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銎聪臧
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1 Research 研究报告 Knight Frank 萊坊 SHANGHAI office market report 上海写字楼市场报告 Q 二零一二年第四季 OFFICE Market 写字楼市场

2 Q shanghai OFFICES Quarterly Highlights Shanghai s GDP growth slowed in 2012, with an increase of 7.5% year on year, 0.7 percentage point lower than that in The uncertainty of the global and local economy added downward pressure to Shanghai s office space demand. In the fourth quarter, only one Grade-A office building, Verdant Place, came onto the market. This renovated building added 25,350 sq m of Grade-A office space to Huangpu District. However, demand for Grade-A office space dropped due to the waning desire to expand, relocate, and limited budget growth for many enterprises. In the fourth quarter, the average Grade-A office rental dropped by 1.5% quarter on quarter to RMB9.1 per sq m per day, decreasing for the first time since the third quarter of The investment market remained active with strong performance in the land, primary sales and en-bloc transaction markets in quarter four. The total value of Shanghai s commercial land transactions reached RMB26.9 billion, a significant increase of 165% quarter on quarter. The year s most expensive land transactions, in terms of accommodation value and total value, occurred in the fourth quarter. One of them involved Shanghai International Port Group and Wei Wang Property Development, an affiliated company of Franshion Properties, which jointly acquired Haimen Road No 55 Plot in Hongkou District. The sale of the plot, designated for both office and retail uses, came in at RMB5.7 billion, making it the most expensive purchase of commercial land in China in at small office units in non-cbd areas such as Yangpu Wujiaochang, Putuo Changfeng and Xuhui South Riverfront areas. Large-scale investors preferred projects in CBD areas for investment, such as Huamin Imperial Tower, Pudong Financial Plaza and Oriental Financial Plaza. Outlook China s economy remains relatively strong compared with Western countries. China, in particular Shanghai, is still a focus for multinational companies considering expansion and new business opportunities and therefore demand for Grade-A offices will remain stable. According to the development schedule of office buildings currently under construction in the city, new Grade-A office supply in the coming three years will reach over 2.5 million sq m, equivalent to 40% of the existing Grade-A office stock in Shanghai. With such significant future supply, we foresee that tenants will gain a stronger position in office leasing negotiations. With non-cbd areas maturing in terms of infrastructure and amenities, tenants have more choices when selecting office space across Shanghai. This is putting pressure on Shanghai s Grade-A office rents and occupancy rates. The average rent for Grade-A office in Shanghai is expected to decrease slightly in 2013, by 3.0% year on year. However, in core CBD areas, namely Nanjing West Road, Huaihai Middle Road and Little Lujiazui Area, rents are likely to remain stable due to anticipated low vacancy and limited supply. With significant future supply, we foresee that tenants will gain a stronger position in office leasing negotiations. There was a trend in commercial investment that small to medium-sized investors were looking 2

3 KnightFrank.com.cn Macroeconomic Indicators Due to weak global demand, Shanghai s export and import trade volume decreased 0.2% year on year to USD436.8 billion in Breaking it down, trade by foreign firms declined, while trade by private firms continued to increase. Shanghai s economic growth slowed in Shanghai GDP reached RMB2,010.1 billion, an increase of 7.5% compared with the previous year. In 2012, Shanghai s fixed asset investment reached RMB525.4 billion, an increase of 3.7% year on year. In the fourth quarter, fixed asset investment increased 42.6% quarter on quarter to RMB187.4 billion. Real estate investment increased 9.7%, a similar growth rate compared to that in 2011, to RMB238.1 billion. Due to weak global demand, Shanghai s export and import trade volume decreased 0.2% year on year to USD436.8 billion in Breaking it down, trade by foreign firms declined, while trade by domestic private-owned firms continued to increase. In 2012, contracted Foreign Direct Investment (FDI) reached USD22.3 billion and utilised FDI reached USD15.2 billion, increases of 11.1% and 20.5% year on year respectively. Most notably, the modern service industry grew at a particularly fast pace, reaching a total utilised FDI of USD12.7 billion with an increase of 21.6% year on year. Within this sector, the financial services sector and business services sector increased significantly, by 70% and 30% year on year respectively. The number of new foreign enterprises set up in Shanghai in 2012 remained similar to that in In 2012, Shanghai saw the set-up of 25 foreign-invested enterprises, 50 MNC s regional headquarters and 17 foreign R&D centres. Currently, Shanghai has a total of 265 foreign-invested enterprises, 403 regional headquarters and 351 foreign R&D centres. Economic indicators, 2012 Economic indicator Figure YoY change (%) Shanghai Gross Domestic Product (GDP) RMB2,010.1 billion 7.5% Fixed asset investment RMB525.4 billion 3.7% Real estate investment RMB238.1 billion 9.7% Export and import US$436.8 billion 0.2% Utilised Foreign Direct Investment (FDI) US$15.2 billion 20.5% Consumer Price Index (CPI) 102.8(same period of previous year = 100) Source: Knight Frank Research / Shanghai Statistics Bureau 3

