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Grade A office rentals mixed in CBD
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Rents in the Grade A office market in Shanghai’s CBD areas on either side of the Huangpu River were mixed in the third quarter of this year, Jones Lang LaSalle said in its latest quarterly report.
Pudong Grade A rents climbed 1 percent quarter on quarter to 9.20 yuan (US$1.50) per square meter per day while those in Puxi were flat at 9 yuan per square meter from July to September, according to data released by the real estate services yesterday.
“Office rental growth in Pudong remained strong due to a lack of supply and robust demand from domestic companies while there was also an increase in enquiries for space in Puxi,” said Anthony Couse, managing director of Jones Lang LaSalle Eastern China.
He added that “companies have grown more confident and have put expansion plans back on the agenda” after years of caution.
Anny Zhang, national director of markets at Jones Lang LaSalle, said: “We expect the increasing number of enquiries witnessed in Puxi during the quarter to translate into leasing transactions in early 2014.”
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