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Office rentals continue to rise in Shanghai
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RENTALS of Grade A offices continued to rise along both side of the Huangpu River in the second quarter of this year with domestic financial companies and multinational retailers remaining strong drivers for demand.
Rents at Grade A office buildings in CBD of Pudong New Area gained 3.9 percent quarter over quarter to 10.8 yuan (US$1.74) per square meter per day between April and June whilst in the Puxi CBD, rents climbed at a slower pace of 1.8 percent to 9.1 yuan per square meter per day, JLL, an international real estate services provider, said in a quarterly report released today.
"Domestic financial services companies continued to pursue the limited available space in the Pudong CBD while they also became increasingly active in the Puxi CBD," said James Allan, head of markets for JLL Shanghai. "Multinational retail companies also stood out as a major source of office demand over the past quarter."
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