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SINGAPORE – 2 March 2010 — More than 400 senior-level executives from the corporate and commercial real estate (CRE) industry around Asia will gather in Singapore on March 23 – 25, 2010 to examine various trends and contradictions that impacted the global economy in 2009.
One such paradox is the likelihood, that in 2010, lease pricing in commercial markets in Asia will rebound to the extent that it will no longer be a corporate tenants' market.
Real estate markets continue to change rapidly across the Asia region, according to Jeremy Sheldon, Managing Director of Jones Lang LaSalle’s Markets team in Asia Pacific. "In 2009, the global financial crisis put tenants at an advantage as no major city in Asia Pacific escaped its impact - the downward pressure on rents and hikes in vacancy – albeit to differing degrees. Now, as many countries move just as quickly from the downturn to a more balanced environment, some are already shifting back towards a more landlord favourable situation."
With such diversity of market cycles across the region, Mr Sheldon comments that CRE executives will play a key role in the way organizations transition back to business as usual or business growth, and whether they are able to emerge from the economic downturn with strength. “Cost saving will still be a clear objective - but the focus is shifting from short-term “survival”, to building resilience for medium to long-term growth in this region – the growth engine for the future.”
As confidence returns, Mr Sheldon notes that a number of important cultural and operational shifts in CRE procurement and utilization are also set to emerge with key trends likely to be as follows:
"In an overall sense, 2010 will be known as much as 2009 as an important time for companies to improve their ability to be flexible," summarized CoreNet Global Director of Membership Richard Kadzis. "Flexibility in a number of contexts - financial, cost management, talent, sustainability, workplace practices and so much more - is in itself a major hedge against risk at a very uncertain time. After all, it's all about balancing contradictions in an uncertain world."
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