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Demand to tap new supply of floor space
By Cao Qian |
September 16, 2011, Friday
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Print Edition
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SHANGHAI will see a significant rise in the new supply of business park floor space in the second half of this year but robust demand will help lower vacancy rates, while rents are set to stay stable, according to an industrial study released yesterday.
About 642,000 square meters of new supply will be added to the city's business parks between July and December, a rise of 43 percent from the first six months, international real estate service provider Colliers International said.
"The robust demand in the second quarter of this year underpinned by multinational corporations' plans to establish regional headquarters and research and development centers in business parks may extend into the second half," said Lina Wong, managing director for Colliers' East and Southwest China operations. "That will ensure that vacancy and rental levels remain firm."
Puxi, primarily the Caohejing High-Tech Park, Caohejing Pujiang High-Tech Park, Hongqiao Linkong Economic Zone and Zhabei District, will cover 72 percent of the total new supply in the second half, Colliers said.
Although the new supply of business park space jumped 35 percent annually in Shanghai in the second quarter, the average vacancy rate rose by 1 percentage point to 11 percent during the same period, fuelled by strong demand.
In June 13 companies, including British Petroleum and Hewlett-Packard, signed deals worth US$800 million to build new headquarters or boost investment for their existing head offices.
Rents in the second quarter were flat from the first three months at an average of 3.10 yuan (48 US cents) per square meter per day.
About 642,000 square meters of new supply will be added to the city's business parks between July and December, a rise of 43 percent from the first six months, international real estate service provider Colliers International said.
"The robust demand in the second quarter of this year underpinned by multinational corporations' plans to establish regional headquarters and research and development centers in business parks may extend into the second half," said Lina Wong, managing director for Colliers' East and Southwest China operations. "That will ensure that vacancy and rental levels remain firm."
Puxi, primarily the Caohejing High-Tech Park, Caohejing Pujiang High-Tech Park, Hongqiao Linkong Economic Zone and Zhabei District, will cover 72 percent of the total new supply in the second half, Colliers said.
Although the new supply of business park space jumped 35 percent annually in Shanghai in the second quarter, the average vacancy rate rose by 1 percentage point to 11 percent during the same period, fuelled by strong demand.
In June 13 companies, including British Petroleum and Hewlett-Packard, signed deals worth US$800 million to build new headquarters or boost investment for their existing head offices.
Rents in the second quarter were flat from the first three months at an average of 3.10 yuan (48 US cents) per square meter per day.
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