[photopress:Shanghai_World.jpg,full,alignright]When the Shanghai World Financial Center opens it will be the tallest building on the Chinese mainland. It has already set a record for pre-leasing rents for Grade-A office towers in Shanghai with an average rental above $3.3 per square meter per day. That is serious money.
The Oriental Morning Post reported that the Shanghai World Financial Center obtained a pre-leasing license on June 22. Thus the center has entered the pre-leasing phase of its business plan.
The developer, Mori Building, earlier said the rental will be the highest in Shanghai’s office market. And was correct in this forecast. Jones Lang LaSalle, a leading global property services provider, reports Citywide rents for Grade-A offices remain at an average $1 per square meter per day at the end of March. So the rents for the center are more than three times that.
Tenants of the center will be mainly financial institutions (good idea for they have the money) as well as international law firms, accounting firms, trading companies.
The pre-leasing of the center’s shopping area has also started. About 50 to 60 franchised stores and restaurants will be in the 13,600-square-meter shopping area.
The Shanghai World Financial Center — 423.8 meters and climbing — is scheduled to complete exterior construction this September which means a target date for occupancy to start as March 3, 2008.
When completed it will be 492 meters high running to 101-storeys. There is no suggestion that a monstrous gorilla is even now being trained to clamber up the side for the opening ceremonies. King Kong is not needed. The rents, in themselves, are frightening enough.
Source: Shanghai Daily