Market Reports -Winter 2008
The following market reports are made and provided by Savills Property Services (Beijing) Company Limited. The copyright of the market reports belongs to Savills Property Services (Beijing) Company Limited.
Shenzhen - Residential Briefing
- The average serviced apartment rent fell 1.3 per cent in the fourth quarter to RMB196.4 per sq.m. per month while the citywide occupancy rate fell 3.1 percentage points to 76.5 per cent
- Serviced apartments in Futian and Luohu outperformed the rest of the market in the fourth quarter with the Asian tenant base holding up better than the rest of the market
- The average villa rent fell 4.3 per cent in the fourth quarter to RMB165.7 per sq.m. per month while the citywide occupancy rate fell just 1.0 percentage point to 81.4 per cent
- The average high-end strata title residential rent fell 10.2 per cent in the fourth quarter to RMB77.3 per sq.m. per month down 12.3 per cent compared with the end of 2007
- The average mass market residential transaction price rose to RMB13,547 per sq.m. in November up from RMB12,706 per sq.m. in October
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Shenzhen - Office Briefing
- Grade 'A' office rents experience their third consecutive decline, falling 12.4 per cent in the fourth quarter
- Citywide Grade 'A' office vacancy rate increases by 5.3 percentage points, as new supply enters the market.
- The spread between asking and achievable rents widens to as much as RMB20 per sq.m. per month as the market weakens further
- Shenzhen's Grade 'A' office market receives record new supply, more than double its 2007 figure.
- Weaker economic conditions force many companies to downsize, though some large enterprises have managed to take advantage of falling rents to secure favourable leasing terms
Reports: Spring 2008