Rental growth slows amidst rising trade tensions
New Delhi, November 24, 2018: Knight Frank, the independent global property consultancy, today launched its Asia-Pacific Prime Office Rental Index for Q3 2018. The index increased by 2.3% quarter-on- quarter and 6.4% year-on-year in the third quarter of 2018.
Results for Q3 2018
Nicholas Holt, Head of Research for Asia-Pacific, says, “While we are starting to feel the impact of the trade tensions flow through the Asia-Pacific office markets, sound economic conditions are expected to support office demand and drive steady rental growth across the region.”
Shishir Baijal, Chairman and Managing Director, Knight Frank India, says, “Rentals across major markets have shown a positive trend due to factors such as a growing demand and somewhat restricted supply scenario. The office market space in both Bengaluru and Mumbai has not only revealed optimistic growth in the recent times but is also slated to strengthen further. Going forward, we expect that these factors will help major commercial markets to remain on a sound footing and boost the rental segment in the region.”
Asia-Pacific Prime Office Rents
City | Submarket(s) | 3-month % change (Q2
2018 – Q3 2018) |
Forecast next 12
months |
Brisbane | CBD | 0.7% | Increase |
Melbourne | CBD | 2.6% | Increase |
Perth | CBD | 0.2% | Same |
Sydney | CBD | 2.5% | Increase |
Tokyo* | Central 5 Wards | 5.6% | Same |
Beijing | Various | 0.7% | Increase |
Guangzhou | CBD | 0.3% | Increase |
Shanghai | Puxi, Pudong | 0.0% | Decrease |
Hong Kong | Central | 2.7% | Increase |
Taipei | Downtown | 0.0% | Increase |
Seoul | CBD, GBD, YBD | -0.7% | Same |
Bengaluru | CBD | 0.4% | Increase |
Mumbai | BKC | 3.9% | Increase |
NCR | Connaught Place | 0.0% | Same |
Phnom Penh | City Centre | 0.1% | Same |
Jakarta | CBD | 0.0% | Same |
Kuala Lumpur | City Centre | -0.2% | Decrease |
Singapore | Raffles Place, Marina Bay | 1.1% | Increase |
Bangkok | CBD | 0.0% | Increase |
Manila | Various | 0.8% | Decrease |
Source: Knight Frank Research / *Sanko Estate
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