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Shanghai MarketBeat Reports

Shaun Brodie • 28/03/2024
Cushman & Wakefield MarketBeat reports analyze quarterly economic and commercial real estate activity including supply, demand and pricing trends at the market and submarket levels.

Q1 2024 Highlights

Office: Two new office projects entered in Q1, with suburban market absorption strengthening in the quarter.

Retail: New supply continued to enter the retail market in Q1, with demand for prime retail space continuing to pick up.

Capital Markets: Total Q1 transaction volume reached RMB10.4 billion.

Learn more by clicking our most recent Shanghai MarketBeat reports below.

CURRENT MARKETBEATS

Office Buildings CBD
Shanghai Office MarketBeat

The Xuhui Vanke Centre III T3 and the Yifeng Center both entered in Q1, bringing 108,700 sq m of new Grade A space. Suburban market absorption rebounded to record 90,973 sq m, although weaker core area performance saw net absorption dip into negative territory. Core area vacancy moved up slightly q-o-q to 15.77%. The core average monthly rental level slipped further to RMB277.8 per sq m. 
 

Click here to download the report

Shopping Retail
Shanghai Retail MarketBeat

Aegean Cultural Plaza in Lingang Harbour City entered the retail market in Q1 with 30,000 sq m of new space. Activity continued to pick up in the quarter, with the F&B, lifestyle, and entertainment sectors the primary demand generators. Citywide prime mall vacancy dropped to 9.4%, the lowest since 2022. Core area prime rents grew 0.34% y-o-y to RMB1889 per sq m.  
 

Click here to download the report

Warehouse Internal Rack
Shanghai Capital Markets MarketBeat

The Shanghai capital market recorded 16 transactions in Q1, with total transaction volume reaching RMB10.4 billion (US$1.4 billion), down 28% y-o-y. The investment-oriented office market remained sluggish, impacted by office supply volume, lower absorption, and weakened expectations. Meanwhile, foreign investors continued to wait on the sidelines against the backdrop of high U.S. dollar interest rates and concerns that the Federal Reserve may delay in cutting rates. Most sellers in the Q1 period were domestic developers looking to ease capital pressures through asset sales. 
 

Click here to download the report

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