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Due to the strong market demand, the increase in vacancy rate had no significant impact on rent. In Q1 2016, Beijing’s average Grade A office rent remained high in the city’s five core submarkets at RMB395.6 (US$60.7) per square meter (sq m) per month on a gross floor area basis, up 0.9% quarter-on-quarter (q-o-q) and 0.3% year-on-year (y-o-y).
This quarter, completion of the SUNWAH Tower, located in the Financial City submarket, brought 48,800 sqm of high-quality office space to the Tianjin Grade A office market. Due to the new supply and the Spring Festival, Tianjin Grade A office vacancy rate increased 2.5 percentage point q-o-q to 23.4%, and the average achievable rent remained stable at RMB 121.1 (US$18.6) per square meter per month.
Source : Cushman & Wakefield
