Shenzhen - Rent for grade A office edges up
Net absorption in the Shenzhen office market reached 17,215 sq m. Along with the uptick in absorption of existing office stock, vacancy rate decreased from 8.3% in Q4 2013 to 7.5% in Q1 2014. Rent of grade A office grew 2.3% quarter-on-quarter (q-o-q) to RMB 199.7 (US$32.5) per sq m per month. Financial enterprises, hi tech companies enterprises and professional services firms such as law and consulting firms were most active in taking up office space.
Xiamen - Home price increases
Due to continuous increase in new supply, residential transaction volume grew this quarter. The transaction volume rose in the first two months of 2014 reached 831,000 sq m, much more than the monthly average volume of 130,000 sq m in the previous quarter. New house price went up simultaneously, increasing 29.2% year-on-year (y-o-y) to RMB 18,942 (US$3,080.0) per sq m.
Chongqing - Rent for retail properties continues steady increase
World Financial Center and Yinli International Plaza opened in Q1 2014, bringing 135,000 sq m of office space onto the market. The total stock increased to 167,000 sq m. Vacancy rate also increased 3.1 percentage points to 11.7%. The overall rent in Q1 increased to RMB 745 (US$121.2) per sq m per month, a q-o-q increase of 1.8%.
Chengdu - Rent for grade A office declines slightly
In Q1 2014, the Seaton Plaza entered the market and total office stock increased to 1,385,689 sq m. The citywide net absorption rate was 44,707 sq m, up 12.9% q-o-q, while the availability rate was 47.5%. The average rent of grade A office declined 2.4% q-o-q to RMB 122.9 (US$19.98) per sq m per month.
Source : DTZ (Groupe UGL)