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Shanghai’s Grade A office rents up in Q4
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GRADE A office rents on both sides of the Huangpu River climbed again in the last quarter of 2014 on strong demand from domestic companies, according to latest research released by major international real estate services providers.
In Pudong, rents rose 0.9 percent quarter on quarter to 10.10 yuan (US$1.63) per square meter per day, whilst Grade A office rents in Puxi added 0.6 percent from the previous quarter to 8.80 yuan per square meter per day in the October-December quarter, Jones Lang LaSalle said in a report released yesterday.
“Domestic and joint venture financial institutions were active in the Pudong CBD office market,” said Anthony Couse, managing director for JLL East China. “MNC retailers, meanwhile, were also actively seeking opportunities for upgrading and expanding their office space.”
Major leasing deals in the fourth quarter of 2014 included New Development Bank leasing 6,000 square meters in Oriental Financial Center in Pudong and US retailer VF Corporate leasing 8,000 square meters in Henderson 688 in Puxi.
“Corporate clients from the finance and professional services sectors as well as retail and trading firms were actually primary demand generators throughout the whole year,” said Carlby Xie, director of research for Colliers International’s China operations.
“In particular, domestic companies played a larger role than MNCs in generating demand for expansion and new setups.”
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