Shanghai’s commercial property sector is in the throws of a boom similar to that which transformed London in the 1980s says Michael Thompson, Asia Pacific chief executive of Cushman and Wakefield.
The office space boom comes despite the ongoing global economic downturn impacting commercial property around the world.
“Shanghai has the potential to be the New York of Asia” says Thompson who points to deregulation of the Chinese financial services sector as contributing to this epic boom.
“Total office space in Shanghai is not large,” he says. “Shanghai has just started transforming into a global financial centre.”
Thompson’s comments come in the wake of the opening of China’s tallest building, 101 storey Shanghai World Financial Centre built by Japanese property tycoon, Minoru Mori.