Shanghai鈥檚 Grade A office rental falls further
Print Edition
Abundant supply and softening demand plagued Shanghai鈥檚 Grade A office market for another quarter with rents in both prime and decentralized areas heading south again from the previous three-month period, global property adviser Savills said in its latest report.
Grade A office rents in the city鈥檚 core CBD areas dipped 0.2 percent to 8.95 yuan (US$1.26) per square meter per day between July and September, while they fell 0.7 percent to 5.76 yuan per square meter per day in decentralized areas during the same period, Savills said. Grade A office inventory in core CBD areas further rose to 9.2 million square meters by the end of September with about 227,000 square meters being added during the third quarter, pushing the vacancy rate up to 13.2 percent, 1.3 percentage points higher than the second quarter and the highest in 10 years.
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