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Offices most sought-after in Shanghai
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Shanghai’s real estate investment market performed well in the first half of 2019 with offices the most sought-after among investors, according to the latest data released by global property consultancies.
Between January and June, the overall transaction value of en-bloc real estate investment deals reached some 77.5 billion yuan (US$11.2 billion), with some 28.8 billion yuan worth of deals being sealed in the second quarter, JLL said in its regular quarterly report released yesterday.
“The city’s property investment market continued its bull run from last year in the first quarter and the early part of the second quarter, though reports of trade-conflict uncertainties coupled with a softening office-leasing market are putting more investors on the sideline,” said Jim Yip, head of capital markets, JLL China & East China. “For the whole year, transaction volume might still reach a record though comparatively lower transaction volume is expected for the second half.”
In the first six months, office buildings, with a total investment volume of 42 billion yuan or 54 percent of the total, were the most popular.
Mixed-use developments trailed with a 36 percent share and retail followed with a 3 percent share, according to JLL data.
An earlier report by international property adviser Savills showed that Shanghai’s office-leasing market remained subdued in the second quarter of this year, mainly due to oversupply and softening demand.
Grade A office rents in core areas extended weakness during the three-month period, slipping 0.1 percent to 8.96 yuan per square meter per day.
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