[photopress:jingan_district_Shanghai.jpg,full,alignright]In the first quarter of this year average rental rates for Shanghai’s Grade A offices continued to rise. According to Colliers International, a real estate services company, leading the pack was downtown Jing’an District remaining the highest.
Asking rents rose to US$1.15 per square meter per day across the city, up 2.9% from a quarter earlier, while transaction rents reached US$1.05 per square meter per day, up 8.2% from the same period last year.
Colliers said that among Shanghai’s major business areas, Jing’an and Pudong secured the highest average asking rents — US$1.34 and US$1.21 per square meter per day respectively — due to a comparatively higher quality of buildings.
In addition, Pudong also recorded the highest growth rate in asking rents in the period — up 18.1% from a year earlier — fueled by strong demand for office space by expanding overseas financial institutions in and around the Lujiazui Finance and Trade Zone.
Source: Shanghai Daily