More corporate hiring and a more optimistic view of the business environment
in Asia Pacific has underpinned the office leasing market over the first three months of 2011. Jones Lang LaSalle research shows that aggregate net take up across major Tier I markets was 30 per cent up year-on-year.
"The global comparison shows how the traditional Asian centres have outpaced the world in their recovery ... these are exciting times for Asia Pacific Office markets," said Jeremy Sheldon, head of markets in Asia Pacific for the firm.
According to the research, the recent earthquake in Japan has not affected occupier market conditions elsewhere in the region. Vacancies are down in many cities and office rents remained on an upswing across most markets in the quarter.
Of the 26 featured office markets, 16 saw an increase in net effective rents during the quarter.
Furthermore, it shows that Jakarta in Indonesia recorded the largest quarterly rental growth
of 9.5 per cent as landlords became more aggressive in raising rentals due to strong net take up and declining vacancy.
- Monday 23 May 2011