RESEARCH & FORECAST REPORT

Q3 2012

www.colliers.com

HIGHLIGHTS 报告要点

OVERALL MARKET REVIEW

SHANGHAI BUSINESS PARK MARKET

上海商务园区

整体市场回顾

For the purposes of this report, the full names of business parks have been abbreviated. ‘Caohejing’ refers to Caohejing Hi-Tech Park. ‘CHJ Pujiang’ refers to Caohejing Pujiang Hi-Tech Park. ‘Linkong’ refers to Hongqiao Linkong Economic Zone. ‘Zhabei’ refers to a basket of business parks in Zhabei district. ‘Yangpu’ refers to a basket of business parks in Yangpu district. ‘Zhangjiang’ refers to Zhangjiang Hi-Tech Park. ‘LJZ Software Park’ refers to Lujiazui Software Park. ‘Jinqiao’ refers to Jinqiao Export Processing Zone.

在本报告中，商务园区全称将被缩写：其中“漕河泾”代表 “漕河泾新兴技术开发区”，“漕河泾浦江”代表“漕河泾开发区浦江高科技园”、“临空”代表“虹桥临空经济园”、“闸北”代表闸北区内的商务园，“杨浦”代表杨浦区内的商务园，“张江”代表“张江高科技园区”、“金桥”代表“金桥出口加工区”。

Market Indicators

Q3 2012 Review2012年第三季度回顾

Q4 2012 Outlook2012年第四季度展望

Rental

租金

Vacancy Rate

空置率

Capital Value

售价

Gross Yield

收益率

市场指标

Shanghai’s business park market remained stable during the third quarter as both domestic and multinational companies were active. However the third quarter was less active than the previous two quarters in terms of transaction volume.

In the first eight months of 2012, Shanghai’s utilized foreign direct investment hit US$ 16.07 billion, a 20.9 percent increase over the same period in 2011. Of that, more than 80 percent was invested in the service sector, a key driver of the business park market.

Despite this, the average rental price of Shanghai’s business park offices increased very slightly from last quarter’s RMB 3.25 to 3.27 per square meter per day on the back of several noteworthy transactions.

Major business parks including Shibei Hi-tech Park and Zhangjiang Hi-Tech Park announced plans for future development during the quarter.

Shanghai’s major business parks average vacancy rate stayed relatively stable during this period at 9.25 percent, despite the release of new supply in Caohejing, Caohejing Pujiang and Zhabei. Caohejing had the lowest vacancy rate at 5.2 percent, while Linkong recorded the highest at 16 percent.

Vacancy and rental rates are expected to remain unchanged in the run up to the end of 2012. Continued supply and demand at popular locations seems likely as prices continue to increase on the back of the improving quality of recently developed facilities.

上海商务园区市场在第三季度中表现平稳，市场依然受到国内外公司的器重。但本季度中市场的活跃程度有所下降，第三季度的成交量较之前两个季度均有所下降。

2012年前八个月，上海实际利用外商投资额达160.7亿美元，较2011年同期上涨20.9%。其中超过八成的金额被投入到作为商务园区市场主要驱动力的第三产业中。

本季度中，上海商务园区市场有数宗值得关注的交易成交，驱使市场平均租金由上季度的每天每平方米人民币3.25元微涨至本季度的每天每平方米人民币3.27元。

本季度内包括市北高新技术服务业园区和张江高科技园区在内的几个主要商务园区分别发布了其未来发展规划。

本季度中虽有位于包括漕河泾、漕河泾浦江和闸北地区在内的新增供应量入市，但上海商务园区市场平均空置率仍保持在稳定的9.25%。其中，漕河泾的空置率最低，为5.2%，而临空的空置率高达16%，居全市之首。

上海商务园区物业的空置率和租金水平在2012年底前仍将维持目前的水平。同样，热点区域的供需水平也将保持平稳驱使，然而在新入市物业质量不断提升的驱动下租金或将继续上涨。

In contrast to a national slowdown in foreign direct investment (FDI), Shanghai’s FDI actually increased in the first eight months of 2012. By August, total utilized FDI in Shanghai had increased by 20.9 percent year on year to US$ 16.07 billion. The service sector continues to account for the majority of Shanghai’s FDI, an encouraging sign for Shanghai’s business parks, where the service industry drives significant demand.

