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Qiantan next CBD of Shanghai
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QIANTAN, a 2.8-square-kilometer new business district along the bank of Huangpu River in Pudong New Area , is embracing both opportunities and challenges as it bears the potential to become the next CBD of Shanghai, global real estate consultancy Colliers International has concluded in a latest research.
Under an earlier released government masterplan, the district, located south of the former World Expo site, is expected to be built into a new core international business community by 2020 with some 3.5 million square meters of commercial and residential real estate being completed.
"Plans for Qiantan are clearly centered on the development of office space which will account for 43 percent of the total portfolio," said Carlby Xie, director of research for Colliers' China operation. "The area's close proximity to Little Lujiazui, which has a limited office stock, will make it attractive to small players of the financial industry such as the fast-growing digital payment sector while it may also attract businesses that have ties with the state-owned enterprises which will open headquarters in the former World Expo area."
Major advantages the area has over other office clusters that may develop in Shanghai include infrastructure, scale, the reputation and experience of developers who have projects in the area, government support as well as its inclusion in the Free Trade Zone, according to Colliers.
Despite the above, Qiantan will also face strong challenges from massive supply of offices in other decentralized areas. The positioning of the area by its planners and developers and their success in building its reputation as a convenient and high-quality area for doing business will also be critical to the area's success, the research said.
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