【世邦魏理仕】2024中国办公楼租户调研报告英文版_26页_4mb

2024 China Office Occupier Survey Summary

Core Content

The 2024 China Office Occupier Survey, conducted by CBRE Research, provides an in-depth analysis of office leasing demand, strategies, and workplace trends across mainland China. The report highlights the ongoing shift in occupier priorities, driven by economic uncertainty, cost containment, and a growing emphasis on ESG (Environmental, Social, and Governance) initiatives.

Main Points

1. Leasing Demand

• Office occupiers expect moderate growth in expansionary demand over the next three years.
• 38% of respondents plan to increase their office space, a 4 pps. decrease from 2023, but slightly above the 35% average over the past three years.
• The strategic emerging industrial sectors are leading the recovery, with TMT, manufacturing, pharmaceutical, and life science sectors showing the strongest net expansionary intentions.
• Finance and real estate sectors are experiencing slower growth due to balanced expansion and contraction intentions.
• Manufacturing accounted for 14% of new nationwide office leasing volume in H1 2024, ranking it among the top three demand drivers.
• Net expansionary demand has declined for companies expecting to change office space by more than 30%, reflecting a move towards stability.

2. Leasing Strategy

• Cost containment remains the primary leasing consideration, with 60% of respondents citing location as crucial, 49% seeking customised turnkey solutions, and 33% preferring turnkey space.
• Transportation access, amenities, and flexible lease terms are key factors in relocation and renewal decisions.
• CapEx budget constraints are a major barrier to relocation, with one-third of respondents citing insufficient budgets.
• CBRE recommends using real estate technology tools like Pro Plan and Capital Planner to manage costs and optimise space during renovations.

3. Workplace Strategy

• Space efficiency is a top priority, with 50% of respondents planning to increase hotdesking and 34% to enhance collaborative space.
• The employee-to-desk sharing ratio is expected to rise from 1.19 to 1.3 over the next three years.
• Workplace reconfiguration is being driven by data analysis of utilisation and employee behavior.
• Hybrid working is common, with 79% of working hours involving desk-based work and a 6:4 ratio of private work to teamwork.

4. ESG Adoption

• 31% of companies have established net zero emission goals, with 70% targeting achievement by 2030 or earlier.
• Public transportation access and green building certification are the most sought-after ESG features.
• 20% of respondents consider climate resilience a key factor in building selection.
• Energy consumption, green leases, and electric vehicle charging stations are important ESG considerations.
• Green building supply is limited, especially in second-tier cities, making it challenging for occupiers to meet net-zero targets.
• Occupiers are seeking rental discounts for buildings without green certification, as the green premium has decreased by 10 pps. from the previous year.

5. Implications and Recommendations

For Occupiers:

• Optimise real estate portfolios to achieve cost containment and flight-to-quality.
• Enhance space efficiency and employee experience through systematic evaluations and reconfiguration.
• Balance short-term cost-saving with long-term ESG goals, including promoting green leases and green building retrofits.

For Landlords:

• Capture both existing and new demand by understanding the flight-to-quality trend and offering flexible lease terms.
• Improve business amenities and value-added services to attract occupiers, especially those with limited CapEx.
• Promote green building certification and ESG-related technological services to align with occupier priorities and enhance competitiveness.

Key Information

• Survey Period: May 27 to June 30, 2024.
• Respondents: 237 companies, with 71% domestic and 29% foreign.
• Industry Breakdown:
  • TMT: 29%
  • Finance: 20%
  • Business Service: 14%
  • Manufacturing: 10%
  • Pharmaceutical and Life Science: 8%
• Company Size Breakdown:
  • Small and Medium: 60%
  • Large: 26%
  • Mega: 14%

Conclusion

The survey underscores a moderate recovery in office leasing demand, driven by strategic emerging sectors. Occupiers are prioritising cost containment, flexible lease terms, and ESG features, while landlords are advised to adapt to changing demands and enhance value propositions through amenities, green initiatives, and technology integration.