Although the market was quieter during the third quarter than the previous two quarters, certain business parks announced future development plans in recent months. Zhangjiang Hi-Tech Park announced it will invest RMB 100 billion to develop a ‘creative zone’ in the next five years, while Shibei Hi-Tech Park’s plan to build an ecological park received approval at the national level.

In August, the 3310 Scientific Park was established in Yangpu, adding an estimated office GFA of around 44,300 square meters to Shanghai’s business park market. 3310 Scientific Park is aimed at fostering start-up companies involved in the electronic information, biological technology, energy conservation and environmental protection, new materials and optical-electromechanical integration sectors.

虽然中国整体的外商投资情况有所下滑，但上海在2012年前8个月中的实际利用外资金额较去年同期上涨20.9%，达160.7亿美元。值得注意的是，其中很大一部分被投入到作为上海商务园区市场主要驱动方的第三产业中。

虽然本季度内上海商务园区市场的表现较前的两个季度表现相对平淡，但仍然有几个核心商务园区在本季度宣布了其未来发展规划。张江高科技园区宣布将在未来的五年里投资人民币1,000亿元用于“创新区”的建设。同期上海市北高新技术服务业园区生态园区建设规划获得国家级审批。

2012年8月，上海杨浦海外高层人才创新创业基地暨上海3310科技园（海外人才创业园）正式揭牌。该科技园办公面积约44,300平方米，着力于发展电子信息、生物技术、节能环保、新材料、光机电等高新技术产业。

P. 2 | COLLIERS INTERNATIONAL

SUPPLY, DEMAND AND VACANCY 供给、需求和空置率

高力国际

SHANGHAI｜Q3 2012｜BUSINESS PARK

图2 2012年三季度上海主要商务园区的占用面积及空置面积

Source: Colliers International Shanghai (CIS) Research数据来源：上海高力国际调研部

Source: Colliers International Shanghai (CIS) ResearchSource: Coll

数据来源：上海高力国际调研部

Figure 2 Shanghai Major Business Parks Occupied&Vacant Area in Q3 2012Figure 1 Shanghai Major Business Parks New Supply, Take-up and Vacancy Rate图1 上海主要商务园市场新增供应量、吸纳和空置率

Demand for business park facilities from both domestic and multinational companies was stable during the third quarter though transaction volume was down slightly from the prior two quarters.

Caohejing Hi-Tech Park broke ground on the third phase of its Shanghai Business Park in July. The new extension covers a total GFA of approximately 238,000 square meters and is scheduled for completion in 2014.

In July, polymer and fabric manufacturer Invista opened its first textile application research center in Qingpu district. With a reported investment of US$ 7.3 million the centre is approximately 3,000 square meters.

Automobile electronics manufacturer Yunyi Electric announced that it will invest RMB 46 million to build a Shanghai R&D center in Pudong’s Jinqiao area.

In July, Shanghai Financial Valley broke ground in Shanghai's Jiading District. The park plans to specialize in the provision of outsourcing services to financial institutions, and has a planned total construction area of approximately one million square meters. The first phase of the project will be completed in three to five years.

In July, industrial conglomerate Eaton Corporation opened a new laboratory in Linkong, Changning district. The facility, located at the company's Asia Pacific headquarters, will develop technologies such as advanced power converters and electric vehicle charging products.

In late August, Caohejing Hi-Tech Park broke ground on Pujiang Hi-Tech Plaza’s second phase. Phase II will have 120,000 square meters of new office space across several stand-alone buildings, bringing Pujiang Hi-Tech Plaza’s total office GFA to around 240,000 square meters.

In August, Shanghai Hutchison Pharmaceuticals broke ground on a R&D center and manufacturing base in Shanghai Fengpu Industrial Park in Qingpu district. This new base covers a land area of approximately 80,000 square meters and is reported to represent an investment of approximately RMB 450 million.

In August, Tencent announced that the company plans to build a data center in Shanghai Qingpu Industrial Park on a site of approximately 67,000 square meters. The center will include four separate buildings and will house approximately 100,000 data servers primarily for the e-commerce sector.

