The floor space of office buildings sold in China stood at 4.19 ten million square meters in 2023. The past decade witnessed notable fluctuations, with significant peaks and troughs: a peak in 2017 at 4.76, followed by declines, particularly in 2019 and 2020. However, a positive trend reemerged from 2021 onwards. The most recent year-on-year variations show a 7.37% rise in 2022 and a 5.95% increase in 2023. Looking at the compound annual growth rate (CAGR) over the last five years, there's a modest average decline of -0.82%.
Forecasted data from 2024 to 2028 indicate a steady positive growth trajectory, projecting an average CAGR of 2.55%, culminating in 4.92 ten million square meters by 2028. This highlights a 13.4% overall growth in the forecast period, reflecting market recovery and expansion.
Future trends to watch for include potential economic policy shifts, urban development plans, and the adaptation of office spaces post-pandemic. These factors might significantly influence supply, demand, and the overall dynamics of the office building market in China.
