Located in the Changning district, the new office space boasts 6,668 square metres and was bought for approximately USD 51 million. The transaction is expected to be closed in late August of this year.
Global Sources’ Chairman and CEO, Merle A. Hinrichs, said: “The purchase of office space in Shanghai addresses our long-term needs as we continue to expand in China.
“The office is located near the Shanghai Hongqiao International Airport and a regional transportation hub connecting to the Yangtze River Delta areas.
“In addition, the offices are adjacent to the Shanghai Metro stations, which are ideal for our team members.”
Global Sources is one of the largest business-to-business media companies in the East and uses English-language-based media to enhance trade from China to the rest of the world.
Currently, the company delivers information on more than 5.7 million products and more than 262,000 suppliers.
Recently Shanghai’s rival city Hong Kong topped the list of the world’s most expensive office spaces, however, according to a recent CB Richard Ellis survey it is also the most popular city for global businesses.
Singapore was in second place, closely followed by Tokyo, London and finally Shanghai.
However, Hong Kong’s sky-high prices and lack of supply could be pushing firms to look at other Asian cities, which could work in Shanghai’s favour.
The Director of CBRE’s research for Macau, Hong Kong and Taiwan, Edward Farrelly, said: “Global corporate strategies are increasingly focused on cost efficiency and the lack of available office space in Hong Kong is proving counterproductive.”
Editor’s notes: In 2018, the UK-based Clarion Events, which is owned by The Blackstone Group, completed its acquisition of Global Sources supported by Blackstone.