In August, Dassault Systems and Shanghai Municipal Engineering Design Institute, a well-known Chinese public engineering company, jointly opened an R&D center in Yangpu District to develop industry solutions for civil engineering and infrastructure construction professionals.

In August, medical technology company Medtronic opened its Innovation Center at the company’s China headquarters in Zhangjiang Hi-Tech Park.

In August, health-care products company Covidien officially opened its new $45 million R&D facility in Caohejing Hi-Tech Park’s Pujiang site. The China Technol-ogy Center Research and Development facility houses 17 laboratories, spans more than approximately 9,290 square meters, and offers surgical and simulation suites for health-care professionals involved in the medical device design and development process.

In September, the Shanghai Biological Medicine Incubation Base broke ground at the Zhangjiang Biotech and Pharmaceutical area. When fully developed, the base will have four production workshops, a test center, an experiment center and related facilities.

第三季度内，跨国公司和国内企业对商务园区物业的需求依然保持稳定，但交易量较之前两个季度有所下降。

漕河泾开发区科技绿洲三期工程于7月开工，该工程总建筑面积达238,000平方米，预计将于2014年竣工。

纤维材料制造商英威达于7月建成其位于青浦区的首家中国大陆纺织应用研究中心，据悉该中心建筑面积为3,000平方米，投资总额达730万美元。

云意电气公告称，该公司拟使用超募资金人民币4,600万元在浦东金桥地区设立其上海研发中心。

“上海金融谷”项目于7月在嘉定工业区奠基。“上海金融谷”以金融服务外包产业为发展重心，总建筑面积约100万平方米。该项目的一期工程预计于三至五年后建成。

伊顿公司于7月宣其布位于临空的中国创新中心实验室在上海落成。全新的中国创新中心实验室坐落于伊顿位于上海的亚太区总部，旨在研发关键技术和解决方案，以实现伊顿在中国和亚太区业务的进一步发展。

漕河泾浦江科技广场二期工程项目于8月开工。此次开工的二期工程建筑面积约120,000平方米，包含数栋商务楼宇，该项目建成后将使浦江科技广场的总建筑面积达约240,000平方米。

上海和黄药业研发中心及生产基地于8月正式开工奠基，据了解该基地位于上海青浦区内的上海工业综合开发区内。该园总投资达人民币4.5亿元，占地约80,000平方米。

腾讯公司与上海青浦工业园区于8月签署投资合作框架协议，将在青浦工业园建立腾讯“云计算中心”和电子商务基地。据悉，该数据中心占地约67,000平方米，共有4栋独立建筑，将容纳约10万台服务器。

达索系统和中国最著名的公共工程公司之一的上海市政工程设计研究总院（集团）有限公司于8月共同宣布，基于达索系统的3D体验平台，双方将在杨浦区共同建立一个新的研发中心，为土木工程专业人员提供行业解决方案体验。

医疗科技公司美敦力于8月宣布在张江高科技园区内成立其上海创新中心。

全球医疗器械巨头柯惠医疗于8月宣布其位于上海漕河泾开发区的研发中心正式开业，据悉该中心占地约9,290平方米，投资总额达4,500万美元。该中心共设有17座实验室，包括业内顶尖的外科模拟手术室。

上海生物医药中试孵化基地于9月在张江生物医药孵化园正式开工奠基。据悉，中试孵化基地全部建成后将有四个生产车间，一个检验中心，一个实验中心和相关配套设施。

0%

2%

4%

6%

8%

10%

12%

14%

16%

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012

million sq m

New Supply Net Take-up Vacancy Rate

5%

11%

16%

14%

10%

7% 5.5%

13%

0%2%4%6%8%10%12%14%16%18%

0

500

1000

1500

2000

2500

Cao

hejin

g

CH

J Pu

jiang

Link

ong

Zhab

ei

Yang

pu

Zhan

gjia

ng

LJZ S

oftwa

re Pa

rk

Jinq

iao

'000 sq m Vacant Area Occupied Area Vacancy Rate

RENTAL ANALYSIS 租金分析

COLLIERS INTERNATIONAL | P 3 .高力国际

CAPITAL VALUE AND GROSS YIELD 市价和收益率

SHANGHAI｜Q3 2012｜BUSINESS PARK

图4 2012年三季度上海主要商务园区平均实际租金

Source: Colliers International Shanghai (CIS) Research数据来源：上海高力国际调研部

Source: Colliers International Shanghai (CIS) Research数据来源：上海高力国际调研部

Figure 4 Shanghai Major Business Parks Average Effective Rent in Q3 2012Figure 3 Shanghai Major Business Parks Average Rental Trend图3 2012年三季度上海主要商务园区平均租金走势

In September, the International Sourcing Park broke ground in Putuo District. The project covers a site area of 38,365 square meters and plans include an exhibition center, two office buildings and facilities for global traders involved in sourcing. The first phase of the park is planned for launch in 2013.

