Chengdu’s GDP reached RMB1,992 billion in 2021, an 8.6% increase YoY. The growth value of the tertiary industry reached RMB1,322 billion, up 9 ppts YoY. In addition, the total citywide investment in fi xed assets increased 10% YoY. The investment market remained active in 2021, with six bulk transactions recorded. In recent years, the offi ce market has seen limited new supply, coupled with relatively strong demand, making office properties the main target for investors. 

In order to leverage Chengdu’s influence and the geographic advantages of Deyang, Meishan, and Ziyang, Chengdu announced its “Chengdu Metropolitan Area Development Plan” in Q4/2021, which aims to reach RMB3.3 trillion in economic volume by 2025. An integrated infrastructure network and a comprehensive transportation system will be developed across four cities to provide strong support for high-quality development.

OFFICE MARKET OVERVIEW

A total of 20 Grade A offi ce buildings entered the market between 2017 and Q1/2022, mainly located in CBD, Dongda St. and Extension and Dayuan submarkets,  bringing the Grade A offi ce stock to over 3.54 million sq m. Several Grade A offi ce buildings are expected to enter the market over the next few years, with most of them located in Dongda St. and Extension and Financial City.