Lujiazui’s commercial property sector is booming despite the slowdown in Shanghai’s office market, Xinhuanet.com reported.

Centaline Property Agency says that rents for 5-A top office buildings in Lujiazui CBD have been increasing about 15 to 20 yuan per square meter per day since March, and the vacancy rate once touched the bottom of 2 percent.

As the financial center of Shanghai, Lujiazui CBD is the first choice for financial companies to settle in. With a limited supply of 5-A office space, there are fewer new projects now in Lujiazui, said Song Huiyong, director of the research department of Centaline Property.

“Shanghai will add 2 million square meters of office space in the next two years,” said Johnny Lu Shao, executive director, China co-head of investment properties, CBRE. He said that the growing office spaces are mainly located in non-core business areas such as Zhabei, Putuo and Hongqiao districts.

According to statistics from Centaline Property Agency, People’s Square and West Nanjing Road area in Puxi are also affected by lower rents and surging vacancy rate.

But the supply of office spaces in Shanghai is expected to increase with the opening of Shanghai Tower in 2015. The 632-meter skyscraper is located in the Lujiazui Finance and Trade Zone.

“Shanghai Tower will offer 220,000 square meters of office space, and the vacancy rate in Lujiazui may rebound a little bit then,” Song said. Lujiazui is located in the Pudong New District on the eastern bank of Huangpu River. Lujiazui is connected to core business circles in the Puxi area, such as People’s Square and Nanjing Road, by Metro Line Two and Line Six.