Shanghai – July 2019 MARKET IN MINUTES Office Savills Research Savills team Please contact us for further information RESEARCH James Macdonald Senior Director China +8621 6391 6688 james.macdonald@ savills.com.cn COMMERCIAL Cary Zheng Senior Director Central China +8621 6391 6688 cary.zheng@ Office rents continue to fall savills.com.cn Core office rents fell by 0.2% in Q2/2019 despite a dip in vacancy rates. Peter Sheng Director Shanghai +8621 6391 6688 • SOHO Gubei launched onto the core office market in • Vacancy rates in decentralised areas fell by 3.6 ppts quarter- peter.sheng@ savills.com.cn Q2/2019, adding 70,300 sq m of new office space and pushing on-quarter (QoQ) to 30.3% in Q2/2019, while rents remained core Grade A office stock up to 9.0 million sq m by the end of flat at RMB5.82 per sq m per day. Leon Fu Q2/2019. Senior Director • Economic uncertainties and more availability lead to longer Shanghai • Net take-up increased by 24% in Q2/2019, totalling 108,700 decision-making periods by tenants. Landlords increased +8621 6391 6688 sq m, though it remained down 72% year-on-year (YoY). The concessions due to fierce competition from abundant new
[email protected] prime Puxi recorded positive absorption for the first time in supply. a year, absorbing 18,800 sq m of vacant stock. Savills plc Savills is a leading global real estate service provider listed on • Thanks to stronger take-up, vacancy rates fell by 0.5 of a the London Stock Exchange.