4 Q shanghai OFFICES Quarterly Throughout 2012, though the total commercial land transacted volumes decreased 30.9% year on year, the Shanghai commercial land market recovered significantly in the second half of the year. Land Market Shanghai commercial land transaction volume and value (2010 Q Q4) Transacted area (LHS) Transacted value (RHS) 2,500 '000 sq m RMB billion 2,000 1,500 1, Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Source: Knight Frank Research / Shanghai Land and Resources Bureau 0 During the fourth quarter, the Shanghai commercial land market became more active, with a total of 1.0 million sq m of commercial land transacted. A number of commercial lands within the inner-ring road area of Huangpu, Xuhui, Hongkou and Pudong districts were launched for sale and the total transacted value reached RMB26.9 billion, an increase of 165% quarter on quarter. The year s most expensive land transactions, in terms of accommodation value and total value, occurred in the fourth quarter. In November, Shanghai Bund Riverfront Development and CPIP jointly acquired Huangpu 594 (north plot) and 596 Block for a total consideration of RMB2.8 billion, or an accommodation value of RMB34,450 per sq m, the highest accommodation value in Shanghai in Near the Bund of Huangpu District, the plot covers a land area of 18,675 sq m with a plot ratio of 4.3, designated for commercial use. In December, Shanghai International Port Group and Wei Wang Property Development, an affiliated company of Franshion Properties, jointly acquired Haimen Road No 55 plot in Hongkou District for a total value of RMB5.68 billion, making it the most expensive transacted land in Shanghai in 2012 in terms of total value. Located in Hongkou North Bund Area and adjacent to Shanghai Port International Passenger Centre, the plot covers a land area of 40,577 sqm with a plot ratio of 6.0. In 2012, the total commercial land transacted volume decreased 30.9% compared to the previous year, but the commercial land market picked up rapidly in the second half of The total transacted value of Shanghai s commercial land reached RMB46.1 billion in 2012, of which RMB37.9 billion was achieved in the second half of The market witnessed four transactions with land values of over RMB2.0 billion each, with all land situated along the Huangpu River. 4

5 KnightFrank.com.cn Supply and Demand Due to slower economic growth, MNC s were cautious towards expansion and relocation. As a result, Grade-A office demand softened in quarter four. Shanghai Grade-A office supply, absorption and vacancy rates ( ) Grade-A office supply(lhs) Grade-A office net absorption(lhs) Vacancy Rate (RHS) 1,800 '000 sqm % 25% 1,600 1,400 20% 1,200 15% 1, % 5% E 2014E 2015E 0% Source: Knight Frank Research In the fourth quarter, only one Grade-A office building, namely Verdant Place, was completed, adding 25,350 sq m of office space to the market. This building started renovation in 2011 and re-opened at the end of Located in People s square, Verdant Place has an average floor area of 1,046 sq m. In 2012, the total supply of new Grade-A offices in Shanghai reached 550,000 sq m and Grade-A office stock totaled 5.46 million sq m. Due to slower economic growth in overseas markets, MNC s became cautious towards expansion and relocation. As a result, Grade-A office demand softened in quarter four. However, firms from the financial, trading, insurance and pharmaceuticals sectors remained relatively active, signing a number of leasing deals in quarter four involving spaces of 1,000 sq m or more. Beverage group AB Inbev moved from Shanghai Central Plaza to Raffles City, leasing more than one floor covering 3,000 sq m of office space. Uniqlo leased two floors in One Grand Gateway, totaling 3,000 sq m. Australia's Westpac Bank leased 1,200 sq m in Two IFC. Due to limited new supply, the average vacancy rate of Shanghai s Grade-A offices remained at 5.1%. 5

