Knight Frank released the Asia Pacific Prime Office Rental Index for Q3 2015 results. The index monitors the prime office rents in 19 cities across Asia Pacific.
Knight Frank’s Asia Pacific Prime Office Rental Index increased 1.4% in Q3 2015, although the average vacancy rate inched up by just 0.1 percentage points.Tokyo saw the highest rental growth in the region for the second consecutive quarter.Office rents increased by 17,5 compared to the last year to $90.1 sqm/mth.
Nicholas Holt, Head of Research for Asia Pacific says, “We are seeing opportunities for office occupiers in 2016. The construction boom inspired by past rental appreciation will deliver a barrage of new supply in a number of markets in Asia Pacific. This presents opportunities for tenants to upgrade their workspace in order to attract and retain talent.”
According to the Knigt Frank, rents in 13 markets to either increase or remain steady over the next 12 months.