Shanghai office developers running short of prime land

The launch of Shanghai Tower, the city's tallest building, and other new projects in 2015 will add considerable pressure to office building price growth and occupancy rates, according to a new report on its realty market by international property consultants DTZ.

The 632-meter-tall structure is due to have its soft opening in March and official opening in June and will add some 220,000 square meters, or around 12.8 percent, of space in the city's premium and Grade A office building market, the report said.

"It is estimated that about 6.34 million square meters of high-quality office space will be added to Shanghai market between 2015 and 2019, which will make the office building market competition even fiercer," said Shen Jie, director of the office building department of DTZ China.