Leasing transactions completed during the third quarter include:

US Banner Engineering, an American sensor manufacturing company, leased approximately 1,600 square meters at Caohejing Hi-Tech Park.

HRD Asia Limited, a German medical equipment manufacturing company, leased approximately 2,000 square meters.

Uzai.com, an online travel agency, leased approximately 10,000 square meters of offices in Caohejing Pujiang, relocating from downtown to take advantage of the improved local amenities and excellent transportation network that has developed over recent years in Caohejing Pujiang.

Bank of East Asia, from Hong Kong, leased around 500 square meters for a new office at the Caohejing International Business Center.

Shanghai’s business park market remained attractive to both domestic and multinational companies in the third quarter of 2012. Demand and supply remained well-balanced and the overall vacancy rate of Shanghai’s core business parks remained steady at approximately 9.25 percent.

Approximately 100,000 square meters of new supply was launched to the market in Caohejing, Caohejing Pujiang, and the LJZ Software Park. Caohejing maintained the lowest vacancy rate during the period at approximately 5.2 percent, while Linkong recorded the highest at approximately 16 percent.

中国（上海）跨国采购园区于9月在普陀区开工。该项目占地面积约为38,365平方米，计划建设一座国际会展中心、两幢商务楼宇及部分地下建筑。该园区项目的一期工程计划于2013年完工。

第三季度内主要有一家多个成交租赁案例主要包括：

传感器制造商美国邦纳工程国际有限公司在漕河泾承租亿面积约1,600平方米的办公物业。

来自德国的医药制造企业乐嘉文HRD亚洲有限公司与漕河泾浦江签下约2,000平方米的办公面积，以进一步拓展其在中国市场的医疗设备业务。

网上旅游中介公司悠哉旅游网承租漕河泾浦江一办公物业，面积约10,000平方米，意在将公司的办公地点率先由市中心搬迁至近年来交通配套、周边环境都得到大幅提升的漕河泾开发区浦江高科技园。

总部位于香港的东亚银行，承租了漕河泾国际商务中心内约500平方米的办公设施。

2012年第三季度中，上海商务园区市场吸引着不少本土和跨国企业。市场供需水平保持相对平衡的状态，期间上海主要商务园区的平均空置率维持9.25%左右。

本季度内约有100,000平方米的新增供应量在漕河泾、漕河泾浦江和陆家嘴软件园区域入驻。漕河泾开发区的平均空置率最低，为5.2%；而虹桥临空经济园的空置率则高达16%。

The average rental rates of the eight major Shanghai business parks that Colliers International monitors remained stable during this quarter, at approxi-mately RMB 3.27 per square meter per day. The rental gap between Pudong and Puxi also stayed stable, ending the third quarter at RMB 3.22 and RMB 3.37 per square meter per day, respectively.

Five out of the eight business parks monitored saw rental growth in the third quarter; otherwise rental levels remained stable.

On the back of its high-quality management and transportation connections, Yangpu maintained the highest average asking rental for business park accommodation in Puxi, at approximately RMB 4.08 per square meter per day. The strong demand, low vacancy and convenient transportation connections in Pudong’s Lujiazui Software Park helped the park achieved the highest average asking rental rate at approximately RMB 4.13 per square meter per day.

2012年第三季度高力国际监测下的八个上海主要商务园区的平均租金稳定在每天每平方米人民币3.27元。就区域而言，浦东和浦西的租金差距也保持稳定，分别为每天每平方米人民币3.22元和3.37元。

其中有五个园区的平均租金在本季度中出现上涨，其余的三个则保持稳定。

就单个园区而言，杨浦区的商务园区在优质物管和便捷交通的支撑下，本季度租金达每天每平方米人民币4.08元，仍列浦西榜首。位于浦东的陆家软件园在高需求量和低空置率的共同影响下，该区的平均租金列浦东最高，达每天每平方米人民币4.13元。

Though slightly quieter than the previous two quarters, a number of transactions were completed for premises in Shanghai’s business parks during the third quarter.

