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Rents in decentralized offices grow strongly
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RENTS grew strongly in Shanghai’s decentralized office market in 2016 while leasing activities in traditional CBD areas slowed, international property advisor JLL said yesterday.
Last year, the net absorption of Grade A office space, or a measure of change in total demand, totaled 563,000 square meters in decentralized areas, surpassing the annual average of 396,000 square meters the city saw during the previous five years, a report released yesterday by JLL said.
“We continued to see strong performance in decentralized properties in 2016, especially those in fringe CBD areas close to existing CBDs,” said Eddie Ng, managing director for JLL’s east China operations.
He said cost-conscious CBD tenants looking to consolidate or expand as well as firms seeking to upgrade from older properties are drawn to Grade A buildings in fringe CBD areas.
Grade A office rents in decentralized areas rose to an average 6.40 yuan (93 US cents) per square meter per day in the last three months of 2016, a quarterly rise of 0.6 percent and an annual gain of 4.4 percent, despite abundant supply.
But rents in CBD areas fell on both sides of the Huangpu River during the same quarter amid rising competition from decentralized areas.
In Pudong, Grade A office rents shed 0.8 percent quarter on quarter to 11.40 yuan per square meter per day while they fell 1.5 percent to 9.60 yuan per square meter per day in Puxi in the fourth quarter of last year, JLL data showed.
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