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News release


Chinese corporate occupiers flourish in Sydney’s CBD offices, prompting further interest from the region

​SYDNEY, 3 October, 2013 – Chinese occupiers are flourishing in Sydney’s CBD, highlighted by recent expansion moves.

According to Jones Lang LaSalle, despite the challenging leasing conditions, the market has seen a number of expansion moves in recent times along with international tenants establishing a presence in Sydney. This has been particularly evident with Chinese occupiers.
According to Jones Lang LaSalle’s Director of Leasing – Sydney Ben Kardachi, the desire to expand their international network is prompting further movement into Sydney by Chinese corporate occupiers.
“Chinese businesses are upgrading to long-term leases in prime-grade buildings in the Sydney CBD office market as their businesses mature and expand here. The trend of moving to quality Grade A and Premium Grade buildings is very consistent with what we have seen by Chinese organisations in Beijing and Shanghai,” said Mr Kardachi.
The Agricultural Bank of China expanded their Sydney presence through the company’s relocation to 2 Chifley Square from MLC Centre, 19 Martin Place, Sydney.
Other recent moves by Chinese corporate companies into the Sydney CBD office market include Greenland Group at 233 Castlereagh Street; Sinopec and Wealth Resources at 126 Phillip Street during Q3 2013.
Greenland chose the property given its close proximity to the large-scale residential development they are undertaking in the Sydney CBD – the old Sydney Water site.
State Grid Corporation also moved via a short-term sublease in 126 Phillip Street.
Jones Lang LaSalle’s Senior Executive - Leasing, Christopher Selman, said, “We’re also seeing an appetite from Chinese companies such as Sinopec, who had a strong preference for Harbour Views and building services in order to support their corporate image.”
Mr Selman said it is expected that leasing activity from mainland China will only increase in the Sydney CBD office market, with the leasing team already responding to several enquiries.​