Multinational companies are expected to take a cautious approach toward expansion in Guangzhou, the capital of Guangdong province, in the second half the year, due to slowdown in economic growth, an industrial report said.
The report, which was released by global real estate services and investment management company Jones Lang LaSalle Inc (South China), also indicated that rental prices for Grade-A offices in Guangzhou are expected to drop in the second half of the year.
"Following a price drop, more growing companies will occupy high-end offices, which will help reduce the vacancy rate of such offices," said Ma Weitu, director of commercial property of JLL (South China).
The vacancy rate of Grade-A offices in Guangzhou reduced from 12.2 percent in the first quarter to 10.9 percent in the second, following stronger demand from domestic companies and reduced rental prices, according to the report.
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