Office: Multiple new Grade A projects entered the market, but strong pre-leasing performance drove absorption in the quarter and stabilized vacancy at 21.8%. Rental declines eased, slipping just 0.03% q-o-q.
Retail: The retail market exhibited confidence in Q4, building on improved economic indicators and welcoming the opening of four major new malls. Despite the new supply, leasing expansion kept overall vacancy in check, rising just 0.5 pp to 9.9%.
Capital Market: The Shanghai investment market recorded 59 transactions in 2020, with total volume registering RMB72.2 billion, down 13.5% y-o-y. Of the full-year total, 15 deals totaling RMB20.9 billion were recorded in Q4, a leap of 446.1% q-o-q.
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