290,000 sq m added to Guiyang's retail property market

As the capital city of Southwest China's Guizhou province and one of China's purchasing paradises blessed with cool weather, Guiyang's charms have increased over the past several years. According to local media reports, from the second half of 2020 to the first half of 2021, the city has added nearly 290,000 square meters of retail property area supplies, bringing the city's total retail property area to over 2.4 million sq m. 

Many profound changes have taken place, transforming Guiyang's retail business layout. 

After over a decade of development, and with residents of urban areas retreating from the core districts of the city, types of newly established businesses and the regional retail market are undergoing tremendous changes – large-scale shopping centers have been becoming increasingly popular in recent years, accounting for over 95 percent of new retail property market supplies. 

Many corporations and their brands have set up headquarters in Guiyang, enriching the experience for consumers 

Additionally, Guiyang's premises rental market is also warming up. The city registered 2.25 million sq m of top-class office buildings, with the vacancy rate down by four percentage points. Seen from the demand side, three industries – finance, information technology, and real estate – have contributed more than 60 percent of office building areas.

It is estimated that over the next three years, there will be an additional 900,000 sq m of area added to the city's retail property market supply, and core shopping areas will account for 24 percent of the total area supply. 

Yuan Jie, chief expert at the Guiyang Premises Economy Promotion Commission, said the extra efforts to develop the headquarters economy in the five-year campaign to "make Guiyang stronger" will certainly bring strategic opportunities to the premises and headquarter economies.