[photopress:google_building.jpg,full,alignright]In Shanghai, in Park Place, a top-flight development in the downtown Jing’an Temple area, a new record has been set for rent in Shanghai with an average rental of $1.40 per square meter a day.
Citywide rents for Grade-A offices remain at an average $1 per square meter per day the developer, Shanghai Cross Ocean Property Development and Jones Lang LaSalle, a leading global property services provider, said yesterday.
The 50-story Grade-A office tower will be open for tenants in January.
The whole project, which includes a boutique hotel and shops, is scheduled to be completed by the third quarter of next year.
Anthony Couse, managing director of Jones Lang LaSalle (Shanghai), said that tight supply of Grade-A office space in Puxi from now through until 2008 will probably push average rental rates up by an additional 25%, and keep vacancy levels at about 4%.
The leasing demand mainly comes from multinational companies and financial institutions. Examples include Google and Hang Seng Bank, which, respectively, leased 2,198 square meters in Raffles City and 3,600 square meters in the Stock Exchange Building.
Source: Shanghai Daily