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July 21, 2021

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Vacancies at business parks drop

By Cao Qian | 00:05 UTC+8 July 21, 2021 | Print Edition

Vacancies at business parks in Shanghai fell to their lowest in nine years in the second quarter of 2021 amid robust market demand, particularly from the medical and health and tech sectors.

During the three months ended June, the vacancy rate at local business parks averaged 21.7 percent, the lowest since the third quarter of 2012, global property consultancy Colliers said in its latest first-half market research.

Net absorption, a barometer of demand, totaled 516,000 square meters between January and June, more than 40 percent up from the previous six months. In the second quarter alone, that stood at 295,000 square meters, a quarter-on-quarter increase of 31 percent.

“By tenant type, companies involved in medical and health, software services and integrated circuits saw the strongest upgrading and expansion demand, accounting for 23 percent, 20 percent and 13 percent of the total net absorption during the period,” said Kevin Yuan, director of research at Colliers East China.

“We expect the momentum to extend through the coming months, with the full-year net absorption jumping more than 60 percent from 2020.”

Average rents climbed 1.8 percent from the second half of 2020 to 3.83 yuan (US$0.59) per square meter per day. There were mixed performances in core and emerging sub-markets, Colliers data showed.

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