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Dip in city’s office market sentiment
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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.
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