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Rents of Grade A offices rebound
By Cao Qian |
April 8, 2010, Thursday
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Print Edition
Print Edition
RENTS in Shanghai Pudong's Grade A office market continued to rebound in the first quarter of this year amid unabated demand from financial tenants while those in Puxi also showed initial signs of recovery, two major real estate services providers said yesterday.
The average rents at Grade A office buildings in Pudong rose 5.4 percent, the second consecutive quarterly gain, to 6.40 yuan (94 US cents) per square meter per day and will probably keep rising, according to the latest report released by Jones Lang LaSalle.
"Demand in the office market in Pudong continued to be strong during the first three months and more than 60 percent of the upcoming space this year in the area is already sold or committed," said Alan Li, national director of markets at Jones Lang LaSalle Shanghai. "The remaining 40 percent of the space will enter the leasing market where demand remains robust."
Separate research released yesterday by Colliers International also found that the bulk of new office take-up in the first three months of this year was in Pudong while leasing deals by financial tenants jumped to 35 percent during the quarter.
Puxi also witnessed a slight rise in its Grade A office market in the past quarter but a full rebound is yet to occur.
The Exchange SOHO, a premium office tower in downtown Nanjing Road W. acquired in August by SOHO China, has recently raised its overall occupancy rate to about 83 percent amid strong demand from domestic and overseas companies.
The average Grade A office rents in Puxi gained 0.5 percent in the first three months, ending six quarters of decline, while the overall vacancy rate fell by 1.2 percentage points, said Jones Lang LaSalle.
The average rents at Grade A office buildings in Pudong rose 5.4 percent, the second consecutive quarterly gain, to 6.40 yuan (94 US cents) per square meter per day and will probably keep rising, according to the latest report released by Jones Lang LaSalle.
"Demand in the office market in Pudong continued to be strong during the first three months and more than 60 percent of the upcoming space this year in the area is already sold or committed," said Alan Li, national director of markets at Jones Lang LaSalle Shanghai. "The remaining 40 percent of the space will enter the leasing market where demand remains robust."
Separate research released yesterday by Colliers International also found that the bulk of new office take-up in the first three months of this year was in Pudong while leasing deals by financial tenants jumped to 35 percent during the quarter.
Puxi also witnessed a slight rise in its Grade A office market in the past quarter but a full rebound is yet to occur.
The Exchange SOHO, a premium office tower in downtown Nanjing Road W. acquired in August by SOHO China, has recently raised its overall occupancy rate to about 83 percent amid strong demand from domestic and overseas companies.
The average Grade A office rents in Puxi gained 0.5 percent in the first three months, ending six quarters of decline, while the overall vacancy rate fell by 1.2 percentage points, said Jones Lang LaSalle.
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