3 July 2017 (Shanghai) – In order to satisfy the growing demand for office services in Shanghai, Knight Frank, the leading independent global property consultancy, announced the official establishment of its Pudong office on 28 June 2017.
The new office is located in the BEA Financial Tower at No. 66, Huayuanshiqiao Road, Pudong. Led by Laurence Cao, Director of Tenant Representation Office Services at Knight Frank Shanghai, the Knight Frank Pudong team will provide office leasing solutions to corporations in the area.
Laurence has over 15 years of real estate experience with 10 years in the office services sector. He joined Knight Frank in 2011 as Director of the Tenant Representation Office Services team and has since established long-term relationships with many developer and occupier clients. Laurence has served numerous multinational corporations well, including Boston Consulting Group, Johnson & Johnson, Arcadis, Goodbaby Group, Cooley LLP, AstraZeneca, International Paper and China Media Capital (CMC).
Peter Zhang, Director and Head of Tenant Representation Office Services at Knight Frank Shanghai, says, “While Pudong is renowned for its Lujiazui financial center, the Pudong office market covers much more than that core area. Zhangjiang and Jinqiao are two well-developed Business Park Districts that attract world-class manufacturing, medical, R&D, and internet companies. Qiantan, Houtan, and the Post Expo District are Shanghai's most important emerging central business districts (CBDs) with numerous notable projects, such as the Lujiazui World Trade Center, Crystal Plaza, and Huadian Building, which are scheduled for completion soon. The large upcoming office supply represents significant office services demand from users, and was central in our decision to establish the Pudong office to better serve them. With Laurence’s extensive experience and network, I have total confidence in his leadership of the Pudong team to provide well-rounded office services solutions to our clients."
The office leasing market in Pudong has grown increasingly active in recent years. According to Knight Frank's Research, in 2017 Q2, the Grade-A office stock in Pudong reached 5.95 million sqm, approximately 36% of Grade-A office stock in Shanghai. New Grade-A office space totalling 320,000-sqm was completed in the first half of 2017. Average rent in Pudong in Q2 was RMB11 per sqm per day while occupancy rate decreased slightly to 96.8% due to large new supply in the first half. As one of the core CBDs in Shanghai, the average office rent of Little Lujiazui reached RMB13 per sqm per day, ranking first among all business districts in Shanghai. Major tenants in Lujiazui are financial and consultancy companies.
Alan Liu, Managing Director at Knight Frank China, says, "Pudong has substantial new office supply from 2017 to 2020, and we believe there is strong demand for the new supply, representing significant potential for the Pudong office services market. The establishment of the Knight Frank Pudong office signifies our commitment to grow in the area, and is an important part of our China expansion plan.”
Piers Brunner, CEO at Knight Frank Greater China, says, “Knight Frank unveiled its new drive in China in May last year with the appointment of Alan Liu as the Managing Director of China. The China operation has since then strategically expanded through recruitment of new leaders and entering promising markets and business lines. Growing in Pudong has always been a part of the expansion plan, and I have total confidence that the Pudong team will greatly contribute to Knight Frank’s success in China.”