BEIJING's office rents for grade A office buildings have fallen by 30 per cent between Q2 2019 and Q2 2024, with limited new supply and dwindling rental demand, reports Caixin.
Office rents in China's capital fell 3.9 per cent from the first quarter to CNY79.2 (US$38.4) per square metre, the fastest quarterly decline in nearly four years, data from Cushman & Wakefield and Colliers International show.
The second quarter of 2024 has seen increasing volume but decreasing prices. With what is now a buyer's market, property owners are reducing rents to attract tenants and landlords are offering more attractive leasing strategies, such as longer rent-free periods and free renovation, Cushman & Wakefield said in a report.
SeaNews Turkey
Office rents in China's capital fell 3.9 per cent from the first quarter to CNY79.2 (US$38.4) per square metre, the fastest quarterly decline in nearly four years, data from Cushman & Wakefield and Colliers International show.
The second quarter of 2024 has seen increasing volume but decreasing prices. With what is now a buyer's market, property owners are reducing rents to attract tenants and landlords are offering more attractive leasing strategies, such as longer rent-free periods and free renovation, Cushman & Wakefield said in a report.
SeaNews Turkey
