Grade A office rents in Puxi and Pudong mixed in Q2
Shanghai’s overall Grade A office market was largely flat in the second quarter of this year but rents on the two sides of the Huangpu River were mixed, according to latest industry data.
The average office rents in Puxi’s central business district were flat at 9 yuan (US$1.47) per square meter per day during the April-June period amid sluggish expansion demand from multinational companies, Jones Lang LaSalle said yesterday in its quarterly research. But strong demand from domestic firms fueled rental growth in Pudong by 1.3 percent from the previous quarter, it added.
The Puxi market was dominated by lease renewals, easing landlords’ pressure to lower rents, while in Pudong limited available space and robust demand from domestic companies continued to boost rents to 9.10 yuan per square meter per day, said Joe Zhou, head of research at Jones Lang LaSalle Shanghai.
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