Shanghai is witnessing a fast-paced construction period, which involves high-end and high-rise office buildings. [Photo provided to chinadaily.com.cn]

The soaring skyline of Lujiazui Financial and Trade District is symbolic of the booming economy in Shanghai. The city is witnessing a fast-paced construction period, which involves high-end and high-rise office buildings.

According to statistics by CBRE, a leading firm in real estate services and investment, Shanghai added more than 127,000 square meters of high-end high-rise office buildings in the first quarter of 2015, half of which is under contract offer for rent.

The 632-meter Shanghai Tower, the highest building in China, has reached a pre-lease agreement with Dacheng Dentons Law firm. Dacheng Dentons will rent 8,000 sq meters of space in the building, making it a major deal in the first quarter of 2015 office rental market.

With more top-end sought after, the number of skyscrapers in the city keeps rising. According to the 2015 Skyscraper Index, a comprehensive evaluation report issued by Knight Frank, a major real estate agent, on city high-rise buildings and businesses, Shanghai ranked the 10th among major metropolises in the world, with office rents reaching $68.75/sq ft per year. Most of high-rise buildings serve as high-end office buildings and hotels.

Nearly 40 percent of 79 high-rise buildings as tall as 305 meters and above are in China. Not only are such buildings popular with tenants, but they also attract investors. In recent years, some large funds such as global private equity funds, sovereignty wealth funds and national pension funds have started to invest in the real estate market. Some private investors are also interested in similar buildings, all of which suggests Shanghai’s skyline profile is likely to rise further.

Edited by Mevlut Katik