Net rental growth of prime office space in Guangzhou slipped into reverse in 2022 for the first time in 10 years, signaling a cooling in business activity in the southern China metropolis, according to global real estate consultancy Cushman & Wakefield.
The net leased area in Grade A office buildings in Guangzhou declined by 1,130 square meters in 2022 from 2021, Cushman & Wakefield data shows. Measured as net absorption volume, the figure is a deduction of commercial space vacated by tenants and made available on the commercial space market from total space leased.
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