Shanghai Tower Still Half-Empty 3 Years After Completion

By Zaruf Ezhan, June 7, 2017

0 0

If you’re looking for a work space up in the clouds, there are still vacant rooms in the 632-meter high Shanghai Tower.

Since its completion three years ago, only 60 percent of the office space in the spectacular skyscraper has been leased out, and only one-third of those tenants actually moved in, reports CNBC.

Experts believe that companies are looking to cut costs amid a wider growth slowdown, and are looking more towards smaller cities. Shanghai Tower’s iconic status is currently attracting some of the highest rents ever in the history of the city.

Whole floors still empty at Shanghai Tower.

Not helping the issue was the tower’s delay in obtaining fire safety permits, which only came through a few months back. A planned luxury hotel that hasn’t come to fruition leaves entire floors completely empty and hallways deserted.

READ MORE: Shanghai Tower Observatory Now Officially Open to the Public

However, some companies like the All Bright Law Firm are happy to bask in the glory of the second tallest building in the world.

"The building is unique in China, and it suits our firm's image, as we are a leader in the legal profession," says Chen Guang, a senior lawyer at the firm. "This is also what the Shanghai Justice Bureau hopes — for a signature Shanghai law firm to enter Shanghai Tower."

Shanghai Tower's construction was considered complete in 2014, while the exterior was finished in 2015. The tower first opened last year, and the observation deck was finally made accessible to the public this spring.

more news

Less Than 13% of Shanghai Families Having Second Child

The high cost of child-raising, education and housing were cited as the factors behind smaller families.

That's Shanghai Looking for Editorial Freelancers

Our platforms cover a variety of topics in Shanghai, Beijing, Guangzhou, Shenzhen, Tianjin, Suzhou, Sanya and Greater China.

0 User Comments

In Case You Missed It…

We're on WeChat!

Scan our QR Code at right or follow us at thatsonline for events, guides, giveaways and much more!

7 Days in China With thatsmags.com

Weekly updates to your email inbox every Wednesday

Subscribe

Download previous issues

Never miss an issue of That's Magazines!

Visit the archives