6 Q shanghai OFFICES Quarterly Rent In the fourth quarter, Shanghai s Grade-A office rents decreased 1.5% to RMB9.1 per sq m per day. The market started to shift to a tenants market from a landlords market. Shanghai Grade-A office rent index (2003 Q Q4) Q1= Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Source: Knight Frank Research In the fourth quarter, Shanghai s Grade-A office rents decreased 1.5% quarter on quarter to RMB9.1 per sq m per day. The market started to shift to a tenants market, no longer favouring landlords. Most CBD areas witnessed Grade-A office rental decreases except for the Little Lujiazui area. Due to solid demand in Lujiazui, the average rental rate increased 0.1% to RMB10.4 per sq m per day, while the vacancy rate decreased 0.2 percentage point to 4.1% in the fourth quarter. Nanjing West Road continued to have the highest rents and the lowest vacancy rate in Shanghai, reaching RMB11.9 per sq m per day and 3.2% in quarter four. Non-CBD areas experienced faster growth in 2012, with Zhabei and Putuo districts being the top performers in the fourth quarter. Grade-A rents in the districts reached RMB6.3 per sq m per day and RMB5.5 per sq m per day respectively. Prime office market indicators, Q Submarket Rent (RMB/sq m/day) Rent % change (QoQ) Vacancy Rate Vacancy rate percentage point change (QoQ) Huangpu % 5.6% 0.3 Jing an % 3.2% 0.3 Pudong % 4.0% 0.4 Xuhui % 4.7% 2.1 Changning % 6.5% 0.8 Source: Knight Frank Research 6

7 KnightFrank.com.cn Sales and investment The investment market saw a number of en-bloc and whole-floor transactions in the fourth quarter of In the fourth quarter, small to medium-sized investors remained active in the office market. New office sales volume in urban districts increased for the third consecutive quarter to 264,000 sq m in the fourth quarter, an increase of 51.9% quarter on quarter. Most sales transactions concentrated in non-cbd areas, such as Putuo and Yangpu districts, while core CBD areas still saw a lack of saleable offices. Adjacent to Putuo Changfeng Ecology Commercial Area, Oasis Middle Ring Business Harbour sold 198 units with sizes ranging from 70 sqm to 90 sq m in the fourth quarter, for an average transacted price of RMB23,400 per sq m. The investment market saw a number of en-bloc and whole-floor transactions in the fourth quarter of 2012, with several deals under negotiation. In the fourth quarter, Gohigh Fund acquired China Enterprise Plaza in the Jing an Temple area from China Enterprise for a total value of RMB790 million. The unit price reached RMB32,000 per sq m based on gross floor area above ground. Greentown Group sold Alison International Tower in the fourth quarter, after acquiring it in 2009, for a total consideration of RMB1.18 billion, or a unit price of RMB75,060 per sq m considering the gross floor area of 15,760 sq m. Last year saw more small to medium-sized investors and capital flow into the commercial property sector in 2012 as residential purchase restrictions took effect in New office sales in urban districts reached 695,000 sq m, approximately 20.0% lower than 2011 peak but 30.0% higher than that in 2009 and The new office sales price rose slightly to RMB 49,506 per sqm compared with the previous year. 7

