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New office sales post drop
By Cherry Cao |
September 1, 2012, Saturday
|
Print Edition
Print Edition
SALES of new offices in Shanghai dropped in the first eight months of this year amid sluggish demand, an industry report showed yesterday.
As of Thursday, 8,277 units, or 851,000 square meters of offices, were sold in the city this year, an annual decline of 23.8 percent by unit and 35.9 percent by area, Century 21 China Real Estate said in the report. That was the lowest in four years.
The new offices were sold for an average of 23,100 yuan (US$3,643) per square meter, an annual drop of 12.7 percent.
"A slowing economy and declining exports have damped demand while a limited supply of quality office properties also affected market sentiment," said Wu Xiaoming, manager of the office department at Century 21. "The city's office sales market is kind of risky at the moment with inventories staying rather high."
Nearly 37,000 units, or about 4.77 million square meters, of new offices are available for sale in the city, up an annual 29.5 percent and 18.8 percent respectively, the report said.
As of Thursday, 8,277 units, or 851,000 square meters of offices, were sold in the city this year, an annual decline of 23.8 percent by unit and 35.9 percent by area, Century 21 China Real Estate said in the report. That was the lowest in four years.
The new offices were sold for an average of 23,100 yuan (US$3,643) per square meter, an annual drop of 12.7 percent.
"A slowing economy and declining exports have damped demand while a limited supply of quality office properties also affected market sentiment," said Wu Xiaoming, manager of the office department at Century 21. "The city's office sales market is kind of risky at the moment with inventories staying rather high."
Nearly 37,000 units, or about 4.77 million square meters, of new offices are available for sale in the city, up an annual 29.5 percent and 18.8 percent respectively, the report said.
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