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Summary of 2010 Q1 rent and vacancy values for the Grade A office market:
Outlook for the Taipei office market:
Sherry Wu made the following comments:
The rental cycle for Taipei’s Grade A office space is around five years. Although the rental rate is witnessing a decline, we can expect the rental rate to rise if the overall economy continues to recover, although this is still uncertain. Additionally, with the view of saving rental costs, some enterprises are likely to move out to decentralized areas, such as Nei-hu and Nan-gang, where there is easy access to public transportation, shops and services. This trend may have a serious impact on the Grade A office market
The office market in Xinyi is also worth noting, as most of the leasing deals in the district have closed at end-2009. Vacancy is expected to peak with the addition of the Sin-Kang A12 development, which will account for 10,000 ping of new supply. When Taipei 101 was completed in 2005, the district’s vacancy rate registered a rise of about 20%. The same situation was seen after the completion of Walsin-Lihwa and Kelti buildings in 2009. The office market will moderate due to the slow demand recovery and the massive supply this year. This is an ideal time to negotiate lease agreement for potential tenants.
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