Knight Frank - Shanghai Office Market Q1 2018 22 March 2019
In Q1 2018, the average Grade-A office rent dropped to RMB9.6 per sqm per day (see Table 1).
Due to weak leasing demand and the huge amount of new supply, the overall Grade-A office vacancy rate increased 1.8 percentage points to 6.1% quarter on quarter (Q-o-Q) (see Table 1).
With the departure of some major tenants...
In Q1 2018, the average Grade-A office rent dropped to RMB9.6 per sqm per day (see Table 1).
Due to weak leasing demand and the huge amount of new supply, the overall Grade-A office vacancy rate increased 1.8 percentage points to 6.1% quarter on quarter (Q-o-Q) (see Table 1).
With the departure of some major tenants, the average rent in Core CBDs decreased to RMB11.6 per sqm per day, a Q-o-Q drop of 3.3%.
In Q1, the net absorption in Shanghai’s Grade-A office market was approximately 66,420 sqm (see Figure 2), of which only 19,000 sqm was recorded in Core CBDs. The vacancy rates in Pudong and Puxi increased 2.3 and 1.5 percentage points to 5.9% and 6.3% respectively
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