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Office accomodation Print E-mail
Written by Administrator   
Saturday, 11 March 2006
Article Index
Office accomodation
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Short Term Future

Since the bottom of commercial property market cycle in 1999, when international standard serviced apartment accommodation rentals were as low as USD$14 per square metre a month, the average occupancy has steadily increased to the point was reached when average occupancies reached around 95%, which in many respects can be regarded as full occupancy given the periodic voids that come with short term leases. Naturally, landlords have and will continue to increase rentals to exploit the existing demand-supply imbalance, and demand 2-3 year contracts with large up-front rental payments and / or security deposits.

Although there are an increasing number of foreign­ers interested in developing sites - especially large plots close to the city centre where many perceive that rentals and values will continue to increase and remain consistently strong - most insist on ‘owning’ 100% FIE licences of at least 50 years. The unavailability of suitable sites and the numerous legal obstacles have sufficiently deterred most from investing and so rentals have now climbed in both the main cities to above USD$20 / sqm / month with the better / larger foreign invested buildings even above USD$30 / sqm / month +/- 10% VAT (Value Added Tax) & @5% Management / Service Charge.

New Supply – sqm : International Standard Office Accommodation



On a world-wide comparison, London’s West End was the most expensive city for Grade A office space as at December 2004, recording about USD$125 per sqm / month, with Tokyo the most expensive in Asia at USD$80, and New York the most expensive in North America at USD$50. Other Asian cities recorded rentals of around : - USD$36 in Hong Kong (10% vacancy rate); USD$32 in Sydney (10% vacancy rate); USD$30 in Mumbai; USD$27 in Singapore (18% vacancy rate); USD$22 in Shanghai (10% vacancy rate); USD$15.50 in Bangkok; and USD$10 in Kuala Lumpur (22% vacancy rate).

Last Updated ( Saturday, 14 October 2006 )
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