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China Office Furniture Industry
China Knowledge Press, Sep 2004, Pages: 101
The recent construction boom in the major cities of China has resulted in a market surplus of prime office space. It is estimated that the new floor space supply of Grade A office buildings in Beijing will be around 1.3 million m² in 2004, about 200,000 m² in Shanghai, and 130,000 m² in Guangzhou.
As a result, commercial rental rates continue to drop in general while many Chinese and foreign enterprises are now taking advantage of this by relocating to superior office space.
With China’s GDP growth remaining at 9% or above, as well as the inward flow of foreign investment, the market demand for new offices from both Chinese and foreign companies is likely to continue in the coming years.
Frequently, companies which take up new office space also upgrade their office furnishings. This phenomenon has created a significant expansion of the middle and upper-end office furniture markets. Related to this trend, most newly constructed prime office space in China now features airy, openconcept plans typical of American office layouts. Although there are many local manufacturers of modular furniture in China, their quality and design features are clearly inferior to imported and foreign joint venture-manufactured products.
At present, China has formed a group of well-known office furniture manufacturers, which include Lamex, China Resources Logic, UB, Aurora, Changjiang, Huali, Huaya, Chengfeng, Jianwei, Keyu, Ocean, Braw, Nanyang, Rongfeng, Guojing, Zhongtai and Chunguang. In addition, there is a group of enterprises which produce both office and home furniture, for example, Landbord, Tiantan and Gotop. A number of manufacturing bases for office furniture have also been developed. These include Shunde and Dongguan in Guangdong Province, Hangzhou and Anji in Zhejiang Province, and Shanghai.
China’s relatively low labor costs and large consumer market have attracted international furniture companies to transfer their operations to China. In the next three to five years, it is expected that more international furniture players will relocate their production facilities to countries with lower costs of operation.
In January 2005, furniture import tariffs in China will fall to zero. Following this, it is expected that more international furniture players will enter the Chinese market. Also, Chinese furniture manufacturers will lose the preferential treatment they were accustomed to prior to China’s WTO membership. A level playing field will thus be created in China’s furniture market.
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