Grade-A office market mixed in first 3 months
Print Edition
Shanghai’s Grade-A office market recorded mixed results in the first quarter, amid rising competition brought by abundant supply, industry data released by international real estate consultancies show.
“Leasing demand in the traditional CBDs moderated in the first three months while that in emerging business districts remained strong,” said Anny Zhang, head of markets for JLL China.
“Emerging CBDs such as Qiantan and Xuhui Bund have attracted strong interest particularly from health care, TMT (technology, media and telecom) and manufacturing companies seeking cost savings and expansion opportunities.”
Grade-A office rents in Pudong CBD fell 1.4 percent quarter on quarter and those in Puxi CBD declined 0.5 percent.
A separate report by Savills also found that vacancy rates at Grade-A buildings in core and decentralized areas of Shanghai both headed south during the quarter amid mounting pressure from new supply.
Vacancy rates increased 0.1 percentage points to 12.5 percent in core markets while those in decentralized areas added 1.9 percentage points quarter on quarter to 33.9 percent.
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