Savills releases the Prime Benchmark – the report had been prepared to provide a benchmark of occupancy costs of selective prime properties in various cities in Asia, inclusive of rents, management fees and government taxes/rate.
According to the survey, the US dollar depreciated against most Asian currencies by between 0.6% and 6.8% during the first half of 2017. This is reflected by rental values of Asia based income-producing assets becoming relatively more costly.
In local terms, prime office lease markets in most cities rose slightly but many are late in the cycle. China had a mixed picture, with Shanghai and Guangzhou rental markets showing slow growth while Beijing and Shenzhen recorded modest declines. Supported by Chinese financial businesses expansion Hong Kong outperformed other cities.
Troy Griffiths, Deputy Managing Director of Savills Vietnam, comments that in a regional context, Viet Nam office rents are relatively modest. “However with full occupancy and whole floors increasingly difficult to find, over the mid-term there is likely pressure for rents to increase”
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