Caixin
Jan 11, 2023 08:26 PM
BUSINESS

Covid Roils Shanghai’s Commercial Property Market in Fourth Quarter

The nascent recovery in Shanghai’s commercial property market was cut short at the end of last year, as uncertainty fueled by a new wave of coronavirus infections and the scrapping of “zero Covid” curbed demand for office space. Photo: VCG
The nascent recovery in Shanghai’s commercial property market was cut short at the end of last year, as uncertainty fueled by a new wave of coronavirus infections and the scrapping of “zero Covid” curbed demand for office space. Photo: VCG

Shanghai saw a decline in rents and a rise in vacancy rates for office space in the fourth quarter of 2022, as commercial activity in China’s financial capital was disrupted by a new wave of coronavirus infections and a sudden U-turn on the “zero-Covid” policy.

Daily rent for office space in Shanghai averaged 7.63 yuan ($1.13) per square meter in the fourth quarter, a decline of 0.3% from the previous quarter, according to data released in a report by commercial property consultancy Colliers International Group Inc. on Friday. The number for all of 2022 was also 7.63 yuan per square meter, down 0.6% from the previous year.

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