Shanghai Home Rental
Mainland China ’s first-tier cities see supply peak in 2007, but all three of these major metropolitan areas saw sustained strong demand, with a collective 4.4 million sq. ft. of net absorption in Beijing, Shanghai and Guangzhou recorded in the first quarter.
In Shanghai, average office rent continued to trend north, increasing 2.5% q-o-q to RMB 203.9 per sq. m. (US$2.45 per sq. ft.) per month. As no new supply came on stream during the quarter, available space was rapidly absorbed and there was significant pre-commitment activity. The citywide vacancy rate tightened 2.1 percentage points q-o-q, to 5.6%.
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