(Yicai Global) July 9 -- Beijing’s office rental market has shaken off the effects of the coronavirus pandemic, as demand surged in the second quarter, with financial and information technology firms accounting for more than half of all leases in the first six months of the year.

Financial and IT companies made up 54.5 percent of new rentals in the Chinese capital in the six months ended June 30, according to a new report from British real estate agency Savills.

“Demand has been fully unleashed,” Wen Shuyue, head of trading and advisory services at Savills, told Yicai Global.

The breakdown was 24.7 percent for financials, 29.8 percent for IT, 9.2 percent for professional services, 7.3 percent for consumer services, and 6.6 percent for healthcare. Demand from companies in other fields was relatively limited.

“But due to huge new supply in the second half, the city's office buildings market faces greater sales pressure in the next period,” Wen said.

Four new grade A office projects came on tap in the second quarter, with a combined supply of about 376,000 square meters, the London-based agency said. Net absorption reached 224,000 sqm in the second quarter, a 34.7 percent jump compared with the previous three months. The figure was seven times higher than the same period last year.

Monthly rents for grade A office space in Beijing fell to an average CNY341.3 (USD52.6) per sqm in the second quarter, down 0.3 percent month on month and 3.6 percent year on year.

Editor: Futura Costaglione