The New Power Reshuffles the Commercial Buildings Market in CBD
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| 4/18/2005 1:1:0 Beijing CBD |
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Double reshuffles of the products and the customers
The change of the supply plays an imperative role on the rental of the commercial buildings. Based on the statistic analysis, it shows that, the total sales area of the commercial buildings in CBD was 250,000 m2 last years, with the average price at 16,000 yuan/m2. The supply amount was not much and the products were belonging to the Class B and Class C rather than Class A. however, the supply amount of this year is increased obviously, especially in the later half year, there are many projects will penetrate into the market, with the total supply amount of 1 million square meters. And yet, the existing area of the commercial buildings in CBD is not over 3 million square meters, so the competition of commercial buildings in CBD will be strengthened definitely.
The commercial buildings in CBD are following the developing trend of higher class, more advance and more expensive. The launches of the new products not only pushforward the higher class of the commercial buildings, but also indirectly speed up the segmentation of the enterprises in CBD.
Mr. Mu Kun, the director of the commercial buildings department of Centaline China, reckons that the integral orientation of the office buildings in CBD will be improved with the opening of the new premium-quality projects, and the customers in the commercial buildings will also be segmented. More and more high-end customers will be attracted by the prime-quality commercial buildings in CBD, to settle their offices in CBD. And some original customers in CBD will choose the better commercial buildings as their offices in order to meet the development requirement of the company. However some low-end customers will choose the more appropriate office buildings with the reasonable performance to price ratio owning to the high rental load, or choose other office buildings around the CBD circle. Therefore, the CBD office buildings as well as the CBD customers are facing at the new reshuffles.
The new power
In recent times, the CBD office buildings market not only has the feature of large supply amount but also has the feature of more high-end products. Most of the new projects opened this year follow such orientation to link up with the international business office environment, so as to meet the requirement of the globalization, including the International Caiyuan Center, Silktie Center, Vantone Center, Century Fortune Center, LG Plaza, NCL Plaza, World Trade Center (Phase III), Central World Trade Center, CBD Consultation Plaza, etc., which will become as the new power to manipulate the segmented market, as the major products in CBD.
At present, the customers have high requirements on geographic location, appearance, hardware facilities and property management, for instance, the net height of the Class A office buildings of the old generation in CBD was 2.5 meters in average, but that of the new generation reaches to 2.7 m, so that the inhabitants feel more comfortable. Especially after the SARS and bird flu, people get more concern about the indoor air quality, fresh air flowrate, the four-tube air conditioners and the environmental protection issues. In the newly constructed office buildings, the configuration of the hardware facilities more focuses on the safety, health and efficiency. So far, only the four-tube air conditioner systems installed at the World trade center and the Kerry Center can precisely control the indoor temperatures, making people more comfortable, but in the office buildings of the new generation, the four-tube air conditioners have become as the basic equipments.
With the swift development of the information technology, the customers have the higher requirement on the communications, video and network facilities. The aerial transmitter is equipped at most of the new office buildings, which is beneficial to flexible wire distribution, providing the upgrade possibility for the future equipments.
In addition to the above-mentioned features, most of the commercial buildings of the new generation belong to the comprehensive buildings, integrating the office building, apartment, trade center, hotel, convention center, exhibition and entertainment, for instance, the Rockefeller Center located at Manhattan, the Sunshine City at Tokyo, the World trade center, Kerry Center, and Jingguang Center at Beijing all belonging to such large-scale integrated construction. The newly constructed comprehensive buildings are Beijing Fortune Center, Silktie Center, Beijing Goldfield Plaza, Huayuan Shangdu International Center, Blue Castle International Center, and China Central Place, etc.. Therefore, the future completion of the commercial buildings is not only focusing on the construction structure, but also focusing on the integrated comparison on property management, traffic conditions, equipments and utilities.
The competition among the commercial circles
The competition among the commercial circles will also play an important role on impacting the CBD commercial buildings market.
The rental index and occupancy rate of the commercial circles in Beijing at the second quarter of 2004According to this table, at the second quarter, except for the rental index of the Zhongguancun commercial circle, which had dropped down a little more, other indexes are relatively stable. As for the occupancy rate, CBD commercial buildings is slightly decreased by 2.35%, although the occupancy rate of the CBD had been reduced since the firth quarter of last year, the integral occupancy rate is still leading among other commercial circles, being over 90%.
Although the CBD commercial circle is taking the lead regardless of rental index or occupancy rate, at present, it still faces the non-negligible impacts and pressures. The adjoining commercial circles of Lufthansa and Chaoyangmen are not inferior to the CBD on the geographic location, in which although the obvious industrial support doesn't exist, the mature commercial environment has been already established, therefore, the premium quality and the low re ntal of these two commercial circles have formed the impacts on CBD. In addition to the other two major office buildings areas, zhongguancun and Finance Street. Although the non-occupancy rate of Zhongguancun office buildings is high, on the basis of the low rental, and heavy scientific atmosphere, they are quite attractive to the middle and small-sized enterprises as well as the high-tech enterprises; moreover, the industrial support and the preferential policies are also very competitive. The Finance Street, located at Xicheng District, the customers there are mainly involved in the banking, insurance, telecom and security industries, and normally they will buy the whole building. Since the supply shortage of the commercial buildings over the past few months, the commercial buildings market of Finance Street is quite still, but with the opening of the new commercial buildings, there must be some customers in Finance Street will be attracted to other commercial circles.
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