Property News · April 29, 2020

Office vacancy rates in China’s commercial hubs surge to highest level on record as rents drop amid pandemic headwinds


Office rents continue to be battered by the Covid-19 pandemic, and vacancy rates are on the rise in mainland China. A record number of offices have been left empty in the country’s four largest commercial hubs, while rents have declined for six consecutive quarters.Office vacancy rates in Beijing, Shanghai, Guangzhou and Shenzhen rose to 15 per cent on average – the highest level on record – in the first quarter, according to data from the China Real Estate Information Corporation (CRIC).“The…

Source : South China Morning Post
Read more…Office vacancy rates in China’s commercial hubs surge to highest level on record as rents drop amid pandemic headwinds

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