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Shanghai office sales drop to 4-year low
By Cherry Cao |
August 31, 2012, Friday
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SALES of new offices dropped to the lowest in four years during the first eight months of this year in Shanghai amid sluggish demand, an industry research showed.
As of Thursday, 8,277 units, or 851,000 square meters of offices, were sold across the city so far this year, a year-on-year retreat of 23.8 percent and 35.9 percent, Century 21 China Real Estate, the largest estate chain in Shanghai in terms of outlet numbers, said in a report today.
The new offices were sold for an average 23,100 yuan (US$3,643) per square meter, an annual drop of 12.7 percent.
"Slowing economy as well as declining export has damped demand while limited supply of quality office properties also affected market sentiment," said Wu Xiaoming, manager of office department at Century 21. "The city's office sales market is kind of risky at the moment with inventory staying at a rather high level."
Currently, nearly 37,000 units, or about 4.77 million square meters of new offices are now available for sale across the city, an increase of 29.5 percent and 18.8 percent from same time a year earlier, Century 21 data showed.
As of Thursday, 8,277 units, or 851,000 square meters of offices, were sold across the city so far this year, a year-on-year retreat of 23.8 percent and 35.9 percent, Century 21 China Real Estate, the largest estate chain in Shanghai in terms of outlet numbers, said in a report today.
The new offices were sold for an average 23,100 yuan (US$3,643) per square meter, an annual drop of 12.7 percent.
"Slowing economy as well as declining export has damped demand while limited supply of quality office properties also affected market sentiment," said Wu Xiaoming, manager of office department at Century 21. "The city's office sales market is kind of risky at the moment with inventory staying at a rather high level."
Currently, nearly 37,000 units, or about 4.77 million square meters of new offices are now available for sale across the city, an increase of 29.5 percent and 18.8 percent from same time a year earlier, Century 21 data showed.
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