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Guangzhou records first drop in leased office space in a decade

Business seen warming up this year with COVID curbs ending

The vacancy rate for prime office buildings in China's Guangzhou, a city of 15 million people, rose 6.4 percentage points in 2022 to 14%.

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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