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Office demand sustains property market
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Real-estate investment in Shanghai remained above 100 billion yuan (US$14.54 billion) for the fourth consecutive year in 2019 as investors remained generally positive about the city’s long-term outlook.
But the year’s investment deals fell to 106.5 billion yuan, from 110 billion yuan in 2018, global property consultancy JLL said in a recent report.
And excluding transactions delayed from 2018 and two major government-backed deals from last year’s tally, investment volume plunged to about 65.1 billion yuan, JLL said, attributing the drop to a softening office market as well as increasingly cautious sentiment.
“In an environment of low interest rates, core and stabilized assets will receive more favor and attention from investors,” said Jim Yip, head of capital markets for JLL’s China & East China operation.
Throughout 2019, offices remained the most sought-after property, accounting for 58.7 percent of total sales.
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