Mixed results in city's grade A office market

By Cherry Cao | April 10, 2014, Thursday |

Online Edition

SHANGHAI'S Grade A office market continued to see a mixed performance on opposite sides of the Huangpu River in the first quarter of this year amid different supply-demand situations, a report said.

Rents in Puxi CBD fell 0.9 percent quarter on quarter to 9 yuan (US$1.45) per square meter per day in the first three months of this year. In the Pudong CBD, rents increased 1.6 percent from the last quarter of 2013 to 9.6 yuan per square meter per day, international property services provider Jones Lang LaSalle said in a report today.

"In the Pudong CBD, strong demand from domestic companies continued to pursue limited available space, pushing the vacancy rate down to 3.5 percent, or the lowest level since Q4 2007," said Anny Zhang, head of Pudong markets for Jones Lang LaSalle Shanghai. "Steady rental growth in Pudong CBD is expected to persist throughout 2014. Puxi may also benefit as tight supply conditions in Lujiazui could cause some Pudong demand to spill over to Puxi."

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Mixed results in city's grade A office market

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