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REAL ESTATE: Tianjin Real Estate Market 2018 Review
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Tianjin Real Estate Market 2018 Review
By Michael Hart

BT 201901 real 022018年天津房地产市场回顾

回顾2018年的商业房地产市场,几个关键主题成为焦点。 备受期待的办公和零售项目的开业继续影响着该市新兴的商业区。 新的地铁线路开通,强化了公共交通的重要性。天津经济已调整为更成熟,发展更稳健的城市。

年内商业地产最明显和最积极的发展是完成了一些有助于推动现有的CBD(中央商务区)或子市场的项目。 我们在下面介绍了一些重点项目。

天津的电视塔长期以来一直是著名的地标,但是一旦你参观了旋转塔,就没有多少其他参观点。 然而,现在它位于一个新兴的CBD区域的中心,这里是购物中心和几个新建的办公大楼的所在地。已开始吸引公司和办公室工作人员到该地区。该地区位于地铁三号线,未来几年肯定会受到关注。

As we look back at the commercial real estate market in 2018, several key themes took center stage. The opening of much anticipated office and retail projects continued to shape new emerging business areas in the city. A new subway line opened, reinforcing the importance of mass transit and increasing the value of property along the system. And finally, the Tianjin economy adjusted to its position as a more mature and slower growing city, just as the US China trade tensions began to cause uncertainty in the economy in general.

Macro Economics
In early 2018, the economic statistics showed that for the full year 2017 Tianjin, once one of the China’s fastest growing economies, had moved much further down the rankings and was now one of the slowest growing ones, growing by less than 4%. As 2018 continued, business activity seemed to reflect that activity had indeed slowed. An important caveat however, is that the GDP was still growing. This is the key challenge for Tianjin, how to grow in a more measured and sustainable manner. In terms of real estate, the various district governments of the city have been betting that after the dust clears, big real estate development projects will transit into long term centers of business activity. Another factor we saw assisting the economy was the relocation of companies to Tianjin from Beijing. It had long been asserted that as Beijing pushed out manufacturing, Tianjin would benefit. A huge wave of firms never materialized, but, indeed, we did see some manufacturing firms moving to Tianjin from Beijing.

New Areas have emerged
The most obvious and positive development in commercial real estate during the year was the completion of a number of projects helping to boost existing CBD (Central Business Districts) or submarkets. We’ve highlighted a number of those key projects below.

TV Tower Area
BT 201901 real 03Tianjin’s TV Tower has long been a well-known landmark, but hasn’t offered much once you’ve visited the revolving tower. However, now, it sits in the center of an emerging CBD area, home to a shopping malls and several newly completed office towers. A Conrad hotel is nearing completion as well. Two developers, the Luneng group and China Overseas, both completed new office buildings and have already begun to attract companies and office workers to the area. Located along subway line three, this area will certainly gather attention in the coming years.

XiBei Jiao
BT 201901 real 04This area has been gaining momentum for a number of years, transforming this corner of Hongqiao district from a quiet suburb to a busy hub with more activity sure to come. The catalyst has been a mixed-use development by the Lujiazui group of Shanghai, next to their large residential development surrounding Wellington International College. The development across from Aqua City, has two office towers and a Courtyard hotel. In September, the mall called L Plus opened and will, we believe, help cement this section of town as an important business district in the coming years. It is located atop subway line one’s, Xibeijiao station.

New Badali
BT 201901 real 05After several years of massive construction, the New Badali area has finally started to see projects there completed and opened. Located in Hexi district and straddling Heiniucheng Road, this emerging CBD has seen the completion of its first office building and shopping mall with much more to come over the next few years, as more office and retail projects are completed. The retail mall is called MCC World, built by a local government related developer, and the office project is called Shuangying Plaza, developed by the Tianjin Bohai Real Estate Group. The opening of subway line 5 (Heiniuchengdao Station), also means the area has access to two subway lines with subway line 1’s Chentangzhuang station anchoring the eastern end of the area. Hexi district has a large residential population and this new massive development has created a new CBD and stretched Tianjin’s commercial areas further to the southeast.

BT 201901 real 06Although the area in Binhai New Area has been widely panned and it currently does have an oversupply of office buildings, there are some positive signs for the area. In the spring the InterContinental hotel opened and is located just next to the manicured riverside in the heart of Yujiapu. This has done a couple of things for the area, including attracting more workers and more events, like conferences, which in turn, bring in even more visitors. It is a good example of how a hotel is an important element of a CBD. Nearby, work continues on Julliard’s campus, sure to bring great energy and more people to the area when it opens in 2019 or 2020. The local train station connects this area to central Tianjin and to Beijing south station.

Tianjin’s multiple-year real estate boom is starting to slow with many major development sites finished or nearing completion. A few more areas will emerge, but the completion of major projects in 2018, has already helped define new CBDs or submarkets within the city. These will attract more workers, creating a more diverse commercial landscape, giving companies more choices when it comes to choosing an office, and consumers more options when looking for shopping and dining destinations. And as the opening of subway line 5 has shown, the future of successful real estate in Tianjin, will be closely aligned with the cities mass transit system. The trick for Tianjin will be to convert these large real estate projects into long term engines of growth for their local districts.

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