Apr 25, 2024 08:00 PM

BUSINESS

Shanghai Prime Office Vacancies Hit Near 20-Year High

By Niu Mujiangqu and Ding Yi

00:00

00:00/00:00

Listen to this article 1x

Shanghai's Lujiazui neighborhood on April 3, 2023. Photo: VCG

Shanghai's Lujiazui neighborhood on April 3, 2023. Photo: VCG

Prime office buildings in China’s financial hub Shanghai continue to lose their luster, with the vacancy rate hitting a new high amid a supply glut in the first quarter.

The vacancy rate of grade-A office buildings reached 20.9%, up 1.1 percentage points from the previous quarter and up 2.8 percentage points from a year ago, marking the highest in nearly 20 years, according to data from real estate adviser CBRE Group Inc.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.

Subscribe to both Caixin Global and The Wall Street Journal — for the price of one.

Share this article

Open WeChat and scan the QR code

GALLERY

: Gallery: Asia New Vision Forum Kicks Off in Singapore

NEWSLETTERS

Get our CX Daily, weekly Must-Read and China Green Bulletin newsletters delivered free to your inbox, bringing you China's top headlines.

We ‘ve added you to our subscriber list.

Manage subscription

PODCAST

Caixin Deep Dive: Former Securities Regulator Yi Huiman’s Corruption Probe

00:00

00:00/00:00

MOST POPULAR

1: Sinopec and Saudi Aramco Launch $10 Billion Petrochemical Venture in Fujian

2: Cover Story: How the Yuan is Taking Over the Dollar’s Role in Global Trade

3: Finance Movers and Shakers: Former Securities Watchdog Chief Yi Huiman Under Graft Probe

4: Hong Kong Moves to Ease Capital Rules for Banks Holding Licensed Crypto

5: China’s Regulator Ramps Up Push to Curb Food Delivery Subsidy War

SPONSORED

OR