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Grade A office rents rise in Pudong, but dip in Puxi, report shows
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SHANGHAI'S Grade A office market continued to register mixed performances on two sides of the Huangpu River in the third quarter of this year, international real estate services provider Jones Lang LaSalle said in a report released today.
Pudong CBD rents maintained their upward trajectory and those in Puxi CBD slipped further as landlords focused on retaining existing tenants, the report said.
In Pudong, where domestic financial service companies kept demonstrating strong demand, Grade A rents rose 1.7 percent quarter on quarter to 10 yuan (US$1.63) per square meter per day while premium Grade A rents climbed 1.2 percent to 11.4 yuan per square meter per day during the same period, JLL's latest data showed.
On the other side of the Huangpu River, however, Grade A rents shed 0.9 percent from the previous three-month period to 8.8 yuan per square meter per day while rents in the premium Grade A market also dropped 1.4 percent quarter over quarter to 10.1 yuan per square meter per day as landlords of Puxi Premium Grade A buildings were more willing to provide discounts to keep good profile tenants in their buildings.
"In Pudong, while demand from domestic financial services sectors remained robust, we also noticed strengthened sentiment among firms engaged in less traditional types of financial services such as Internet finance companies," said Eric Xin, head of project sales & leasing, JLL Shanghai. "Meanwhile across the river, domestic financial services and professional services continued to be active in the leasing market."
On the supply side, the third quarter of this year witnessed four Grade A buildings reach completion, adding about 170,000 square meters of new space to the local market, according to JLL.
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