Property to remain robust

SHANGHAI: The municipality's property market is expected to maintain strong momentum this year, according to a report by international real estate consultancy Jones Lang LaSalle.

Demand for office and retail space remained robust last year, with rents soaring and vacancy rates plummeting, the report showed.

The vacancy rate for the municipality's office buildings has dropped significantly recently, slumping from 6.22 percent in the third quarter of last year to a record low of 2.63 percent in the fourth quarter, while the average rent has risen steadily from 95 cents per square meter per day to 99 cents during the same period.