Modest rental gain on retail property
By Cherry Cao |
July 18, 2013, Thursday
|
Print Edition
Print Edition
SHANGHAI'S retail property market saw generally modest rental growth in the first half and the large amount of new supply set to hit the market over the next couple of months may limit the gains, major international real estate services providers said.
The average ground-floor fixed rent in mid- to high-end shopping centers throughout the city rose 1.1 percent annually in the first six months to 40.70 yuan (US$6.60) per square meter, with demand mainly from the luxury, fashion entertainment and education sectors, Colliers International said in its latest report.
"We expect the market to remain stable in the second half despite the upcoming large supply," said Annie Houn, director of retail services for Colliers' East China operation. "However, there should be a reasonable increase in the city's overall vacancy rate while rental growth might also be constrained in the short term."
Five new projects, with a combined retail space of more than 570,000 square meters, are expected to open across the city between July and December, according to a research report by Savills.
Prospects for prime projects remain stable in terms of both rent and occupancy, Savills predicted.
The average ground-floor fixed rent in mid- to high-end shopping centers throughout the city rose 1.1 percent annually in the first six months to 40.70 yuan (US$6.60) per square meter, with demand mainly from the luxury, fashion entertainment and education sectors, Colliers International said in its latest report.
"We expect the market to remain stable in the second half despite the upcoming large supply," said Annie Houn, director of retail services for Colliers' East China operation. "However, there should be a reasonable increase in the city's overall vacancy rate while rental growth might also be constrained in the short term."
Five new projects, with a combined retail space of more than 570,000 square meters, are expected to open across the city between July and December, according to a research report by Savills.
Prospects for prime projects remain stable in terms of both rent and occupancy, Savills predicted.
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