Business
Chinese Office Landlords Resort to Free Furnishings to Attract Tenants Amid Economic Tightening: CBRE Study Reveals
In the midst of economic pressure, Chinese commercial property owners are providing complimentary furniture to attract tenants. As rental costs are decreasing and the rivalry intensifies, property owners are striving to maintain their occupancy rates, according to a researcher from CBRE.
An increasing number of property owners in mainland China are choosing to provide fully furnished office spaces to corporate renters in an effort to boost occupancy rates. This comes as a financial crunch is affecting businesses ranging from financial firms to retail chain managers.
Fion Zhang, who heads office, advisory, and transaction services at property consultancy CBRE China, stated that incentives have become essential in attracting tenants with restricted budgets due to the increased competition and concerns over surplus.
"The expense of outfitting offices has turned into a significant worry for some businesses struggling with budget limitations, despite a continued need for additional workspace," she stated. "It would be beneficial for property owners to think about offering customized solutions to meet these requirements."
A recent study involving 237 business tenants conducted by CBRE revealed that one-third of firms looking to grow or move are unable to finance their office furniture.
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