8 Q shanghai OFFICES Quarterly Selected office leasing transactions, Q District Building Floor Area (sq m) Rent (RMB/sq m/day) Pudong IFC Two Mid zone 1, Pudong IFC One Low zone 1, Xuhui One Grand Gateway Mid zone 3, Changning Metro Plaza High zone Huangpu Raffles City High zone 3, Source: Knight Frank Research Selected office sales transactions, Q District Building Floor Area (sq m) Price (RMB/sq m) Hongkou CITIC Plaza 13/F 1, ,277 Xuhui Greenland Centre 16/F ,034 Xuhui Magnolia PLaza 23-24/F 3,001 66,778 Jingan Silver Ocean International Plaza 6/F ,083 Huangpu Alison International Plaza En bloc 15,760 75,060 Source: Knight Frank Research / Shanghai Real Estate Trading Centre 8

9 KnightFrank.com.cn 焦点上海经济增幅放缓, 二零一二年, 上海生产总值同比增长百分之 7.5, 增速较二零一一年降低了 0.7 个百分点全球和上海经济的不确定性对上海写字楼需求已造成了负面影响第四季度上海仅有永新广场改造后重新出租, 为市场新增约 25,350 平方米的甲级写字楼面积由于企业扩张和搬迁的意愿和预算增长乏力, 上海写字楼市场需求出现疲态第四季度甲级写字楼市场租金环比下降百分之 1.5 到每天每平方米人民币 9.1 元, 自二零零九年第三季度以来首次录得下跌上海写字楼投资保持活跃, 土地一手房交易和大宗投资市场表现俱佳第四季度, 上海商办土地出让金总额高达人民币亿元, 环比增长百分之二零一二年上海总价和单价最高的两幅地块均在四季度成交其中上海国际港务公司和方兴地产下属威旺置业以人民币 56.8 亿元购入虹口区海门路 55 号商办地块, 为二零一二年全国总价最高的成交商业地块未来展望与西方相比, 中国经济仍保持相对高速, 中国 ( 特别是上海 ) 依然是很多跨国公司希望扩张及新拓展的市场热点上海甲级写字楼的需求将维持稳定根据现有在建物业的开发进度预计, 上海未来三年甲级写字楼的新增供应量超过 250 万平方米, 相当于目前上海甲级写字楼存量的百分之 40 以上在新增供应增长的背景下, 预计从二零一三年开始租户在写字楼租赁谈判中将逐步占据上风随着上海非中央商务区建设在基础设施和配套设施方面日趋成熟, 写字楼租户在上海的选择空间逐步变大, 这给未来上海甲级写字楼租金和出租率带来压力预计二零一三年上海甲级写字楼租金将略有下降, 降幅有可能达到百分之 3.0 相对而言, 在上海核心中央商务区, 即南京西路淮海中路及小陆家嘴区域, 由于新增供应偏少, 在低空置率带动下, 租金有望保持稳定在新增供应增长的背景下, 预计二零一三年开始租户在写字楼租赁谈判中将逐步占据上风我们注意到中小投资者更多地将资金投向非中央商务区的小面积写字楼, 比如杨浦五角场域普陀长风及徐汇南滨江区域而大型投资者的投资重点则是在中央商务区的写字楼, 例如华敏帝豪大厦浦东金融广场和东方金融广场 9

10 二零一二年第四季度上海写字楼市场季刊宏观经济由于全球需求低迷, 上海全年进出口总额同比下降百分之 0.2 至 4,367.6 亿美元其中, 外商投资企业进出口比重有所下滑, 私营企业进出口保持增长态势二零一二年上海经济增速放缓, 全年生产总值同比增长百分之 7.5 至人民币 20,101 亿元固定资产投资人民币 5,254 亿元, 同比增长百分之 3.7, 其中第四季度投资总额为人民币 1,874 亿元, 环比增长百分之 42.6 房地产开发投资人民币 2,381.3 亿元, 同比增长百分之 9.7, 增幅基本与二零一一年持平由于全球需求低迷, 上海全年进出口总额同比下降百分之 0.2 至 4,367.6 亿美元其中, 外商投资企业进出口比重有所下滑, 私营企业进出口保持增长态势元和亿美元, 比去年同期分别增长百分之 11.1 和百分之 20.5 现代服务业发展特别迅速, 实际利用外资亿美元, 同比增长百分之 21.6, 其中, 金融服务业增长超过百分之 70 商务服务业增长近百分之 30 二零一二年上海新成立的外资公司数量与二零一一年持平二零一二年, 上海共新设外资投资性公司 25 家, 跨国公司地区总部 50 家, 外资研发中心 17 家目前, 上海共吸引投资性公司 265 家, 跨国公司地区总部 403 家, 研发中心 351 家二零一二年, 外商合同利用外资金额和直接投资实际到位金额分别实现亿美主要经济指标, 二零一二年经济指标数值同比增长 (%) 上海国内生产总值人民币 20,101.3 亿元 7.5% 固定资产投资人民币 5,254.4 亿元 3.7% 房地产开发投资人民币 2,381.4 亿元 9.7% 进出口总额美元 4,367.6 亿元 0.2% 外商直接投资实到金额美元亿元 20.5% 居民消费价格指数 102.8( 前年同期 =100) 数据来源 : 莱坊研究部 / 上海市统计局 10

