What is the average Class A rent in Shanghai?

Around 880 CNY/sqft/yr ($122 USD) across the broader Class A index. Trophy submarkets like Lujiazui (Pudong) command 20–40% above that.

How many months of rent-free are normal in Shanghai?

8 months on a 3-year deal is the standard benchmark. Lease-up product or tenants with strong covenant strength can push higher.

Are rents rising or falling in Shanghai?

The Shanghai Class A market is currently softening. Vacancy is 19.8%, which sets the negotiating context.

Headline Class A rent in Shanghai is around 880 CNY/sqft/yr ($122 USD), with 8 months of typical rent-free on a 3-year term.

Headline Class A rent: 880 CNY/sqft/yr ($122 USD).
Trophy submarket rents (Lujiazui (Pudong)) push to roughly ¥280/sqm/mo · ≈ $43.4 PSF/yr USD.
Typical concessions on a 3-year deal: 8 months free rent.
Vacancy stands at 19.8% — market trend is softening.
Use effective rent (face minus PV of concessions), not headline, to compare deals.

Shanghai Class A office rents and incentives

Headline Class A rent in Shanghai is around 880 CNY/sqft/yr ($122 USD), with 8 months of typical rent-free on a 3-year term.

TL;DR

Headline Class A rent: 880 CNY/sqft/yr ($122 USD).
Trophy submarket rents (Lujiazui (Pudong)) push to roughly ¥280/sqm/mo · ≈ $43.4 PSF/yr USD.
Typical concessions on a 3-year deal: 8 months free rent.
Vacancy stands at 19.8% — market trend is softening.
Use effective rent (face minus PV of concessions), not headline, to compare deals.

Headline rent vs. effective rent

Asking rents in Shanghai are quoted in CNY per sqft per year. Across the broad Class A index the figure is 880, but the trophy tier in Lujiazui (Pudong) reaches roughly ¥280/sqm/mo · ≈ $43.4 PSF/yr USD. Always discount headline rent by the present value of free rent and fit-out-capex">tenant improvement allowance to land on effective rent — the only number that compares cleanly across deals.

Rent-free and TI

Standard Shanghai concessions on a 3-year Class A lease run to 8 months of base-rent abatement. Trophy lease-ups can push rent-free 25–40% above that benchmark. Local cost-of-occupancy is also shaped by tax — Headline corporate tax 25% (15% for High and New Technology Enterprises). Free Trade Zone advantages exist.

Where rents land by submarket

Lujiazui (Pudong) sits at the top end (~¥280/sqm/mo · ≈ $43.4 PSF/yr USD). Jing'an clears around ¥240/sqm/mo · ≈ $37.2 PSF/yr USD as the prime tier. The full submarket map is on the Shanghai city page.

Key facts

city	Shanghai
country	China
region	APAC
classARentLocal	880 CNY/sqft/yr
classARentUsd	$122/sqft/yr
vacancy	19.8%
typicalLeaseYears	3
typicalRentFreeMonths	8
submarkets	5
primeYieldPct	4.4%
trophyRent	¥280/sqm/mo · ≈ $43.4 PSF/yr USD
primeRent	¥240/sqm/mo · ≈ $37.2 PSF/yr USD

Frequently asked questions

What is the average Class A rent in Shanghai?: Around 880 CNY/sqft/yr ($122 USD) across the broader Class A index. Trophy submarkets like Lujiazui (Pudong) command 20–40% above that.
How many months of rent-free are normal in Shanghai?: 8 months on a 3-year deal is the standard benchmark. Lease-up product or tenants with strong covenant strength can push higher.
Are rents rising or falling in Shanghai?: The Shanghai Class A market is currently softening. Vacancy is 19.8%, which sets the negotiating context.

Editorial provenance

Reviewed by Kenji Watanabe — APAC contributing editor. Last updated 2026-04-15. See our methodology and editorial standards.

Primary sources for this page

CBRE Marketview reports — CBRE
JLL Office Insight — JLL
Cushman & Wakefield Marketbeat — Cushman & Wakefield
Savills World Research — Savills
Colliers Global Office Outlook — Colliers

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