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Office rents fall in Puxi and climb in Pudong
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SHANGHAI’S Grade A office market continued to see mixed fortunes on both sides of the Huangpu River in the first quarter of this year as the supply-demand situations differed, latest market data showed.
Amid a quiet leasing demand, rents in Puxi’s central business district 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, global property services provider Jones Lang LaSalle said in a report released yesterday. They rose 1.6 percent from the last quarter of 2013 to 9.60 yuan per square meter per day in the Pudong CBD.
“In the Pudong CBD, strong demand from domestic companies continued to pursue limited available space, pushing vacancy rates down to 3.5 percent, or the lowest level since the fourth quarter of 2007,” said Anny Zhang, head of Pudong markets for Jones Lang LaSalle Shanghai.
“A steady rental growth in the Pudong CBD is expected to persist throughout 2014 while Puxi may also benefit as tight supply conditions in Lujiazui could cause some Pudong demand to spill over to Puxi.”
In Puxi, renewed leases took up most of the demand in the first quarter while the need for larger office space as companies grow their business was flat as only media and retail were the two most active sectoral tenants. In Pudong, robust demand was seen from domestic financial services companies and energy firms.
A separate report from DTZ showed that inventory of Grade A offices exceeded 6.4 million square meters in the city as of the end of March.
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