房地产市场报告 -上海2024年第一季度写字楼市场

MARKETBEAT

SHANGHAI

OfficeQ12024

12-Mo.Forecast

¥277.8

Rent(PSM/MO)

-0.87%

RentalGrowth(QOQ)

15.77%

VacancyRate

(Core,GradeA)

Source:Cushman&WakefieldResearch

TwoNewGradeAOfficeProjectsEnteredtheMarketinQ1

XuhuiVankeCentreIIIT3wascompletedinQ1,adding58,700sqmofspacetotheShanghaiGradeAmarket.TheXuhuiVankeCentreIII

project,inFringeXuhui,hasatotalleasableofficeareaofmorethan200,000sqm.TheT3buildingwasthefirstphasedelivered.Thesecondnewentrant,theYifengCenterinChangning,addedafurther50,000sqmofqualityofficespace.

SuburbanMarketAbsorptionRebounds

SuburbanmarketabsorptionreboundedinQ1toreach90,973sqm,anincreaseof30.65%q-o-q.Incontrast,thecoreareasawweaker

performance,recordingadeclineintonegativeabsorptionat-5,209sqminthequarter.Inturn,citywidetotalabsorptionslippedto85,764sqm.However,withlessnewspaceenteringduringthequarterthaninthepast,theupwardtrendofthecitywideGradeAofficevacancyratewas

slowedsomewhat,torecord22.03%attheendofthequarter.ThecitywideaveragemonthlyrentallevelfellslightlytoRMB237.3persqminQ1.

Inthecoresubmarkets,theaveragerentalleveldroppedtoRMB277.8persqm,andinthesuburbansubmarkets,declinedtoRMB188.2persqm.

SHANGHAIECONOMICINDICATORS

2023

12-Mo.Forecast

2023Q3

5.0%

6.0%

GDPGrowth

6.6%

6.0%

TertiarySector

Growth

0.5%

0.3%

CPIGrowth

25.3%

18.2%

RealEstateSector

Investment

Source:ShanghaiMunicipalBureauofStatistics

TheforecastisbasedonMoody’sAnalytics

Bysector,TMTfirmsledleasingdealsbyareawitha23.84%shareoftotaltransactionsinQ1,followedbyretail&tradeat23.11%andthe

professionalservicessectorat20.82%.ThemanufacturingsectortookfourthplaceinQ1,withan10.09%share.Thefinancesectorwasalso

significant,withan8.42%shareoftransactionsbyarea.Spacewasalsoleasedbycompaniesinthehealthcare,logistics,food&beverageandenergysectorsinthequarter.MNCenterprisestooka52.4%shareofallprimeofficeleasingtransactionsbyarea,withdomesticcompanies

accountingforthebalance.

SupplyPeaksScheduledfor2024and2025

Morethan1millionsqmofnewspaceisscheduledtoenterthemarketthisyearandinthenext,withsuburbanareanewsupplydominatingatmorethan1.5timesthenewspacepresentlyslatedforthecorearea.

GRADEACBDOVERALLRENT&VACANCYRATE

GRADEACBDNEWSUPPLY

Rent(RMB/sqm/mo)

330

320

310

300

290

280

270

260

250

18

16

14

12

10

8

6

4

2

0

VacancyRate(%)

LettableOfficeArea(‘000

sqm)

800

600

400

200

0

20172018201920202021202220232024F2025F2026F

CoreJing'anChangningHuangpuLujiazuiZhuyuanCoreXuhui

Source:Cushman&WakefieldResearch

OverallRentVacancyRate(%)

Source:Cushman&WakefieldResearch

PROPERTY

SUBMARKET

TENANT

SQM

LEASETYPE

TRANSACTION

DATE

Relocation

SUBMARKET

NewHuangpu

Minhang

TCenterPutuoJiingHang4,000NewLeasing4Q2023

LuminaFringeXuhui

SamsungProperty&CasualtyInsurance

Company(China)

3,300Relocation4Q2023

RuihongCorporateAvenueHongkou

ZTOPay

2,800

4Q2023

SIGNIFICANTPROJECTSPLANNED

&UNDERCONSTRUCTION

PROPERTY

MAJORTENANT

SQM

COMPLETIONYEAR

ParkAvenueCentral

CoreJing’an

-

98,952

2024

CPICXintiandiCommercialCenterT1

-

122,400

2024

ChinaResourcesCentre

CoreJing’an

-

80,069

2025

Todtown

-

50,000

2025

ITCPhaseIIIT2

CoreXuhui

-

206,283

2025

MARKETBEAT

SHANGHAI

OfficeQ12024

PLANNED&UNDER

CONSTRUCTION

(sqm)

GRADEARENT

USD/SF/MO

INVENTORY

(sqm)

VACANCYRATE

RMB/SQM/MO

SUBMARKET

EUR/SF/MO

CoreJing’an

1,348,368

14.7%

232,292

¥319.0

US$4.12

€3.78

Huangpu

1,900,204

12.5%

367,469

¥280.2

US$3.62

€3.32

Lujiazui

2,274,646

10.7%

0

¥313.2

US$4.04

€3.71

Zhuyuan

1,087,583

25.3%

70,000

¥245.4

US$3.17

€2.91

CoreXuhui

635,714

20.5%

206,283

¥275.1

US$3.55

€3.26

Changning

1,350,640

20.0%

239,820

¥211.7

US$2.73

€2.51

SHANGHAIGRADEACBDTOTAL

8,597,155

15.7%

1,115,864

¥277.8

US$3.59

€3.29

ShanghaiGradeASuburban

8,002,043

28.8%

2,310,287

¥188.2

US$2.43

€2.23

Rentalequals“GrossTransactedFaceRental”

1.00USD=0.91866727EUR=7.1968892CNY(15thMar.2024)

Thedatabasewasadjusted.

KEYLEASINGTRANSACTIONS

ShuiOnPlazaHuangpuKimberly-Clark(China)6,000Relocation4Q2023

ShaunBrodie

HeadofBusinessDevelopmentServices,EastChina&GreaterChinaContent

42-43/F,Tower2,Plaza66,1366NanjingWestRoadShanghai

Tel:+862122080529/shaun.fv.brodie@

AboutCushman&Wakefield

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commercialrealestateservicesfirmforpropertyownersandoccupierswithapproximately52,000employeesinnearly400officesand60countries.InGreaterChina,anetworkof23

officesserveslocalmarketsacrosstheregion.In2023,the

firmreportedrevenueof$9.5billionacrossitscoreservicesofvaluation,consulting,project&developmentservices,capitalmarkets,project&occupierservices,industrial&logistics,

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commitmenttoDiversity,EquityandInclusion(DEI),

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©2024Cushman&Wakefield.Allrightsreserved.Theinformationcontainedwithinthisreportisgatheredfrommultiplesourcesbelievedtobereliable,includingreports

commissionedbyCushman&Wakefield(“CWK”).Thisreportisforinformational

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