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The First Galeries Lafayette Store in SW China to Open at the End of This Year

By RAN ZHENGICHONGQING|Aug 02,2022

Chongqing- In the first half of 2022, Chongqing has introduced 54 first stores, among which 10% are the first Chinese locations, and 16% are the first in southwestern China, according to a Chongqing Commercial Real Estate Market Review and Outlook for the Second Quarter of 2022 report released by Cushman & Wakefield on July 12.

54 first stores landed in Chongqing in the first half of 2022

Data shows that 74% are the first in Chongqing of the 54 introduced first stores.

Proportions of the first in Chongqing, southwestern China, and the whole country among the 54 first stores.

Proportions of the first in Chongqing, southwestern China, and the whole country among the 54 first stores. (iChongqing/ Zheng Ran)

50% are catering brands, 41% are retail brands while living facilities and sports & entertainment account for 5% and 4% respectively.

Business types of the 54 first stores in Chongqing in the first half of 2022

Business types of the 54 first stores in Chongqing in the first half of 2022. (iChongqing/ Zheng Ran)

Regarding opening time, 33% of the first stores opened in the first quarter, 46% in the second quarter, and the remaining 21% are expected to open in the second half of 2022.

“The proposed project volume introduced by Chongqing in 2022 would reach 618,000 square meters,” said Tang Zhengyi, director of the Commercial Real Estate Department of Cushman & Wakefield (Chongqing). “The Chongqing 100 has officially presented the first store of Galeries Lafayette in southwestern China, which will formally open at the end of this year.”

300,000㎡ Grade A office buildings to be supplied annually

The report shows that in the second quarter of 2022, Chongqing has maintained the Grade A office market stock at 2,305,172 square meters.

Grade A office buildings should meet eight essential requirements, including international management, 24-hour operation, humanization, comfort and practicality of space, digitalization, and energy saving.

Since Chongqing accelerates the western financial center construction, financial service enterprises are performing actively, accounting for 36% of the total office rent transactions. The professional service industry is still among the major trading forces, ranking second at 18%.

Business types of the 54 first stores in Chongqing in the first half of 2022

Business types of the 54 first stores in Chongqing in the first half of 2022. (iChongqing/ Zheng Ran)

In addition, the manufacturing industry recorded some large-scale transactions, such as Hikvision (3,920 square meters) and Dongfeng Sokon (1,200 square meters). This quarter’s transactions were dominated by relocation, which accounts for 66%, followed by new lease companies, accounting for 24%.

For leasing transactions, Maersk (Chongqing), one of the Fortune Global 500, settled in Chongqing Raffles City with an area of 6,000 square meters.

In the next three years, Chongqing will supply more than 300,000 square meters of Grade A office buildings annually.

“Tenants and companies have put forward higher requirements for the future operation and facilities of the buildings,” said You Yawen, head of the Project and Enterprise Service Department of Cushman & Wakefield (Chongqing). “Responding to emergencies and using green and healthy technologies will promote office property development in a better direction.”

You analyzed that as Chongqing accelerates the construction of the western financial center, Chongqing’s financial industry will grow steadily with a continuously strong demand for office space. For example, Ping An Insurance and Ruihua Health Insurance have large-scale lease transactions this quarter.

(Ge Rongchen, as an intern, also contributed to this report.)

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