Beijing, China’s Political Core, and Shanghai, Its Economic Nucleus, Are Both in Dire Straits
Beijing, China’s Political Core, and Shanghai, Its Economic Nucleus, Are Both in Dire Straits
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According to a report on the Shanghai office market released in the third quarter of this year by Colliers International, the vacancy rate for office spaces in Shanghai has risen to 19%, and it is projected to increase to 21.6% for the entire year. At the same time, the average annual rent for office spaces is expected to decrease by 4.4 percentage points. Mainland media has reported that the vacancy rate for non-core area office spaces in Shanghai is close to 50%, reaching a new low in the past three years.