11 KnightFrank.com.cn 土地市场二零一二年全年, 上海商办土上海商办用地成交面积和成交金额 ( 二零一零年第一季度至二零一二年第四季度 ) 地成交总面积同比下滑百分之成交面积 ( 左轴 ) 成交金额 ( 右轴 ) 30.9, 但在下半年市场回暖极 250 万平方米亿元人民币 300 为迅速 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q 数据来源 : 莱坊研究部 / 上海国土资源局第四季度, 上海商办土地表现更为活跃, 总出让面积达到 100 万平方米, 黄浦徐汇虹口和浦东的内环区域均有优质地块推出, 使得土地出让金总额高达人民币亿元, 环比增长百分之二零一二年上海总价和单价最高的两幅地块均出现在第四季度十一月, 上海外滩滨江综合开发有限公司联合中国太平洋财产保险股份有限公司以人民币 27.7 亿元购得黄浦区 594( 北块 ) 596 街坊地块, 楼板价达到每平方米人民币 34,450 元, 是二零一二年上海楼板价最高的一宗土地该地块靠近黄浦区外滩, 占地面积 18,675 平方米, 容积率 4.3, 规划为商办用地十二月份, 上海国际港务 ( 集团 ) 股份有限公司和方兴地产下属公司威旺置业有限公司以人民币 56.8 亿元购入虹口区海门路 55 号商办地块, 成为二零一二年上海成交总价最高的一宗土地该地块位于虹口北外滩地区, 靠近上海港国际客运中心, 占地面积 40,577 平方米, 容积率 6.0 二零一二年, 上海商办土地成交总面积同比下滑百分之 30.9, 但在下半年市场回暖极为迅速二零一二年上海商办土地成交总额达到人民币 461 亿元, 其中下半年成交总额达到人民币 379 亿元黄浦江两岸录得单宗总价超过人民币 20 亿元的商办用地共四幅 11

12 二零一二年第四季度上海写字楼市场季刊供应与需求经济增速放缓, 跨国企业扩张意愿减弱, 第四季度上海写字上海甲级写字楼供需和空置率走势 ( 二零零一年至二零一五年 ) 甲级写字楼供应量 ( 左轴 ) 甲级写字楼吸纳量 ( 左轴 ) 空置率 ( 右轴 ) 楼市场需求出现疲态 1,800 1,000 平方米 % 25% 1,600 1,400 20% 1,200 1,000 15% % % E 2014E 2015E 0% 数据来源 : 莱坊研究部第四季度, 上海仅有一幢甲级写字楼永新广场项目交付, 为市场新增 25,350 平方米的写字楼面积永新广场于二零一一年重新改造, 二零一二年年底投入使用, 位于人民广场区域, 标准层面积 1,046 平方米二零一二年全年, 上海甲级写字楼新增供应面积约 55 万平方米, 甲级写字楼存量增至 546 万平方米二零一二年海外市场经济增长速度放缓, 企业扩张和搬迁意愿和预算增长乏力, 写字楼市场需求出现疲态金融业贸易保险制造和医药类企业相对表现活跃, 市场上多宗 1,000 平方米以上的租赁交易均集中在上述行业百威英博啤酒集团从中环广场搬迁至来福士广场, 占用了一个多楼层共 3,000 平方米的写字楼面积优衣库在徐汇港汇广场一座租用了两个楼层共 3,000 平方米澳大利亚西太平洋银行则在国金中心二期租用了 1,200 平方米的面积由于新增供应较少, 第四季度上海甲级写字楼平均空置率维持在百分之

