Office rents in Asian countries will continue to remain robust. US market is poised for a recovery only by the end of this year. Europe will continue to lag behind till late 2005. This summarises the forecast of global office rent market by three international property consultancy firms—Colliers Inter-national, Cushman & Wakefield and CB Richard Ellis.
However, in some Asian cities office rents are expected to remain stable or fall further during the course of this year. Among these is New Delhi in India, which stands at the fifth place on the most expensive city list in Asia (in terms of office occupation cost). The Cushman & Wakefield Asia-Pacific Office Market report estimates that the rents for Grade A office properties in central business districts (CBDs) in Delhi, Chennai and Hyderabad, however, will remain stable, while the Bangalore market will experience a 10-15 per cent rise on increased demand.
Besides Bangalore, the other Asian cities where office rents are expected to go up include Hong Kong, Seoul, Bangkok, Jakarta, Kuala Lumpur, Sydney and Shanghai.
In other major cities, the market is passing through the bottom out phase.
“Looking ahead, the Pan-Asian region’s outlook appears positive as many markets have shown signs of bottoming out and are expected to gradually strengthen in line with the economic revival,” mentions the Cushman & Wakefield Asia-Pacific Office Market report.
After the scare of SARS stunned the office space offtake in Asian market, cities such as Hong Kong, Jakarta, Bangalore, Bangkok, Kuala Lumpur, Seoul, Shanghai have rebounded back strongly following robust economic growth after June 2003. And with the gross domestic product (GDP) of most of these Asian economies, led by China, estimated to clock over seven per cent growth in 2004, the demand for high quality office space in central business districts of these cities is likely to remain strong. The Colliers International report says that Asia-Pacific countries—China, India, Hong Kong, South Korea, New Zealand, Australia—are doing well and they are all on the way up. The higher economic growth has already set in motion office rental recovery in cities such as Bangkok, Bangalore, Hong Kong, Shanghai and Jakarta, notes the CB Richard Ellies’ half-yearly report on global office rent market. It adds, “More mature Asian office markets, such as Hong Kong and Singapore, which underperformed than their counterparts in 2003 (particularly because of SARS spread), have already started showing signs of recovery.”
While new property development in 2003 has added a significant amount of supply to many major Asian cities such as Bangalore, Seoul, Sydney, Shanghai, and a large number of completions are also expected to increase the supply in 2004, the demand for quality office space will remain robust and push rents further upward, concludes Cushman & Wakefield report.
In India, the demand for quality office space in downtown Bangalore is growing stronger following the influx of information technology,
IT-enabled services and biotechnology companies to this city. Delhi CBDs, on the other hand, due to shortage of space, are losing out to its suburbs, particularly Gurgaon, which continue to outperform the city centres in terms of supply of quality and tailor-made office space to corporate tenants at much lower rates.
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