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Flat Grade A office sector seen in Q4
By Cao Qian |
January 10, 2013, Thursday
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Print Edition
Print Edition
SHANGHAI'S Grade A office market remained flat in the fourth quarter of last year, with rental growth in Pudong New Area offset by a drop in Puxi amid weak demand from multinational companies, according to a report yesterday.
The overall average rent was unchanged from the third quarter at 9 yuan (US$1.43) per square meter per day across the city at the end of 2012, with rents in Pudong growing 1.4 percent quarter on quarter and those in Puxi shedding 2.1 percent, real estate services provider Jones Lang LaSalle said in a report released yesterday.
"Rental performance now depends largely on location," said Anthony Couse, managing director of Jones Lang LaSalle Shanghai. "While limited supply continued to boost rental growth in Pudong, rents on the other side of the river have started to decline as a result of subdued demand from multinational companies."
Between October and December, Puxi saw low inquiries from multinationals for space across all industries as companies continued to be cautious on office expansion plans. But in Pudong, domestic tenants, mainly financial institutions and professional services companies stepped in to boost office leasing demand.
For full-year 2012, Grade A office rents declined 1.2 percent in Puxi while they rose 6.8 percent in Pudong, the report said.
Looking forward, Jones Lang LaSalle sees demand for high-quality office space to improve by the second half of 2013.
The overall average rent was unchanged from the third quarter at 9 yuan (US$1.43) per square meter per day across the city at the end of 2012, with rents in Pudong growing 1.4 percent quarter on quarter and those in Puxi shedding 2.1 percent, real estate services provider Jones Lang LaSalle said in a report released yesterday.
"Rental performance now depends largely on location," said Anthony Couse, managing director of Jones Lang LaSalle Shanghai. "While limited supply continued to boost rental growth in Pudong, rents on the other side of the river have started to decline as a result of subdued demand from multinational companies."
Between October and December, Puxi saw low inquiries from multinationals for space across all industries as companies continued to be cautious on office expansion plans. But in Pudong, domestic tenants, mainly financial institutions and professional services companies stepped in to boost office leasing demand.
For full-year 2012, Grade A office rents declined 1.2 percent in Puxi while they rose 6.8 percent in Pudong, the report said.
Looking forward, Jones Lang LaSalle sees demand for high-quality office space to improve by the second half of 2013.
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