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CBD may take shape in city's Luwan
By Cao Qian |
March 31, 2011, Thursday
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Print Edition
Print Edition
SHANGHAI may see another major central business district take shape in downtown Luwan District in a few years amid a limited supply of Grade-A office space in prime Xintiandi and Huaihai Road areas, according to industry watchers.
The 1.95-square-kilometer area, surrounded by the Huangpu River to the south, Zhongshan Road S1 to the north, Zhizaoju Road to the east and Ruijin Road S. to the west, will have about 500,000 square meters of high-end commercial spaces, mainly Grade-A offices, by 2015.
"The riverside area in Luwan, part of the former Puxi Expo site, is destined to become another major CBD in the district as well as the whole city over the next few years, mainly fuelled by its gorgeous location as well as huge infrastructure investment from the local government," said Vicky Shen, director of business space for east China operations at DTZ.
"The overall limited supply of Grade-A buildings in Puxi, coupled with continuously robust demand from companies from both home and abroad, will make this area a really promising CBD within just a few years," she said.
Under an earlier released district blueprint, the government will invest as much as 17 billion yuan (US$2.58 billion) in the area.
New Rich Port, a 700,000-square-meter integrated real estate project developed by Hong Kong-based Guilherme Holdings in the area, said yesterday that more than 20 percent of the space at one of its Grade-A towers released months ago have already secured tenants.
Grade-A office rentals may rise 15 percent this year in Puxi while Pudong rents may gain 10-15 percent, Jones Lang LaSalle said earlier.
The 1.95-square-kilometer area, surrounded by the Huangpu River to the south, Zhongshan Road S1 to the north, Zhizaoju Road to the east and Ruijin Road S. to the west, will have about 500,000 square meters of high-end commercial spaces, mainly Grade-A offices, by 2015.
"The riverside area in Luwan, part of the former Puxi Expo site, is destined to become another major CBD in the district as well as the whole city over the next few years, mainly fuelled by its gorgeous location as well as huge infrastructure investment from the local government," said Vicky Shen, director of business space for east China operations at DTZ.
"The overall limited supply of Grade-A buildings in Puxi, coupled with continuously robust demand from companies from both home and abroad, will make this area a really promising CBD within just a few years," she said.
Under an earlier released district blueprint, the government will invest as much as 17 billion yuan (US$2.58 billion) in the area.
New Rich Port, a 700,000-square-meter integrated real estate project developed by Hong Kong-based Guilherme Holdings in the area, said yesterday that more than 20 percent of the space at one of its Grade-A towers released months ago have already secured tenants.
Grade-A office rentals may rise 15 percent this year in Puxi while Pudong rents may gain 10-15 percent, Jones Lang LaSalle said earlier.
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