% of the total market turnover in the first quarter. In addition, it is worth noting that the demand for rent expansion, accounting for 4.9% of the transaction volume, shows an upward trend from the previous month. The types of enterprises in the demand for rent expansion mainly focus on online education and professional service enterprises dominated by law firms.
In the first quarter, the core business area of Wuhan brand expansion store overall recovery, highlighting the development potential. The report data shows that the total stock of quality retail projects in Wuhan’s four core business districts (Wuguang Business District, Zhongshan Avenue Business District, Wangjiawan Business District, and Luxiang Business District) is 2.511 million square meters. From the opening of new stores, the number of new stores in the four core business areas increased by about 46.7% in the fourth quarter of last year. In terms of business types, retail, catering and children’s business types are still the main market expansion formats.
During the Tomb-sweeping Day holiday, the passenger flow of commercial projects in the core business district of Wuhan was prominent. For example, Chuhe Han Street reached 100,000 person-times in two consecutive days. The passenger flow recovered by 127% and the sales volume by 132%. DTZ and senior assistant director is the director of commercial real estate strong yellow said, on the one hand, the wuhan municipal government in the commercial business environment on key service trade enterprises break through the traditional thinking, on the other hand, wuhan commercial real estate after the outbreak presents a stubborn tenacity and strong sense of innovation, both from the mainstream business circle traffic to return to the same period, or international brand sales hit a record high, rising gradually reflect the whole wuhan consumption. (after)