Global demand for office space remaining strong | 6 June 2012
The demand for office space in areas throughout the world appears to be standing strong, especially in locations such as Calgary, Adelaide and the Philippines.
In fact, demand could fast outstrip supply in the latter; with some of the Philippines’ major commercial districts experiencing a strong market for office space.
Zambotimes.com revealed that offices in areas like Ortigas, Quezon City, Makati and Fort Bonifacio are proving popular, thanks to growth within the outsourcing/off-shoring industries. Both local and multinational companies are contributing to the demand; making for significant competition when it comes to space – particularly in central Makati.
What’s more, the market looks very healthy in Canada, too – specifically Calgary, wherein the office space market is expected to remain “very, very strong” for the remaining six months of 2012. That’s according to economist Todd Hirsch, who told calgaryherald.com that the market’s “moment is all moving in the right direction”.
The only warning Hirsch issued was that if oil prices should drop, the market may soften a little – but he simply labelled this something to keep an eye on in future months.
Demand is also so great in Adelaide, Australia, that an extra 75,000 sq m of office space must be created in the coming years. That’s thanks to the expansion of the area’s Olympic Dam, which is set to create thousands of new jobs for the area and therefore a need for additional offices.
It’s not just these areas experiencing high demand though. Data cited by Cityam.com has shown that the demand seen in London for office space is at the highest level its been for three years; with “signs of life” seen across the City.
Meanwhile, demand from two very significant names has been reported in Manhattan – with both Microsoft and Facebook shopping for office space in the area. Nothing has been confirmed regarding how far along in the sales/leasing process they both are, but what is known is that both have looked at several properties up for grabs in the busy borough.
Written by Deborah Bates on behalf of Qube Global Software
While posted by Qube Global Software all views expressed are not necessarily those of the company. All facts are verified where possible directly by the author.
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