In July, a joint venture named Kings Haul acquired a 70 percent interest in Shanghai’s Bestlinkage Business Park for a total consideration of US$ 21 million. The business park, located on Pudong’s Xuanhuang Road, covers approximately 34,760 square meters. Kings Haul is a newly established joint venture between Best Key, KRL Hong Kong (both subsidiaries of Sundart International), and China Real.

MicroPort Scientific Corporation purchased two buildings in Pudong’s Shanghai International Medical Zone for a reported total of RMB 45.4 million. The purchase included a four-story office building with a gross floor area of 1,240 square meters and a 3,375 square meter industrial building.

虽然本季度上海商务园区市场未能延续前两个季度的活跃表现，但仍然录得数宗商务园区物业交易成交案例。

承达国际于7月公布,其全资附属公司Best Key,与China Real及非全资附属公司凯龙共同出资约2,100万美元设立合营公司King Haul，同期King Haul收购了美邦启立工业园七成的权益。上海美邦启立产业园位于上海浦东宣黄公路，面积约34,760平方米。

微创医疗公布，以总价人民币4,540万元收购上海国际医学园区附近及区内的两幢楼宇。包括一幢四层办公楼宇，面积约1,240平方米；以及一幢总建筑面积约3,375平方米的工业楼宇。

3.10 3.13 3.11 3.17 3.22 3.25 3.27

0.0

1.0

2.0

3.0

4.0

5.0

Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012

RMB/sq m/day

Average Rent

Average Effective Rent RMB 3.27/sq m/day:3.27 / /

3.38

1.98

3.48 3.32 4.08

3.34 4.13

3.06

0.0

1.0

2.0

3.0

4.0

5.0

Cao

hejin

g

CH

J Pu

jiang

Link

ong

Zhab

ei

Yang

pu

Zhan

gjia

ng

LJZ

Softw

are

Park

Jinq

iao

RMB/sq m/day Average Rent

Average Effective Rent RMB 3.27/sq m/day :3.27 / /

Accelerating success.

CHINA:

Shanghai16F Hong Kong New World Tower300 Huai Hai Zhong Road Shanghai 200021 PRCTEL +86 21 6141 3688FAX +86 21 6141 3699

www.colliers.com

James Shepherd Senior DirectorResearch and Advisory ServicesCorporate and Institutional ServicesEast and Southwest ChinaDir + 86 21 6141 4315

Jonathan Rideout

Dir +86 21 6141 3585 Business Parks

Jonathan.Rideout@colliers.com

SHANGHAI｜Q3 2012｜BUSINESS PARK

发布日期：2012年9月27日Date of issue: Sept 27 2012

本文件由高力国际准备，仅作广告和参考之用。高力国际未对其中的信息，包括但不限于其内容、准确性和可靠性作出任何明示或默示的保证、陈述或承诺。任何有意者应自行求证信息的准确性。高力国际明确排除适用所有由本文件得出的推测或默示的条款、条件和保证，对由此引发的损失和损害亦不承担任何责任。此出版物的版权由高力国际和/或其许可方所有。©2012

This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2012. All rights reserved.

62 countries on 6 continentsUSA: 147Canada: 37Asia: 36Australia and NZ: 165Latin America: 19EMEA: 118

• $1.8 billion in annual revenue• 237 million sq m under management• Over 12,300 professionals

MARKET OUTLOOK 市场展望

Shanghai B.I.W. Machinery & Electrical Equipment purchased a building totaling approximately 7,550 square meters in Caohejing Pujiang Park for their Shanghai headquarters.

Topco Scientific (Shanghai) purchased a whole floor totaling approximately 2,500 square meters in Caohejing Pujiang High Tech Plaza.

Though China’s economic growth remains far ahead of that of Europe and the Americas, a slowdown in recent months has affected Shanghai’s economy. In August, the value of both Shanghai imports and exports fell, the first time this has happened since April. In the same month, Shanghai’s industrial production fell by 1.8 percent year-on-year.

