“In a market favouring tenants, landlords will have to look into ways to attract and retain them. Landlords are more likely to offer more favourable incentives to support their office occupany levels.”
-Louise Toovey, Director, Office, Knight Frank
Overall vacancy is expected to increase especially in older buildings. With numerous new buildings coming up and against the backdrop of tenants’ market situation, companies can be expected to take the opportunity to upgrade to newer buildings that have more efficient floor plates. Newer buildings with good attributes should find steady interest among tenants while older buildings could face rising vacancy.
On the back of weaker economic conditions and large upcoming supply, office rents are expected to continue on a gradual decline in the next quarter. Primer CBD office rents are expected to decline by 2% to 3% in the fourth quarter and 6% to 7% fall y-o-y by 4Q 2015.
Click below link to download KF- Office Rents 3Q2015 by our company – Knight Frank.
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