2Colliers Quarterly | 30 July 2018 Shanghai | Office | Colliers International
Vacancy rate
Vacancy in Q2 dropped by 2.9% QOQ to
10.6%. We expect vacancy to show a slight
climb to about 12% at end-2018, before a
continuous drop during 2019-22 dropping to
9% by end of 2022.
空置率
核心区空置率于季内环比下降2.9个百分点至
10.6%。预计2018下半年将因新增供应小幅回升
至12%；而之后与2019至2022年将持续下降，
并于2022年降至约9%
Rent
Average rents rose by 0.8% QOQ or 0.1% YOY
to RMB10.36 psm per day (USD1.56). We
expect rents to have modest growth in H2 2018,
climbing gradually during 2019-2022 with an
approximate 2% growth rate per annum
租金
平均租金于季内环比与同比分别提升0.8%与
0.1%至人民币10.36元每平方米每天（1.56美
元）。预计2018下半年租金将小幅上升，而随
后将于2019-22保持走高态势，年均增长率应为
2%左右
No new CBD supply in Q2 二季度无新项目交付入市
2018年第二季度，上海核心区甲级写字楼市场无新项目入
市。上海核心区甲级写字楼总存量维持不变至约727万平方
米（7,825万平方英尺）
During Q2 2018, no new Grade A projects were completed
in the CBD. Shanghai's total CBD Grade A stock remained
at 7.27 million sq m (78.3 million sq ft).
Firm economy and flexible
workspace operators drive demand
Shanghai's economy grew at a steady pace in Q2 2018; real
GDP expanded by 6.9% YOY to RMB1.56 trillion (USD232
billion) during the quarter. Accounting for 69.2% of GDP, the
added value of the tertiary industry reached RMB1.08 trillion
(USD161 billion) over the same period, which is an increase
of 7.4% YOY. Although quarterly net take-up dropped 9.3%
QOQ, the healthy economy supported net absorption of
217,000 sq m (2.34 million sq ft) in Q2. This decline of
17.0% YOY, however, was still able to push the city’s
vacancy rate down 2.9% QOQ to 10.6%.
稳健经济与灵活办公运营商助推市场
需求
2018年第二季度内上海全市经济仍保持平稳向好的走势
实际GDP环比增长6.9%，达到人民币15,558亿元（2,322
亿美元）。第三产业增加值同比增长7.4%,达到人民币
10,762亿元（1,606亿美元），占全市GDP的比重为
69.2%。稳健的经济写字楼市场提供了稳固的基础，季内净
吸纳量达继一季度后保持高位，录得21.7万平方米（234
万平方英尺），环比与同比分别下降9.3%或17.0%。第二季
度核心区空置率因此环比下降2.9个百分点至10.6%
By area, Puxi’s vacancy rate fell by 4.5% QOQ or 2.2%
YOY to 9.3%, while Pudong declined by 0.8% QOQ or 1.3%
YOY to 12.3%.
按区域划分，浦西的平均空置率环比或同比分别下降4.5%
与2.2%至9.3%；浦东则环比与同比分别下降0.8个百分点
与1.3个百分点至12.3%
Flexible workspace operators have been continuously
expanding in Grade A buildings, as evidenced by several
large new leases, including KrSpace’s two leases of 5,000
sq m (53,820 sq ft) in Bund Centre in Huangpu, Longement
Yes Tower in Changning, as well as Distrii’s lease of 4,500
sq m (48,438 sq ft) in BRICS Tower in Lujiazui.
季内领先的灵活办公运营商持续在核心区的甲级写字楼中扩
张，主要交易包括：氪空间在黄浦的外滩中心大厦与长宁的
雅仕商务大厦分别租赁5,000平方米（53,820平方英
尺）；以及办伴在在陆家嘴的金砖大厦租赁4,500平方米
（48,438平方英尺）
3Colliers Quarterly | 30 July 2018 Shanghai | Office | Colliers International
Figure 1: Shanghai CBD Grade A Office Quarterly
New Supply, Net Absorption and Vacancy Rate
图1：上海核心区甲级写字楼季度新增供应、净吸纳量及
空置率
Figure 2: Shanghai CBD Grade A Office Occupied
and Vacant Area by Location
图2：上海核心区甲级写字楼分区域入驻及空置面积
Source: Colliers International Shanghai Research
数据来源：上海高力国际研究部
Source: Colliers International Shanghai Research
数据来源：上海高力国际研究部
Puxi to lead rental increases 浦西带动全市平均租金增长
The strong net absorption in Q2 2018 helped average
rents in Shanghai’s CBD market to increase by 0.8% QOQ
or 0.1% YOY to RMB10.36 psm per day (USD1.56). By
submarket, the average rent in Puxi grew 1.6%QOQ or
1.7% YOY to RMB9.46 (USD1.43) psm per day, while the
figure in Pudong rose by 0.1% QOQ or declined by 1.0%
YOY to RMB11.66 (USD1.76) psm per day.
