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JLL: Shanghai's prime office supply to beat Hong Kong for top spot by 2020

Shanghai looks set to have the biggest pipeline of completed prime office assets by 2020, knocking Hong Kong from its pole position in the Greater China region, according to a forecast by JLL.

The city's central business district will see roughly 1.1 million square meters of new office space by 2020, with an extra 3.3 million square meters of supply expected in its Pudong, Hongkou and Minhang submarkets. The pipeline developments will take the total amount of Grade A office space in Shanghai to 11 million square meters in three years.

"Domestic firms are expected to drive demand for Grade A office space in Shanghai, while more multinationals are anticipated to vie for prime office space to capture a larger slice of the burgeoning Chinese consumer market by 2020," JLL's Head of Research of China, Joe Zhou, said, pointing out that the increasing supply pipeline would be met with firm demand.