Vacancy rate of office buildings in Guangzhou, capital of southern China's Guangdong province, have risen to an alarming level of between 19.8% and 24.4%, according to reports by DTZ, Colliers International, and Jones Lang LaSalle. Over a half a million m2 of office space are expected to come online in the second half of 2009 as well, further weighing on the already struggling commerical real estate market, and average rental prices have dipped to ¥124/m2/day, a DTZ report has revealed. Just 55,000 m2 of Grade A office space were rented to date since the beginning of 2008 in the wake of the economic slowdown.

$1 = ¥6.8


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