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Grade A office rents climb in Shanghai
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SHANGHAI’S Grade A office rents continued to rise on both sides of the Huangpu River in the second quarter of this year, with domestic financial companies and multinational retailers driving the demand.
Rents at Grade A office buildings in the Pudong New Area’s central business district gained 3.9 percent quarter on quarter to 10.80 yuan (US$1.74) per square meter per day between April and June, JLL, an international real estate services provider, said in a report yesterday. Rents in Puxi CBD rose at a slower pace of 1.8 percent to 9.10 yuan per square meter per day.
Domestic financial services firms were active in the CBD in Pudong and Puxi, said James Allan, head of markets for JLL Shanghai.
“Multinational retail firms also stood out as a major source of office demand,” he added.
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