Tianjin Grade 'A' Office Market

• Tianjin's Grade 'A' office market witnessed its fourth consecutive quarter-on-quarter negative net take-up, with 3,200 sq.m. of space being returned to the market.
• The citywide vacancy rate increased 9.7 percentage points in the third quarter to 25.2 per cent, up 12.9 percentage points compared with the same period last year.
• The third quarter saw Tianjin City Tower add 35,500 sq.m. to the Grade 'A' office market, bringing the total Grade 'A' office stock to 341,000 sq.m.
• The Nanjing Road vacancy rate increased 2.3 percentage points in the third quarter to 19.5 per cent, while Xiaobailou's vacancy rate increased 1.4 percentage points to 11.5 per cent.
• The average Grade 'A' office rent rose 0.1 per cent in the third quarter to RMB133.7 per sq.m. per month. Nanjing Road's rent increased 2.2 per cent in the third quarter to RMB171.4 per sq.m. per month, while Xiaobailou's rent fell 1.1 per cent to RMB129.9 per sq.m. per month.

Tianjin Residential Leasing Market

• No new serviced apartment projects were launched onto the leasing market in the third quarter.
• Serviced apartment rents fell 0.8 per cent in the third quarter to an average of RMB232.5 per sq.m. per month.
• The citywide serviced apartment vacancy rate fell 2.2 percentage points in the third quarter to 24.7 per cent.

Tianjin Residential Sales Market

• Two new projects were placed onto the Tianjin residential sales market in the third quarter. Golden Olympic International in Olympic Area, launched on Aug 29, has an average asking price of RMB11,800 per sq.m., while Yanlord Riverside Plaza along Haihe River, is on sale for an average asking price of RMB16,000 per sq.m.
• Average asking prices in existing high end residential areas all rose in the third quarter:
  o The average asking price in Meijiang Area rose 19.0 per cent to RMB13,200 per sq.m.
  o The average asking price in Olympic Area rose 32.8 per cent to RMB14,600 per sq.m.
  o The average asking price in Laochengxiang Area rose 18.8 per cent to RMB14,900 per sq.m.
• The average asking price of Tianjin World Financial Center, along the Haihe River, stood at RMB26,000 per sq.m. in the third quarter.
• No new serviced apartments were launched onto the sales market in the third quarter.

Information provided by:
Savills Research & Consultancy

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