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Data source: CBRE Research, Q3 2020 The 30th anniversary of the development and opening up of Pudong is a symbol of China's reform and opening up and a microcosm of Shanghai's modernization. It is also the best portrayal of Shanghai's construction of a global financial center. At present , the main structure of Shanghai's financial center has been basically established, various financial markets, infrastructure and other financial elements are complete, Chinese and foreign financial institutions are concentrated and developed, and financial products and service systems are constantly improving. The launch of Shanghai-Hong Kong Stock Connect, Gold International Board, Bond Connect, etc. has greatly improved the internationalization of Shanghai's financial center. In the recently released GFIC Global Financial Center Index, Shanghai ranked third in the world for the first time, which means that Shanghai's status as an international financial center is increasingly consolidated and widely recognized and affirmed by the global economic and financial community. 2020 is a milestone year for the construction of Shanghai's international financial center. Data source: CBRE Research, Q3 2020 The city's open and inclusive cultural characteristics allow Shanghai to absorb all kinds of talents and capital from all over the country and even the world, thus ensuring the high-level development of the current manufacturing industry. Shanghai's economy is now dominated by the service economy, focusing on improving the technological content, striving to develop in the direction of high-end manufacturing, and accelerating the industrial upgrading driven by scientific and technological progress and innovation. Although in the past few years, we have found that some low-value-added manufacturing industries have withdrawn from the city center due to many factors such as industrial relocation and rising costs, this survey found that the demand for manufacturing sub-sectors such as consumer goods manufacturing (12.4%), pharmaceuticals and life sciences (4%), industrial products manufacturing (3.3%) and 3C electronic products (2.9%) has grown significantly. The main reason is that with the rapid expansion of Shanghai's office building map, some large manufacturing tenants can find large-area, uniquely designed or customized naming office projects in non-core areas with convenient transportation and increasingly mature commercial supporting facilities. Therefore , high-end manufacturing industries with strong leasing capacity and certain requirements for office environment have settled in emerging business districts . TMT industry tenants represented by technology, new media and communications industries are very active, accounting for 10% of the total rental area of Grade A office buildings in Shanghai. Among them, the cumulative rental area of online media, Internet and mobile platforms, and communications industries have all grown significantly compared with the previous statistics, reflecting that the industry innovation growth driven by economic transformation will bring a series of new demands . At the same time, in order to escort the construction of the global science and technology innovation center, Shanghai has also issued the "Shanghai Regulations on Promoting the Construction of the Science and Technology Innovation Center", which has determined the basic framework for the construction of the science and technology innovation center from a legal perspective, and strived to embody the concept of "the most relaxed innovation environment, the most inclusive and fair support policies, and the most powerful safeguards" in the system design, reflecting a clear reform and innovation orientation. The TMT industry will become the main driving force for Shanghai's future development , and the proportion of this industry in employment and office demand will gradually increase. In terms of tenant types, the proportion of Chinese and foreign-funded enterprises in the survey sample in terms of leasing area was 51% and 49% respectively, and the demand for foreign-funded leasing has expanded compared with 2018. From the perspective of the number of enterprises, the number of Chinese-funded enterprises increased by 8.6% compared with 2018, among which the TMT and real estate industries grew most significantly; the number of foreign-funded enterprises increased by 21% compared with 2018, mainly concentrated in the consumer goods manufacturing industry. From the distribution of Chinese and foreign-funded enterprises, the core business district is more favored by foreign capital (54%). Specifically, the concentration of foreign-funded enterprises in Nanjing West Road, People's Square, Huaihai Middle Road and other areas is relatively high, while domestic enterprises are more distributed in Xuhui Binjiang, North Bund, Wujiaochang, Dahongqiao and other areas. Data source: CBRE Research, Q3 2020 Faced with the changes in the new era, enterprises are seeking new directions for future development through transformation . In this survey, it can be found that the number of enterprises across industries has grown significantly. In 2020, there were 113 super tenants (10,000 square meters and above) in the city, an increase of 40 from 2018. The proportion of domestic super tenants has gradually increased in previous surveys, reaching 43% in 2020, an increase of 3 percentage points from 2018, and a significant increase of 18 percentage points from 2015. Data source: CBRE Research, Q3 2020 China's economy was the first to recover, showing strong resilience and injecting positive energy into the development of the world economy. The stable economic recovery expectations, the continuously optimized business environment, the super-large market advantages and the potential of domestic demand have formed a synergy that is attracting more and more foreign companies to further explore the Chinese market. |
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