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Shanghai office space most expensive in China
By Cao Qian |
August 22, 2011, Monday
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Online Edition
Online Edition
PRIME office rentals in Shanghai ranked the highest among Chinese mainland cities and took the 11th spot across the Asia Pacific region, according to research released by a major international property services provider.
Average prime office rentals rose 2.7 percent from a quarter earlier to 7.8 yuan per square meter, or an equivalent of US$41 per square foot per year, in Shanghai in the second quarter of this year.
The main drivers for the price increases are strong fundamentals of the city's economy as well as robust demand triggered by the inflow of foreign direct investment in the service industry, global real estate consultancy firm Colliers International said today.
Hong Kong topped the regional list with prime office rentals standing at more than US$120 per square foot per year, immediately followed by Tokyo and Singapore.
Meanwhile, with an estimated 1.02 million square meters of new prime office spaces being released to the local market this year, Shanghai will register the second largest annual supply in the region following the southern city of Guangzhou, where a total of 1.11 million square meters of new prime office spaces will be offered, according to the Colliers report.
Average prime office rentals rose 2.7 percent from a quarter earlier to 7.8 yuan per square meter, or an equivalent of US$41 per square foot per year, in Shanghai in the second quarter of this year.
The main drivers for the price increases are strong fundamentals of the city's economy as well as robust demand triggered by the inflow of foreign direct investment in the service industry, global real estate consultancy firm Colliers International said today.
Hong Kong topped the regional list with prime office rentals standing at more than US$120 per square foot per year, immediately followed by Tokyo and Singapore.
Meanwhile, with an estimated 1.02 million square meters of new prime office spaces being released to the local market this year, Shanghai will register the second largest annual supply in the region following the southern city of Guangzhou, where a total of 1.11 million square meters of new prime office spaces will be offered, according to the Colliers report.
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