After many changes, the concepts of "showroom" and "fashion social" have evolved in this old factory creative space.

"Highstreet is not a place people go only for shopping, it's also the site of a fashion social," says Ma. Enjoying a cup of coffee in a relaxing atmosphere and checking out the latest fashion trends are what's on offer.

As creative parks seek to differentiate themselves and better target their clients, they also face the problems of the worldwide financial crisis.

Rents and occupancy go down.

An example is the famous old abattoir 1933 Old Millfun in northeastern Shanghai's Hongkou District.

It has a glorious dome and open space, ideal for galas and special events.

It used to be the Shanghai Industry Bureau Slaughter House.

During the entire year of 2008, however, only 35 events were held there.

"It can generally hold two events for international labels every month," says He of the Shanghai Creative Industry Center. "However, it will be very hard to hold this kind of event now, due to the financial crisis."

Red Town on Huaihai Road W. arose in 2006 in the warehouses of an old steel factory.

It's adjacent to the Shanghai Sculpture Space and features sculpture, arts and advertising.

With a good location in city center and the arts and culture theme, the average rent in Red Town is about 10 yuan per square meter per day.

"The current situation is quite stable, but we are ready to make appropriate (downward) adjustments due to market conditions," says Zheng Peiguang, chairman of Red Town.

"I don't know how much the price will decrease, but I'm sure it will definitely not increase in the near future," he says.

In Highstreet Loft, the average rent in 2008 was 4.69 yuan per square meter per day. Ma doesn't dispute that fees may well decrease because of the economic slowdown.

But she is still very confident of the future of Highstreet.

"The vital elements for survival of a creative industry park are still accurate targeting, developing direction and management," she says.