China office vacancies worse than zero-COVID levels in top cities

• Office vacancy rates in China are now higher than they were under the country’s severe zero-COVID restrictions, delivering a further blow to the nation’s struggling property sector.
• Vacancies at top-quality Grade A office properties rose on the year in China’s top cities — Beijing, Shanghai, Guangzhou and Shenzhen — for the April-June quarter, British real estate services provider Savills reports
• Authorities in Dongguan this spring issued severe restrictions against converting offices into apartments. The southern city, which lies between Guangzhou and Shenzhen, is said to have some of the highest office vacancy rates in China.
• Given the already tepid demand for housing, conversions could weigh further on housing prices. Still, protracted office vacancies would deal a heavy financial blow to China’s property developers.

External Link : https://asia.nikkei.com/Business/Markets/Property/China-office-vacancies-worse-than-zero-COVID-levels-in-top-cities