The floor space of office buildings started in China demonstrated a volatile trend over the past decade, peaking in 2014 at 7.35 million square meters and reaching its lowest point in 2017 at 6.14 million square meters. From 2018 onwards, there was a recovery trend, and by 2023, the figure again reached 7.35 million square meters. Over the past two years, there has been a consistent increase with the year-on-year variation seeing a 3.54% rise in 2022 and a 3.37% increase in 2023. The compound annual growth rate (CAGR) over the last five years was 3.78% leading up to 2023.
From 2024, the forecast suggests a continued growth trajectory, with the floor space of office buildings expected to rise steadily, reaching 8.50 million square meters by 2028. This implies a projected five-year CAGR of 2.31%, with an overall growth rate of 12.1% in this period.
Moving forward, it will be important to watch for factors such as economic policies, urbanization rates, and potential shifts in workplace demands influenced by remote working trends, which could impact the demand for office space in China.
