Background

Savills Research has launched its Greater Bay Area Grade A Office Index, hereinafter referred to as the GBA Grade A Office Index. It aims to provide market players, such as investors, developers, landlords and office occupiers, with a reliable benchmark for the GBA office markets on a city-by-city basis.

Sampling, Timing and Delimitation

The research exercise delimits a geographic coverage, encompassing the nine mainland cities and Hong Kong within the GBA, and selects different base years for different cities in accordance with the differences in city and market development stages for compatibility and accountability. The calculation of the indices for Hong Kong, Shenzhen and Guangzhou start from 2009, while other cities start from 2013. In this exercise, the city of Macau is temporarily excluded.

Rental Index

The rental index reflects the trends of rental changes among different cities and indicates the commonalities and divergences of the office markets in different cities.

Price Index

The price index reflects the trends of price changes among different cities and indicates the commonalities and divergences of the office markets in different cities.

Total Occupancy Cost

The total occupancy cost is a lump sum cost of net effective rent, property management fees and related taxes.

Frequency of Update

The GBA Grade A Office Index was first published in October 2019, and is updated on a semiannual basis.