Shanghai Retail Prperty Market 上海零售物业市场.pdf

c O l l I E R s I n T E R nAT I O nA l | s hA n g hA I R E TA I l P RO P E RTy | s E c O n d hA l F | 2 0 0 8 Shanghai Retail Property Market 上海零售物业市场 HIGHLIGHTS 报告要点 shanghai’s retail market managed to hold up well in h2 2008 not- 在经济环境波动加剧背景下，2008下半年上海零售市场需求表现比 withstanding the volatile external environment. Average rental 其他类型物业相对稳定，国内外品牌仍保持扩张动力，支撑了租金 edged up further, underpinned by the ongoing expansion of both international and domestic brands. 的上升。 shopping centres in the emerging areas outperformed those in 其中，新兴区域的购物中心较传统区域租金增长更快，空置率更 traditional areas in terms of lower vacancy rate and faster rental 低。由于部分商厦纷纷开始进行改建或改造工程，导致传统区域空 growth in h2 2008. higher vacancy in the traditional areas was mainly due to the on-going renovation and upgrading of several 置率较高。 shopping malls. Abundant supply against moderation in retail sales growth amidst 在经济持续低迷背景下，未来较多的新增供应将为2009年的市场空 the economic slowdown will exert pressure on the vacancy rate 置率带来压力，租金增幅也将相应放缓。 in 2009. Rental growth is expected to slow down somewhat in tandem. MARKET OVERVIEW 市场回顾 The retail property market held relatively firm in 2008 as retail sales 2008年以来虽然外围经济波动，经济增长放缓，同时股市及楼市持 fared well, despite the volatile global environment, the slow down of the 续回调，但零售业增长仍然乐观，受其支撑，上海商业零售物业 domestic economy as well as corrections of the local stock market and