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A company called ZST Digital Networks has agreed a deal that will see it acquire two floors of an office block in the city of Zhengzhou in the Henan Province of central China.
The China-based business specialises in the supply of equipment for digital and optical communications networks and has seen its services much in demand in recent years.
Buying 31,000 sq ft of extra office space in Zhengzhou is viewed by the company’s bosses as a worthwhile investment opportunity, as well as a way of accommodating dozens of new employees as the business continues to grow.
The office building in which ZST now owns two floors is not far from its existing operating base, where staff numbers reportedly increased by a full fifty per cent over the course of 2010. The company is to pay roughly US$7.8 million to complete the acquisition deal.
ZST spokesman Zhong Bo said: “The acquisition of this new office space represents a strategic investment in our future, giving us the necessary flexibility to effectively manage our expansion, while also providing us with a valuable tangible asset.”
“Significantly, despite the highly publicised real estate boom in China, we believe that we were able to purchase the new office space at a discount to the per metre price of comparable office space in the area,” he added.
Some of the most high-profile office space developments in China have been taking place in the eastern city of Shanghai, with a 61-storey building in Wheelock Square having recently completed and become one of the most eye-catching towers in a CBD already packed with skyscrapers.