The Chinese mainland's tallest building is setting an altitude
record for pre-completion rents.
Shanghai World Financial Center managers are asking future
tenants to pay between US$1.70 and 1.96 per square meter per
day for space in the tower.
The high end of the range is 40 percent more than Shanghai's
previous record, which was set months ago by Park Place, an upscale
development in downtown Jing'an Temple area. Rents there averaged
US$1.40 per square meter per day.
The 101-story, 492-meter-high Shanghai World Financial Center,
located in Pudong's Lujiazui finance and trade zone, is scheduled
for completion in 2008.
Mori Building Co Ltd, Japan's biggest private real estate
developer and the builder of the HSBC Tower in Pudong, has already
signed its first tenants for SWFC, according to earlier media
reports.
Subsidiaries of Mizuho Financial Group Inc and Sumitomo Mitsui
Financial Group Inc will lease space at the center, the
second-tallest office building in the world after Taipei 101 in
Taiwan, according to Bloomberg News.
The steel-framed, reinforced-concrete composite SWFC, covers a
site area of 30,000 square meters and 377,300 square meters of
floor space, including 226,900 square meters of offices, a
five-star hotel and commercial space. Its observatory will be the
world's highest at 472 meters, the company said.
"The building will be a market maker because of its huge
volume," said Remy Chan of Jones Lang LaSalle, Asia Pacific, a
commercial real estate broker. "We expect it to push the vacancy
rate up to five percent for Pudong at the end of next year from 1.9
percent in June."
(Shanghai Daily September 14, 2007)
