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Robust demand from firms boosts office rents in Q2
By Cao Qian |
July 26, 2011, Tuesday
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Print Edition
Print Edition
ROBUST demand from companies continued to boost office rents in Shanghai in the second quarter of this year and the overall vacancy rate also rose amid an abundant supply, major international real estate services providers said yesterday.
Citywide, rents at Grade A office buildings climbed to 7.8 yuan (US$1.2) per square meter per day between April and June, a quarterly gain of 2.7 percent, Colliers International said yesterday in a report.
"Rents and occupancy rate continued to advance over the past quarter in Shanghai as demand from foreign and domestic enterprises both climbed," said Lina Wong, managing director for Colliers' East and Southwest China operations. "In the coming few months, we expect Puxi's Grade A office market to remain strong while in Pudong, where supply will be notable in the near future, the market will also be quite bullish."
Grade A office rents in Xuhui District rose 6.4 percent, the most, from a quarter ago to 7.9 yuan per square meter per day while Jing'an District's average rent of 8.9 yuan per square meter per day during the same period was the highest of all districts.
The vacancy rate gained 1 percentage point from a quarter earlier to 10.6 percent as several new projects were completed, including Two IFC, a Sun Hung Kai development in Little Lujiazui of Pudong, which added over 122,000 square meters of premium office space to the local market, Colliers research showed.
Citywide, rents at Grade A office buildings climbed to 7.8 yuan (US$1.2) per square meter per day between April and June, a quarterly gain of 2.7 percent, Colliers International said yesterday in a report.
"Rents and occupancy rate continued to advance over the past quarter in Shanghai as demand from foreign and domestic enterprises both climbed," said Lina Wong, managing director for Colliers' East and Southwest China operations. "In the coming few months, we expect Puxi's Grade A office market to remain strong while in Pudong, where supply will be notable in the near future, the market will also be quite bullish."
Grade A office rents in Xuhui District rose 6.4 percent, the most, from a quarter ago to 7.9 yuan per square meter per day while Jing'an District's average rent of 8.9 yuan per square meter per day during the same period was the highest of all districts.
The vacancy rate gained 1 percentage point from a quarter earlier to 10.6 percent as several new projects were completed, including Two IFC, a Sun Hung Kai development in Little Lujiazui of Pudong, which added over 122,000 square meters of premium office space to the local market, Colliers research showed.
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