Foreign direct investment was a bright spot for Shanghai in the quarter’s statistical data, though FDI in China has declined overall. In August alone, Shanghai received US$ 1.6 billion in foreign direct investment, a 20.9 percent increase from August 2011 and the second-highest monthly FDI figure in 2012 so far.

Shanghai remains an attractive location for multinationals to establish China headquarters. In July, the Shanghai government announced that it intended to release details of a new rule to encourage multinational companies to set up their regional headquarters in the city through improvements to the investment environment and rewards for newly established headquarters and incenpives for multinationals upgrading their existing China headquarters to Asia or Asia Pacific headquarters. No further information was available by the end of the third quarter.

Migration from traditional manufacturing to high-tech industries and the service sector has been underway in Shanghai for several years. As it continues, and certain manufacturers relocate to other areas of China, the land they vacate will often be utilized for the development of business parks, research and development facilities, and hubs for corporate headquarters.

In addition to factors such as government-led improvements in infrastructure and transportation, higher-quality building specifications, improved management standards, and the entry of local business park developers, other factors such as cost effective rentals and the availability of large-sized and contiguous spaces will continue to make Shanghai’s business park market attractive to prospective occupiers and investors.

Looking forward, it is likely that Shanghai business parks will remain popular for local and international companies alike. Local governments are likely to continue to invest in high quality infrastructure to support the development of such areas, and, as momentum continues to grow, companies in search of large contiguous spaces and competitive rental levels may well have few alternatives if they wish to remain in the Shanghai area.

Forthcoming new supply appears balanced with current levels of demand, and the citywide occupancy rate will likely remain stable. However, rentals may increase further on the back of improved construction quality, infrastructure and services. Shanghai’s citywide business park rental prices are likely to continue their growth as they attract an increasing number of high quality occupiers.

上海宝宜威机电有限公司购入漕河泾浦江园区内一栋约7,550平方米的楼宇，拟将公司管理总部、销售中心、研发中心等管理核心整合搬至该标准研发办公楼内。

崇越科技（上海）购入漕河泾浦江科技大厦一面积约2,500平方米的办公物业面积。

虽然中国经济增速仍然领先于欧洲和美国，但最近几个月中出现的增速放缓现象已逐渐影响到上海经济的走势。8月上海宏观经济数据显示，本市进出口额均出现了自今年4月以来的首次下降；同期上海工业产出较去年同期下降1.8%。

尽管全国范围内吸引的外商直接投资额有所下降，但本季度中上海吸引的外商直接投资额却有所上涨。仅8月当月，上海共吸引外商直接投资额达16亿美元，为2012年以来第二高，较去年同期上涨了20.9%。

跨国公司纷纷将其中国总部设立在上海境内。今年7月，为进一步完善投资环境，上海市决定将于近期出台鼓励跨国公司设立地区总部的实施政策。新措施将着重于改善投资环境。鼓励新成立的总部或跨国公司升级现有的亚洲或亚太总部中国总部。截止三季度末，尚无具体细则出台。

多年来，上海持续推进从传统制造业向高科技产业和第三产业驱动型经济的转型，并将在未来的几年里得到延续，某些制造企业将搬迁到其他区域，曾属于这些企业的土地极有可能会被用于开发商务园区、研发用物业和企业总部办公设施。

与此同时，上海商务园区物业的基础设施、交通连接、建筑规范、物管质量在政府引导下均得到显著提升，伴随着本地房地产企业的入市，在相对低廉的租金、较大面积的储备和较灵活的潜在扩租空间的共同驱使下，上海商务园区物业对潜在租户和投资者的吸引力将继续得到提升。

放眼未来，上海商务园区物业将继续受到国内外企业的青睐。地方政府或将继续投资用于改善相关区域内的基础设施，并有持续上涨的趋势。就需要大面积办公区域的公司而言，在上海境内可供选择且租赁价格相对低廉的物业量相对有限。

伴随着新增供应量的入市，市场供应水平或将满足目前的市场需求，全市范围内的商务园区物业空置率亦将保持在相对稳定。但物业租金在施工质量、基础设施和物管服务水平不断提升，以及不断有高质量租户持续入驻的共同作用下或将继续有所上涨。