Demand for office space steady in Japan, slows in Australia | 14 May 2013
Demand for global office space is mixed, according to the latest report from Jones Lang LaSalle.
It confirmed that in areas like Australia and Beijing, demand has contracted slightly – yet in Japan and South Korea, it remains steady. Particularly high demand was recorded in Jakarta and Manila, livemint.com reports.
The report also showed that consumption of office space has dropped a little in India, however this falls in line with the area’s economic performance – which was below average last year. Despite this, office leasing activity is likely to be greater in 2013 than 2012, according to Jones Lang LaSalle’s country head for India, Anuj Pari.
“We expect 27.2 million sq.ft. of office space net absorption in CY 2013,” Puri confirmed, cited by moneycontrol.com.
What’s more, the head of Asia Pacific research at Jones Lang LaSalle, Jane Murray, said the office space market in areas like Beijing, Jarkarta and Manila will become “more favourable to landlords” later on in 2013.
At present, landlords feel the need to adopt a “cautious” approach to their rental rates, Murray said, but this should change as local economic growth improves in areas throughout the Asia Pacific territory. “Whilst we think that rental growth will be limited in most markets in the short term, we expect single-digit growth for the full calendar year,” she concluded.
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.
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