13 KnightFrank.com.cn 租金第四季度, 上海甲级写字楼市上海甲级写字楼租金指数 ( 二零零三年第一季度至二零一二年第四季度 ) 场租金录得环比百分之 1.5 的跌幅至每天每平方米人民币 9.1 元, 上海甲级写字楼市场逐步从业主市场转向租戶市场 Q1= Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q 数据来源 : 莱坊研究部第四季度, 上海甲级写字楼市场租金录得环比百分之 1.5 的跌幅至每天每平方米人民币 9.1 元, 上海甲级写字楼市场从业主市场转向租戶市场大多数商务区甲级写字楼租金都出现增长停滞, 但在小陆家嘴区域, 由于需求相对稳定, 第四季度甲级写字楼租金租金环比增长百分之 0.1 至每天南京西路区域继续保持最高租金和最低空置率, 第四季度分别达到每天每平方米人民币 11.9 元和百分之 3.2 非中央商务区在二零一二年增长较快, 闸北普陀的写字楼受到关注, 目前这两区的甲级写字楼租金水平已经分别增至每天每平方米人民币 6.3 元和 5.5 元每平方米人民币 10.4 元 ; 空置率则环比下降 0.2 个百分点至百分之 4.1 甲级写字楼主要市场指标, 二零一二年第四季度商圈租金 ( 人民币 / 平方米 / 天 ) 租金环比变幅空置率空置率环比变幅黄浦 % 5.6% 0.3 个百分点静安 % 3.2% 0.3 个百分点浦东 % 4.0% 0.4 个百分点徐汇 % 4.7% 2.1 个百分点长宁 % 6.5% 0.8 个百分点数据来源 : 莱坊研究部 13

14 二零一二年第四季度上海写字楼市场季刊大宗投资市场上, 年底投资交易活跃, 除录得多宗整幢和整层交易外, 亦有数个交易在谈销售与投资第四季度, 中小投资者对写字楼市场的投资热情持续上海市区一手写字楼成交面积连续第三个季度保持增长, 达到 26.4 万平方米, 环比增长百分之 51.9 核心中央商务区仍少有可售型写字楼供应, 一手写字楼成交主要集中在普陀杨浦等非中央商务区毗邻普陀长风生态商务区的绿洲中环商务中心在第四季度售出 198 套, 主力面积介于 70 平方米至 90 平方米, 成交均价约每平方米人民币 23,400 元大宗投资市场上, 年底投资交易活跃, 除录得多宗整幢和整层交易以外, 亦有数个交易在谈第四季度, 中华企业将其位于静安寺位置的中华企业大厦以人民币 7.9 亿元售予高和资本, 以地上建筑面积计算单价约每平方米人民币 32,000 元绿城集团在二零零九年购入位于人民广场的绿恒大厦之后, 又于二零一二年第四季度将其售出, 总成交金额人民币 11.8 亿元, 以成交 15,760 平方米的建筑面积计算, 单价为每平方米人民币 75,060 元从全年来看, 随着住宅限购令自二零一一年开始生效, 二零一二年转向商办物业的中小型投资者数量和资金均在增长全年上海市区一手写字楼成交面积约 69.5 万平方米, 虽然较二零一一年峰值降低约百分之 20.0, 但较二零零九年和二零一零年均增长了百分之 30, 并且一手写字楼均价同比也略有增长至每平方米人民币 49,506 14

