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Buyer appetite for office space wanes in Q1
By Cao Qian |
April 10, 2012, Tuesday
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Online Edition
Online Edition
BUYING sentiment for office properties fell in the first quarter of this year in Shanghai but may pick up strength over the next few months amid growing supply, Soufun.com, operator of the country's largest real estate website, said in a latest report.
Office sales dropped to 301,875 square meters, or 1,962 units, between January and March, down 11 percent and 32 percent, respectively, from the previous quarter, according to Soufun data.
"Affected by the Spring Festival holiday as well as an overall 'wait-and-see' sentiment in the property market, the city's office sale market was generally sluggish," said Zhang Yinping, a Soufun analyst. "In addition, only one new project was released to the local market in January and February."
Projects to be released soon in the city include Union Tower, a 47,000-square-meter mixed-used project in decentralized Putuo District, as well as at least six other developments that have postponed their original launches in March, Soufun data showed.
Office sales dropped to 301,875 square meters, or 1,962 units, between January and March, down 11 percent and 32 percent, respectively, from the previous quarter, according to Soufun data.
"Affected by the Spring Festival holiday as well as an overall 'wait-and-see' sentiment in the property market, the city's office sale market was generally sluggish," said Zhang Yinping, a Soufun analyst. "In addition, only one new project was released to the local market in January and February."
Projects to be released soon in the city include Union Tower, a 47,000-square-meter mixed-used project in decentralized Putuo District, as well as at least six other developments that have postponed their original launches in March, Soufun data showed.
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