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Grade A office rents up in Puxi, Pudong
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ROBUST demand from domestic financial firms, multinational retailers and professional service providers continued to fuel rental growth in Grade A office buildings on both sides of the Huangpu River in Shanghai in the third quarter of this year, research by property advisors has found.
Grade A office rents in the Pudong New Area climbed 2.2 percent quarter on quarter to 11 yuan (US$1.73) per square meter a day, while they rose 2.3 percent to 9.40 yuan per square meter a day in Puxi during the three-month period, JLL said in a report released yesterday.
鈥淒omestic retail banks and wealth-management companies were active in setting up branch offices in Pudong as well as Puxi CBD,鈥 said Anny Zhang, head of markets for JLL Shanghai. 鈥淎t the same time, demand from multinational companies in retailing and professional services such as law firms and consultancies remained strong in Puxi.鈥
The positive sentiment over rental growth prospects in the city鈥檚 CBD market further bolstered investors鈥 appetite for en bloc investment opportunities.
Between July and September, eight en bloc deals valued at 16 billion yuan were completed in Shanghai, a quarter-on-quarter surge of 59 percent, according to Savills data.
Chester Zhang, associate director at Savills China Research, said offshore real estate investment trusts are playing a rising role in the Shanghai market.
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