2Colliers Quarterly |10 July 2018 | Guangzhou | Office | Colliers International SupplyNo new supply was launched in Q2 2018and we foresee about 0.48 million sq m(5.17 million sq ft) of new supply enteringthe market in H2 2018. We expect over2.62 million sq m (28.2 million sq ft) of newsupply, equivalent to 50.8% of existingstock of Grade A office, to be launchedfrom 2019 to 2022. 供应2018年第二季度无新增供应推出市场，预计 将有48万平方米新增供应在2018下半年度陆 续推出。2019至2022年将有超过262万平方 米新增供应进入市场，约占全市甲级写字楼现 有总体量的50.8%。Vacancy rateThe Guangzhou Grade A vacancy rate fellto 3.9% by the end of Q2 2018, a decline of1.2 percentage points QOQ. For the rest of2018, we expect vacancy to remain lowdue to limited supply. With the heavy newsupply in 2019 and 2020, vacancy shouldpick up steadily and peak at 15.0% in 2020. 空置率截至第二季度末，全市甲级写字楼整体空置率 降至3.9%，环比下降1.2个百分点。由于2018 下半年新增供应有限，预计全市空置率将保持 在低位。但随着2019与2020年大量新增供应 的推出，我们预计空置率将逐渐攀升并于2020 年达到15.0%的峰值。 RentGrade A average rent grew by 1.5% QOQ,due to lack of new supply and limitedleasable office space. The real estate,technology, and finance sectors accountedfor 79% of new leased space in Q2 2018.We expect 6-8% YOY rental growth in2018, but slower increases, about a 3%YOY increase for each year from 2019- 2022. 租金归因于无新增供应及有限的可租赁面积，全市 甲级写字楼平均租金环比上升1.5%。其中房地 产业、科技业及金融业共占去约79%的租赁交 易面积。预计2018年租金水平将实现6-8%的 同比增长，但2019至2022年租金涨幅或将减 缓至每年同比增长3%的水平。All Submarkets Witnessed RisingRents and Falling Vacancy Rates各子市场租金上扬，空置率下降Guangzhou’s economy has kept its steady growthmomentum in 2018. Total industrial production ofenterprises with a revenue exceeding RMB20 million(USD3.1 million) and fixed asset investment grew by5.7% and 7.9% YOY respectively for the first five monthsin 2018. Cargo throughput also increased, with portcargo showing an increase of 10.6% YOY, port containertraffic increasing 9.5% YOY and airport cargo showing aYOY increase of 6.8%. These economic indicatorsreflected a steady economic growth and resulted in firmdemand for office leasing in Q2 2018. 1 2018年广州市经济保持稳步增长的态势，1-5月全市规模 以上工业总产值与固定资产投资同比分别增长5.7%与7.9%。 全市港口货物吞吐量、港口集装箱吞吐量与机场货邮吞吐量 均实现了10.6%、9.5%及6.8%的同比增长。上述经济指标反 映了持续的经济增长，并造就了第二季度稳健的写字楼租赁 需求。1Guangzhou’s rent increased by 1.5% QOQ to RMB177per sqm per month. Net absorption was over 62,000 sqm (667,300 sq ft) and the vacancy rate dropped by 1.2percentage points QOQ to 3.9%, the lowest for the lastfive years.广州甲级写字楼平均租金环比攀升1.5%至每月每平方米177 元，净吸纳量超过6.2万平方米。全市空置率环比下降1.2 个百分点至3.9%，为近五年来的最低点。Due to the limited quantity of vacant space, allsubmarkets witnessed rising rents and decreasingvacancy in Q2 2018. The vacancy rate in the Tianhe由于可租赁面积有限，本季度内各子市场均录得租金上涨及 空置率下降的状况。天河北体育中心空置率环比下降1.6个1 Source: Guangzhou Statistics Bureau1 资料来源：广州市统计局3Colliers Quarterly |10 July 2018 | Guangzhou | Office | Colliers International North-Sport Centre (TNSC) submarket dropped by 1.6percentage points QOQ to 2.0%, the lowest among allsubmarkets. With a 2.3% QOQ increase to RMB139 persq m per month (USD2.00 per sq ft per month), Pazhourecorded the fastest rental growth, showing continuousmomentum as this emerging submarket in Guangzhougradually takes shape. According to Guangzhou’s landsupply plan, the government will probably provide 11more new office sites in the Pazhou submarket,supporting the government’s ongoing ambition todevelop Pazhou as the new cluster of the technologyand innovation industry.百分点至2.0%，为各子市场中最低水平。琶洲录得季内最快 的租金上涨水平，环比上升2.3%至每月每平方米139元，延 续了广州新兴商务区的上升势头。根据广州市2018年土地 供应计划，政府仍将在琶洲子市场出让11块写字楼用途地 块，彰显了政府把琶洲建设成创新技术产业集聚区的持续雄 心。Vacancy Rate and Rent 空置率及平均租金SubmarketRent(RMB/sqm/month)QOQChange(%)VacancyRate(%)QOQChange (pp)Pazhou 139 ↑2.3 4.6 ↓0.8PRNC 194 ↑1.2 4.3 ↓1.2TNSC 172 ↑2.1 2.0 ↓1.6Yuexiu 131 ↑1.1 2.2 ↓0.6Overall 177 ↑1.5 3.9 ↓1.2Source: Colliers International 子市场平均租金 (元/平方 米/月)环比变化 （%）空置率 (%)环比变化（百分点）琶洲 139 ↑2.3 4.6 ↓0.8珠江新城 194 ↑1.2 4.3 ↓1.2天河北体育中心172 ↑2.1 2.0 ↓1.6越秀 131 ↑1.1 2.2 ↓0.6全市 177 ↑1.5 3.9 ↓1.2数据来源：高力国际PRNC and Pazhou remained the most active leasingsubmarkets, accounting for 31% and 35% of new leasedspace respectively. The leasing market was led by thereal estate sector, accounting for 37% of new leasedspace in Guangzhou’s core areas. Technologyaccounted for the second largest proportion with 34%and the finance sector came in third, representing 12%of new leased office space.珠江新城与琶洲仍是交易活动最活跃的子市场，分别占据本 季度31%与35%的租赁交易面积。按产业类别划分，本季度 租赁市场由房地产业、科技业及金融业主导，分别占全市核 心区域租赁交易面积的37%，34%及12%。The real estate sector accounted for three of the top fiveleasing transactions in Q2 2018, including: Tai De Bangoccupying 13,300 sq m (143,100 sq ft) in Poly MidtownPlaza while Huafa Group and The Executive Centre took3,700 sq m (39,800 sq ft) and 3,600 sq m (38,700 sq ft)respectively at CTF Finance Centre. The two additionaltransactions were Samsung, renewing their leasingcontract of 4,500 sq m (48,400 sq ft) in Teem Tower, andDigital Guangdong, which occupied 5,800 sq m (62,400sq ft) in Yeede Centre in Yuexiu. 房地产业在本季度交易面积位于前五的租户中占三席：泰德 邦于保利中悦广场租下13,300平方米，华发集团与德事商 务中心分别于周大福金融中心租赁3,700平方米与3,600平 方米。其余两项交易分别为：三星于粤海天河城大厦续租 4,500平方米，数字广东于越秀的珠江颐德大厦承租5,800 平方米。 4Colliers Quarterly |10 July 2018 | Guangzhou | Office | Colliers International Market Share of Leased Area by IndustrySource: Colliers International行业交易面积市场份额数据来源：高力国际Market Share of Leased Area by SubmarketSource: Colliers International 子市场交易面积市场份额数据来源：高力国际 。。。。。。