第二季度内，核心区市场的平均租金环比与同比分别提升
0.8%与0.1%至人民币10.36元（1.56美元）每天每平方
米。按区域划分，浦西平均租金环比或同比分别提升1.6%
于1.7%至人民币9.46元（1.43美元）每天每平方米；而
浦东平均租金则环比微涨0.1%或同比下调1.0%至人民币
11.66元（1.76美元）每天每平方米
Figure 3: Shanghai CBD Grade A Office Average
Rent and Growth Rate
图3：上海核心区甲级写字楼平均租金及增长率
Figure 4: Shanghai CBD Grade A Office Average
Rent by Location
图4：上海核心区甲级写字楼分区域平均租金
Source: Colliers International Shanghai Research
数据来源：上海高力国际研究部
Source: Colliers International Shanghai Research
数据来源：上海高力国际研究部
4Colliers Quarterly | 30 July 2018 Shanghai | Office | Colliers International
Investment market: office properties
continue to be the focus
投资市场：写字楼物业仍占较大比重
Colliers recorded ten major transactions in Q2 2018
totalling USD 2.5 billion. The office sector continued to be
the major sector for investment in Shanghai, accounting
for four deals and 44% of the total transacted volume.
Office assets in decentralised business districts appeared
to be more attractive in this quarter, evidenced by all
transacted offices are located in the North Bund, Hongqiao
and New Jing’an (Zhabei) submarkets. Examples of major
transactions include: Longyu International Business
Square with a GFA of 58,601 sq m (630,775 sq ft) was
sold to Hong Kong Shanghai Alliance for USD504 million.
The seller was Baotou Commercial Bank which had
purchased it for USD314 million in 2012. Block 2 of
Hongqiao R&F Center located in Hongqiao Business
District with a GFA of 31,200 sq m (335,835 sq ft) was sold
to JinkoSolar for USD217 million.
2018年第二季度，高力国际在上海市场共录得共10项大
宗投资交易，交易总额约为25亿美元。其中写字楼物业
仍是最受关注的资产标的，季内共有四项相关大宗交易被
披露，占交易总额的44%。次中心区的写字楼于季内似乎
更具吸引力，所有四项交易资产均位于北外滩、虹桥与新
静安（闸北）子市场/板块中。瞩目交易包括沪港联合以
5.04亿美元收购位于静安的隆宇国际商务广场，物业总面
积为58,601平方米（630,775平方英尺），卖家为向包商
银行，2012年以3.14亿美元购入该物业；晶科能源以
2.17亿美元收购位于虹桥商务区的虹桥富力中心2号楼，
物业总面积为31,200平方米（335,835平方英尺）
DBD market: rents continue rising 次中心区市场：租金保持增长
Two new completions in Pudong
Two new projects entered the Decentralised market during
Q2 2018, including Shanghai Shimao Tower near the core
area of Lujiazui, and Crystal Plaza T5 in New Bund. These
projects brought a combined GFA of 65,000 sq m (700,000
sq ft) to the Shanghai decentralised Grade A office market.
The total stock was therefore lifted by 1.5% QOQ to 4.55
million sq m (49.0 million sq ft). We foresee that
Shanghai’s emerging clusters should continue to receive
heavy supply over the next three to five years.
Vacancy in established DBDs declining for six
consecutive quarters
About 119,000 sq m (1.28 million sq ft) of net take-up was
recorded in Shanghai’s DBD market during Q2 2018,
which was a 52.8% decrease QOQ or 22.0% on a yearly
basis. The overall vacancy rate dropped by 0.8% QOQ to
23.9% in Q2. By segment, the vacancy of the established
decentralised submarkets (Huamu, Hongkou, New
Jing’an/Zhabei, and Putuo) declined by 1.0% QOQ to
13.2% following the drop in Q1. Notable transactions are
included at the end of the report.
两个浦东新项目交付入市
第二季度共有两个项目进入次中心区市场，包括临近浦东小
陆家嘴的上海世茂大厦以及浦东前滩的晶耀前滩5号楼。这
些项目为上海次中心区甲级写字楼市场带来合计约6.5万平
方米（70万平方英尺）的可租赁办公面积，并将次中心区
总存量环比推升1.5%至455万平方米（4,898万平方英
尺）。我们预计未来三至五年内，各新兴次中心板块仍将持
续迎来较大的供应量
成熟次中心区空置率连续六个季度下降
第二季度季内净吸纳量录得11.9万平方米（128万平方英
尺），环比或同比分别回调52.8%与22.0%。市场整体空置
率截止于季末环比下降0.8个百分点至23.9%。按市场类型
划分，与传统核心区邻近的成熟次中心子市场（花木、虹
口、原闸北及普陀）的平均空置率继第一季度后继续下降
1.0个百分点至13.2%。市场瞩目租赁交易见本报告末尾
Rents to rise rapidly in emerging clusters 新兴板块租金增长较快
In Q2 2018, the average rent in the decentralised market
continued rising, by 3.6% QOQ or 4.6% YOY to RMB6.66
(USD1.00) psm per day. Firm demand supported the
increasing rents despite the intense competition. By
segment, emerging clusters overall recorded a noticeable
7.4% QOQ rental climb or 12.1% YOY to RMB6.13 psm
per day (USD0.92), reflecting a maturing business climate
in these areas and landlords’ optimistic outlook for the
次中心甲级写字楼市场平均租金于第二季度环比与同比分
别上涨3.6%与4.6%至人民币6.66元（1.00美元）每天每
平方米。稳固的需求使平均租金在竞争中仍保持走高态
势。按市场类型划分，新兴板块整体录得7.4%的环比涨幅
或12.1%的同比涨幅至人民币6.13元每天每平方米（0.92
美元），反映了区域中商务氛围的逐渐成熟与业主对未来
的乐观预期。而与核心区邻近的花木、虹口、新静安（闸。。。