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Shanghai's retail rents set to rise moderately
By Cherry Cao |
January 17, 2013, Thursday
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Print Edition
Print Edition
SOLID demand from global retailers will help prime retail rents in Shanghai to increase moderately this year despite abundant supply, according to major international real estate service providers.
"Supply is back towards mature locations over the next 12 months," said James Macdonald, head of research at Savills China.
"However, we still expect prime retail rents to rise between 3 and 5 percent year on year in 2013, with new entrants being the main demand driver despite more conservative growth by incumbent retailers."
Six prime location retail projects, including Sun Hung Kai Properties' International apm on Huaihai Road M., Jing An Kerry Center on Nanjing Road W. and L'Avenue in Hongqiao, are scheduled to open in the city this year, adding a total of 400,000 square meters of premium retail space to the city's current inventory, according to figures released yesterday by CB Richard Ellis.
"We remain upbeat in the city's prime retail market performance for the coming year as sluggish economic growth in Europe and the US will spur more global retailers to establish a presence in Shanghai, in view of the resilient consumption market here," said Sam Xie, director of CBRE Research. He also forecast rentals to increase by single digit this year.
"Supply is back towards mature locations over the next 12 months," said James Macdonald, head of research at Savills China.
"However, we still expect prime retail rents to rise between 3 and 5 percent year on year in 2013, with new entrants being the main demand driver despite more conservative growth by incumbent retailers."
Six prime location retail projects, including Sun Hung Kai Properties' International apm on Huaihai Road M., Jing An Kerry Center on Nanjing Road W. and L'Avenue in Hongqiao, are scheduled to open in the city this year, adding a total of 400,000 square meters of premium retail space to the city's current inventory, according to figures released yesterday by CB Richard Ellis.
"We remain upbeat in the city's prime retail market performance for the coming year as sluggish economic growth in Europe and the US will spur more global retailers to establish a presence in Shanghai, in view of the resilient consumption market here," said Sam Xie, director of CBRE Research. He also forecast rentals to increase by single digit this year.
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