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December 22, 2021

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Office rents on world list

Shanghai’s Pudong ranks as the ninth most expensive office market in the world while Puxi, its counterpart on the other side of the Huangpu River, trails closely at 11, according to JLL’s latest Global Premium Office Rent Tracker.

They are among the eight office markets in China that have made the world’s Top 20 list. Hong Kong’s Central, tied with New York’s Midtown, tops the list. Three submarkets in Beijing — Finance Street, the CBD and Zhongguancun rank No. 3, 6, and 10, Hong Kong’s Eastern District 14 and Shenzhen 18.

“Tech companies have been expanding rapidly in Beijing, and their demand for office space has skyrocketed, exceeding 600,000 square meters this year,” said Mi Yang, head of office market research for JLL China.

“While office rent in most Chinese cities decreased, Zhongguancun, where numerous tech firms are located, directly benefited from this growth and experienced faster recovery from the COVID-19 pandemic with a mere 2.2 percent vacancy rate.”

Globally by industry, banking and financial services tenants have dominated demand for space, accounting for 42 percent of premium office leasing. Professional and business services firms are also major players in the premium office market, taking up 17 percent of space in total.

While rent in core central business districts remains resilient, generally 40 to 50 percent higher than non-core areas, there is growing global demand for green buildings at the premium end.


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