Dip in city’s office market sentiment

Advanced Search

The story appears on

Page A10

January 8, 2020

GET this page in PDF

Free for subscribers

View shopping cart

Dip in city’s office market sentiment

By Cao Qian | 00:05 UTC+8 January 8, 2020 |

Print Edition

Shanghai’s Grade A office market continued to witness subdued performance in the last quarter of 2019 amid ample new supply and softening demand, according to latest industry data released by international real-estate consultancies.

Grade A office rents fell 0.8 percent quarter on quarter, or 5.6 percent year on year, to an average 8.63 yuan (US$1.24) per square meter a day at the end of the fourth quarter, global property adviser Cushman & Wakefield said in its latest quarterly report.

Average vacancy rate, meanwhile, climbed to 19.62 percent by the end of the year, an increase of 1.13 percentage points quarter on quarter and up 3.16 percentage points year on year.

A separate report released yesterday by the world’s largest commercial real-estate service provider CBRE showed some 990,000 square meters of new office spaces were rolled out to the local market last year, while net take-up during the same period was just 296,000 square meters.

Throughout 2019, finance, TMT, consumer goods manufacturing, professional services, and pharmaceutical and life science firms were the major sources of demand for Grade A office leasing in Shanghai, according to CBRE research.

Real Estate

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

Dip in city’s office market sentiment

Email this to your friend