China’s property woes spread to trophy office buildings.
In the nation’s financial hub Shanghai, about 19 percent of the most exclusive office space is empty.
A British real estate firm reports that more tenants in Shanghai’s office buildings are now terminating leases than signing them.
For the first time since 2015, office vacancies are also rising in China’s other top-tier cities—including Beijing, Guangzhou, and Shenzhen.
In Beijing, office vacancy rates have hit a 13-year high.
With rental prices for office buildings dropping about 20 percent—their lowest since 2012.