Guangzhou’s commercial property market picked up in Q3 as supply eased and transactions rose, latest data quoted by local media show. Apartments and shops were strong, while offices were still hampered by oversupply.
Apartment transactions rose 40% YoY, while those for shops were up a whopping 70%. Office transactions, however, fell 20% YoY, although Q3 was a sequential improvement over Q2 (+20%).
Broken down by month, September showed an acceleration, especially in offices. Fewer office buildings have been coming onto the market in recent months, while apartments and shops continue to surge. In September, only 49,000 sqm of new office space was released.