High-end office demand up in Guangzhou

Sales and rentals of Grade-A offices in Guangzhou, Guangdong province, have continued an upward trend in the first half of 2014, following increase in demand from private companies, according to an industrial report.

"A growing number of private enterprises in the Pearl River Delta opened new offices in Guangzhou in the first three months, leading to a stronger demand for high-end offices in the city's booming Tianhe district and the Zhujiang New Town area," said Wu Zhonghao, managing director of Jones Lang LaSalle Inc (South China), a global real estate services and investment management company.

The vacancy rate of Grade-A offices in the city fell by 12.2 percent in the first quarter, Jones Lang LaSalle said.

The capital value of Grade-A offices in Guangzhou in the first three months also increased by 0.7 percent from quarter-on-quarter to 37,500 yuan ($6,043) per square meter, according to the report.