15 KnightFrank.com.cn 写字楼租赁成交举例, 二零一二年第四季度区域项目楼层面积 ( 平方米 ) 租金 ( 人民币 / 平方米 / 天 ) 浦东国金中心二期中区 1, 浦东国金中心一期低区 1, 徐汇港汇广场一座中区 3, 长宁长房国际广场高区黄浦来福士广场高区 3, 数据来源 : 莱坊研究部写字楼主要买卖成交举例, 二零一二年第四季度区域项目楼层面积 ( 平方米 ) 成交价格 ( 人民币 / 平方米 ) 虹口中信广场 13 层 1, ,277 徐汇绿地滨江国际中心 16 层 ,034 徐汇汇京国际广场层 3,001 66,778 静安海银国际大厦 6 层 ,083 黄浦绿恒大厦整幢 15,760 75,060 数据来源 : 莱坊研究部 / 上海房地产交易中心 15

Research 二零一二年第四季度上海写字楼市场研究报告季刊 Research Hong Kong Thomas Lam Director, Head of Research, Greater China +852 2846 4819 thomas.lam@hk.knightfrank.

16 Research 二零一二年第四季度上海写字楼市场研究报告季刊 Research Hong Kong Thomas Lam Director, Head of Research, Greater China Shanghai Regina Yang Director, Head of Research & Consultancy Shanghai office leasing Benny Yang National Director, Head of Commercial General enquiries East & Central China Graham Zink Managing Director North China Hengky Nayoan Director, Head of Commercial Services South China Clement Leung Executive Director 研究部香港林浩文董事及大中华研究部主管上海杨悦晨董事及研究与咨询部主管上海写字楼租赁杨松中国区董事及商业物业代理部主管一般查询华东及华中葛汉文董事总经理华北何金亮董事及商业物业代理主管华南梁伟明执行董事 Knight Frank Research provides strategic advice, consultancy services and forecasting to a wide range of clients worldwide, including developers and investors, as well as financial and corporate institutions. All recognise the need for the provision of expert independent advice, customised to their specific needs. Our worldwide research reports are also available at KnightFrank.com. Knight Frank 2013 This document and the material contained in it is general information only and is subject to change without notice. All images are for illustration only. No representations or warranties of any nature whatsoever are given, intended or implied. Knight Frank will not be liable for negligence, or for any direct or indirect consequential losses or damages arising from the use of this information. You should satisfy yourself about the completeness or accuracy of any information or materials. This document and the material contained in it is the property of Knight Frank and is given to you on the understanding that such material and the ideas, concepts and proposals expressed in it are the intellectual property of Knight Frank and protected by copyright. It is understood that you may not use this material or any part of it for any reason other than the evaluation of the document unless we have entered into a further agreement for its use. This document is provided to you in confidence on the understanding it is not disclosed to anyone other than to your employees who need to evaluate it. 莱坊研究团队向众多商业和住宅物业客户, 包括发展商投资者金融机构和企业机构提供策略性建议市场预测和顾问服务客户均认为我们按其特定需要提供的专业和独立意见能切合他们的需要浏览莱坊的全球研究报告, 请登入 KnightFrank.com 莱坊 2013 本文件及其内容只提供一般数据, 可能随时变更而不作另行通知所有图片只供展示用途本文件并不表示意图或暗示任何性质的代表或担保因使用此数据而直接或间接引致的损失或损毁, 莱坊恕不负责客户应自行确保数据或内容的完整和准确性本文件及其内容属莱坊所有, 使用者知悉其中的观点, 概念及建议均属莱坊的知识产权所有, 并受版权保护除了对上述文件作出评估外, 若非已与莱坊达成协议, 任何人不得以任何原因使用这些内容或其部分本文件在保密的情况下提供予使用者, 除参与评估此文件的人员外, 恕不得向任何人透露 16

2014 年前言房地产投资信托基金 (Real Estate Investment Trusts,REITs) 在海外早已发展成熟, 而香港政府去年也进一步准备放宽房托限制, 相比之下, 中国已经改革开放

2014 年前言房地产投资信托基金 (Real Estate Investment Trusts,REITs) 在海外早已发展成熟, 而香港政府去年也进一步准备放宽房托限制, 相比之下, 中国已经改革开放研究报告 REITs 中国路 2014 年 2014 年前言房地产投资信托基金 (Real Estate Investment Trusts,REITs) 在海外早已发展成熟, 而香港政府去年也进一步准备放宽房托限制, 相比之下, 中国已经改革开放三十年, 对房托发展至今还未