[photopress:zones_suzhou_business_park2.jpg,full,alignright]Jones Lang LaSalle has conducted the first study on China´s emerging business park sector, which currently takes up 17 million square meters of space. Its report predicts the China business park market is going to see major growth in the coming years.
The report, titled ´China Business Parks – The next real estate opportunity´, identifies 15 cities in China where activity in the business park sector will increase.
The report states: ‘The business park sector in China is still in its infancy with a development history of little more than 10 years. Yet the sector is now firmly poised for lift off as the property market responds to the increasing requirement for high quality decentralised business space.’
The stock of business parks in China is expected to more than double to around 38 million square meters by 2010.
Over 60% of the current stock is located in four cities – Shanghai, Beijing, Dalian and Guangzhou.
[photopress:zones_suzhou_business_park3.jpg,full,alignleft]A number of other cities, such as Chengdu, Suzhou, Xian and Tianjin, are expected to witness a sharp increase in business park activity over the next few years.
‘As the government increasingly focused on the development of its high tech sectors, we have seen the gradual emergence of business parks within industrial zones; a trend that started in the late 1990s and has accelerated in recent years.
‘Today’s business parks are generally characterized by a broad mix of building types, all of which continue to be built in response to very different user requirements, from lower specification semi-industrial units to high quality headquarter offices that compete with the CBD markets in terms of their quality and working environment.’ Both the illustrations show Suzhou business park.
Source: Asia Property Report