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Pudong Grade A office rents beat Puxi's
By Cherry Cao |
April 10, 2013, Wednesday
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Print Edition
Print Edition
GRADE A office rents in Pudong New Area surpassed those in Puxi for the first time in more than two years while overall rents in Shanghai were flat, a major international real estate services provider said yesterday in a quarterly report.
Rents in Pudong rose 1.3 percent quarter on quarter to 9 yuan (US$1.43) per square meter per day in the first three months of this year, beating Puxi for the first time since the third quarter of 2010 where rents dipped 0.3 percent from the previous quarter to 8.9 yuan per square meter per day, Jones Lang LaSalle said.
Across the city, overall rents edged up 0.4 percent to 8.9 yuan per square meter per day during the first quarter.
"Pudong rents continued to grow at a steady pace while in Puxi they fell insignificantly as the majority of landlords kept rents flat due to weak demand and new supply," said Anny Zhang, national director of markets at Jones Lang LaSalle. "We expect Puxi rents to turn positive in the second quarter of this year as demand from multinational companies recovers."
But the vacancy rate in Puxi rose by 3 percentage points to 11.4 percent in the first quarter, the highest in over two years, due to new buildings, such as No. 8 Huangpu and Jing An Kerry Center Tower 2, coming into the market between January and March, the firm said.
Meanwhile Pudong saw its vacancy rate up 0.1 percentage point to 7.6 percent during the same period.
Rents in Pudong rose 1.3 percent quarter on quarter to 9 yuan (US$1.43) per square meter per day in the first three months of this year, beating Puxi for the first time since the third quarter of 2010 where rents dipped 0.3 percent from the previous quarter to 8.9 yuan per square meter per day, Jones Lang LaSalle said.
Across the city, overall rents edged up 0.4 percent to 8.9 yuan per square meter per day during the first quarter.
"Pudong rents continued to grow at a steady pace while in Puxi they fell insignificantly as the majority of landlords kept rents flat due to weak demand and new supply," said Anny Zhang, national director of markets at Jones Lang LaSalle. "We expect Puxi rents to turn positive in the second quarter of this year as demand from multinational companies recovers."
But the vacancy rate in Puxi rose by 3 percentage points to 11.4 percent in the first quarter, the highest in over two years, due to new buildings, such as No. 8 Huangpu and Jing An Kerry Center Tower 2, coming into the market between January and March, the firm said.
Meanwhile Pudong saw its vacancy rate up 0.1 percentage point to 7.6 percent during the same period.
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