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Shenzhen's office rent for Q1 climbs to RMB 178 per sq m

May. 24, 2012 (China Knowledge) – Shenzhen saw its average rent of Class-A office space reach RMB 177.8 or US$28.22 per square meter per month in the first quarter of this year, reflecting a sequential climb of 0.1%, according to London-headquartered global real estate advisor DTZ.

The average monthly rent of Class-A office space was RMB 165.1 per sq m in the city's Luohu District, down 0.1% from a quarter earlier, RMB 189 per sq in Futian District, up 0.1% from a quarter earlier and unchanged at RMB 139.8 per sq m in Nanshan District.

Vacancy rate of Class-A office space in Shenzhen was 14.3% in the first quarter of 2012, and the rate was 25.5% in Luohu District, 12.1% in Futian District and 2.1% in Nanshan District.

As of Mar. 31, 2012, the city had nearly 2.22 million sq m of Class-A office space.

Analysts said the rent of Class-A office buildings in Shenzhen is estimated to reach RMB 150 to RMB 200 per sq m per month in the period between 2012 to 2016.

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