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Mixed rents for Grade A office space
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OFFICE rents of Pudong central business district in Shanghai continued to rise in the third quarter of this year while those in Puxi CBD slipped further as landlords focused on retaining existing tenants, Jones Lang LaSalle said in a report released yesterday.
In Pudong, where domestic financial service companies maintained 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 11.40 yuan per square meter per day during the same period, the real estate service provider said.
On the other side of the Huangpu River, however, Grade A rents shed 0.9 percent from the previous three-month period to 8.80 yuan per square meter a day while the rents of premium Grade A buildings also dropped 1.4 percent quarter on quarter to 10.10 yuan per square meter per day. This was because landlords of premium Grade A buildings in Puxi probably had to provide discounts to retain tenants.
“In Pudong, while demand from domestic financial service sectors remained robust, we also noticed stronger sentiment among firms engaged in less traditional types of financial services such as Internet finance companies,” said Eric Xin, head of project sales and leasing at JLL Shanghai.
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