Shanghai's retail leasing market steady in 1Q12
Overall vacancy rate rose to 10.6% due to the launch of three new projects.
According to Colliers International, Shanghai enjoyed sustained economic growth in 2011. By the end of the year, the total retail sales of consumer goods had grown by 12.3 percent year on year to RMB677.71 billion. Pudong and Huangpu districts ranked first in terms of total retail sales and retail sales per capita respectively.
Here's more Colliers:
Shanghai’s retail leasing market remained stable in the first quarter of 2012. The overall vacancy rate rose from the previous quarter’s 9.9 percent to 10.6 percent due to the launch of three new projects in the period. Average rents for ground ‑floor space in prime areas reached RMB 52.7 per square meter per day, a 2.9 percent increase over the previous quarter.
The launch of Bailian Xuhui Shopping Center, Parkside Plaza and Huge Lifestyle Center added 176,359 square meters of new space to Shanghai’s retail market. The projects were distributed between the prime area and the decentralized area.
Shanghai’s luxury market continued to expand with the launches of Aston Martin and Zenith in the first quarter.
A number of buildings in Huangpu district continued to upgrade and reposition in line with local district government plans, including Hong Kong New World Tower’s renovation of its retail podium, which will be known as K11, and the lower levels of Golden Bell Plaza on Huaihai Road, which is being transformed into a Marks & Spencer store.