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Home » Business » Real Estate
Rise in average retail rent curbed
Print Edition
THE growth in average retail rent in Shanghai last year was curbed by a strong supply in non-prime locations and below-average rent at new projects, Colliers International said yesterday.
The average rent at retail properties in prime areas shrank 2.5 percent year on year to 56.40 yuan (US$8.65) per square meter per day at the end of 2015, while that in non-prime locations edged up 0.7 percent from a year earlier to 29.90 yuan per square meter per day, according to Colliers data released yesterday.
The average fixed rent for ground floor real estate in the city’s medium to high-end shopping centers fell 1.2 percent year on year to 38.80 yuan per square meter per day, according to Colliers.
“Shanghai registered a strong new supply of retail properties last year with the majority of them located beyond the traditional retail hubs,” said Carlby Xie, director of research at Colliers International China.
“In general, well-managed properties in prime locations continued to see rental growth with robust demand from both international and domestic retailers while the overall market continued to shift away from luxury brands toward mass-market brands and fast fashion.”
Between January and December, seven shopping malls, two of them in prime areas, added a total of 502,650 square meters to the city’s retail property space, a year-on-year jump of 38 percent, Colliers data showed.
The huge supply, however, raised the average vacancy rate by 1.7 percentage points to 12.4 percent at the end of 2015.
Shanghai’s average ground floor fixed rent is set to drop more this year due to a similar reason, Colliers predicted. The rent in prime areas will be buoyant due to limited supply in prime areas and sustained demand.
Shanghai expects 11 new retail real estate projects totaling 936,000 square meters to launch over the next 12 months, according to Colliers.
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