Commercial real estate sales rebound in Shanghai as demand picks up in June

A fast expansion of Shanghai's financial services and technology sectors has accelerated demand for commercial property, particularly offices, according to a report released on Thursday.

The study by Cushman & Wakefield, an international property services provider, said average monthly office rents climbed 11.3 percent year-on-year to 368 yuan ($60) per square meter in June in the city's financial center Lujiazui, and are expected to hit 375 yuan by the end of the year.

"Although the city's economic grow this stabilized and not as fast as it used to be, service sectors especially finance, Internet, and technology, have been booming, pushing up property demand," said Catherine Chen, a Cushman & Wakefield research manager and one of the report's authors.