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Low vacancy rate, limited supply of office

In 2016, CBRE recorded an increase of average office-for-lease price due to limited supply, as well as low quarterly absorption and vacancy rate. In accordance, vacancy rates in 2016 of office tower of A Grade and B Grade were 4.0pct and 2.8pct, respectively. CBRE forecasts the vacancy rate will be maintained when the market gradually absorbs new supply from both A Grade and B Grade office projects in 2017-2020.