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Pudong office rents outperform Puxi鈥檚 in Q4
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Rents for Grade A offices on the Pudong side of the Huangpu River continued to outperform those on the Puxi side in the last three months of 2013, according to latest market research.
Between October and December, Grade A office rents in Pudong rose 2.4 percent quarter on quarter to 9.40 yuan (US$1.55) per square meter per day, driven by robust demand from domestic financial institutions, Jones Lang LaSalle said in a quarterly report released yesterday.
Those in Puxi shed 0.2 percent to 9.10 yuan per square meter per day during the same period as demand from cost-conscious foreign companies remained weak.
“Strong demand from domestic tenants, coupled with limited available leasing supply, continued to drive rental growth in Pudong, which was a notable contrast to the Puxi market,” said Eric Xin, national director of markets at Jones Lang LaSalle. “We expect a sustained rental growth in Pudong in 2014 and a rather flat office leasing market on the other side of the Huangpu River.”
For the whole of 2013, rents in Pudong added 5 percent while those in Puxi declined 2.7 percent, a separate research released by Colliers International showed.
“The city will see five new completions with a total leasable area of 290,000 square meters in 2014, lower than the historic five-year average supply and absorption levels,” said Carlby Xie, director of research for China operations at Colliers.
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