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Grade A office rentals show modest Q1 increase
By Cherry Cao |
April 10, 2012, Tuesday
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Online Edition
Online Edition
GRADE A office rentals rose modestly in Shanghai in the first quarter on tight supply, despite weakened demand, the latest industry research has found.
Average rents at Grade A office buildings rose slightly to 8.9 yuan (US$1.4) per square meter per day across the city during the first three months, a quarter-on-quarter increase of 1.2 percent, according to a report released today by major international real estate services provider Jones Lang LaSalle.
"The city's Grade A office leasing market was rather quiet between January and March as deal flow from multinational tenants was limited because of economic uncertainties," said Anthony Couse, managing director of Jones Lang LaSalle Shanghai. "However, a tight supply, coupled with improving demand from domestic companies in Pudong, enabled landlords to maintain modest rental growth."
In particular, rents rose 2.4 percent from the previous quarter to 8.6 yuan per square meter per day in Pudong while they remained flat at 9.1 yuan per square meter per day on the western side of the river, Jones Lang LaSalle data showed.
The tight supply of Grade A offices in the city's CBD areas, meanwhile, dragged overall vacancy down during the same period.
By the end of March, vacancy rates had fallen to 4.9 percent in Puxi and 6.1 percent in Pudong, since no new projects were completed in the CBD areas in the first three months on either side of the river.
Average rents at Grade A office buildings rose slightly to 8.9 yuan (US$1.4) per square meter per day across the city during the first three months, a quarter-on-quarter increase of 1.2 percent, according to a report released today by major international real estate services provider Jones Lang LaSalle.
"The city's Grade A office leasing market was rather quiet between January and March as deal flow from multinational tenants was limited because of economic uncertainties," said Anthony Couse, managing director of Jones Lang LaSalle Shanghai. "However, a tight supply, coupled with improving demand from domestic companies in Pudong, enabled landlords to maintain modest rental growth."
In particular, rents rose 2.4 percent from the previous quarter to 8.6 yuan per square meter per day in Pudong while they remained flat at 9.1 yuan per square meter per day on the western side of the river, Jones Lang LaSalle data showed.
The tight supply of Grade A offices in the city's CBD areas, meanwhile, dragged overall vacancy down during the same period.
By the end of March, vacancy rates had fallen to 4.9 percent in Puxi and 6.1 percent in Pudong, since no new projects were completed in the CBD areas in the first three months on either side of the river.
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