Maintaining Momentum: China Seeks to Maintain Growth Following Olympic Games
As the Olympic Games came to a close last August, Chinese officials could rest easy knowing they had accomplished their goal of showing the world that Beijing was ready to take its rightful place among the world’s top-tier cities. Approximately US$41 billion of public-funded infrastructure improvements and new athletic facilities, as well as additional billions of dollars of private investment in office, retail and hotel assets, had turned the smoggy, third-world city into a gleaming metropolis.
An increase in class A assets in the years leading up to the Olympic Games has completely changed the face of Beijing. In the six years leading up to the Games, the government approved 2.8 million square meters of office space. That space, as well as new retail, residential, logistics and hotel development, is rapidly coming online, with 1.3 million square meters of office space completed in 2007 alone.
An additional combined 1.5 million square meters of office, ret