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Asia Pacific Office Market Overview 2Q 2012

Asia Pacific Office Market Overview 2Q 2012

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The macroeconomic conditions in the region remained challenging in 2Q 2012, with growth
rates reducing and price inflation continuing in most countries. The sovereign debt issues
in the Eurozone have become a key concern, as it continues to have a negative impact on
market sentiment. The expectation of further economic consolidation has led to a number
of central banks cutting rates pre-emptively to stimulate growth. The two rounds of
unexpected interest rate reductions in China is an example of how the region has reacted
to the imminent threat created by the contraction in Europe.
The macroeconomic conditions in the region remained challenging in 2Q 2012, with growth
rates reducing and price inflation continuing in most countries. The sovereign debt issues
in the Eurozone have become a key concern, as it continues to have a negative impact on
market sentiment. The expectation of further economic consolidation has led to a number
of central banks cutting rates pre-emptively to stimulate growth. The two rounds of
unexpected interest rate reductions in China is an example of how the region has reacted
to the imminent threat created by the contraction in Europe.

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Published by: Colliers International Thailand on Aug 23, 2012
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08/23/2012

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AsiA PAciic
Oice Market Overview
2Q 2012
Accelerating success.
 
table O cOntents
AsiA PAciic oice mArket overview | 2Q 2012
rgna o 3Ga chna 4-6
Beijing, China ....................................................................................................................................Chengdu, China .................................................................................................................................Guangzhou, China .............................................................................................................................Shanghai, China ................................................................................................................................Hong Kong SAR, China .....................................................................................................................Taipei, Taiwan ...................................................................................................................................
Nh Aa 7
Seoul, South Korea ...........................................................................................................................Tokyo, Japan .....................................................................................................................................
sha Aa 8-11
Jakarta, Indonesia .............................................................................................................................Kuala Lumpur, Malaysia ....................................................................................................................Karachi, Pakistan...............................................................................................................................Manila, Philippines ............................................................................................................................Singapore ........................................................................................................................................Bangkok, Thailand ...........................................................................................................................Hanoi, Vietnam .................................................................................................................................Ho Chi Minh City, Vietnam ...............................................................................................................
 
inda 12-13
Bengaluru (Bangalore) ...................................................................................................................Chennai ...........................................................................................................................................Mumbai ............................................................................................................................................New Delhi ........................................................................................................................................
 
Aaaa 14-17
Adelaide, Australia ..........................................................................................................................Brisbane, Australia .........................................................................................................................Canberra, Australia .........................................................................................................................Melbourne, Australia .......................................................................................................................Perth, Australia ...............................................................................................................................Sydney, Australia ............................................................................................................................Auckland, New Zealand ...................................................................................................................Wellington, New Zealand .................................................................................................................
P o spp, rn and N ta-p 18-19tnd & a 20-21Dfnn & tng 22-23cna 24-25
 
colliers iNterNAtioNAl | P. 3
regiOnal Overview
ecoNomic overview
The macroeconomic conditions in the region remained challenging in Q , with growthrates reducing and price ination continuing in most countries. The sovereign debt issuesin the Eurozone have become a key concern, as it continues to have a negative impact onmarket sentiment. The expectation o urther economic consolidation has led to a numbero central banks cutting rates pre-emptively to stimulate growth. The two rounds ounexpected interest rate reductions in China is an example o how the region has reactedto the imminent threat created by the contraction in Europe.
leAsiNG mArket
Amid the economic uncertainty, the oce leasing market has seen relatively steady enquirylevels rom occupiers, with rms in the nance and IT industries among the most active.With total occupation costs paramount in tenant decision making, cost sensitivity is highas rms seek to match their business needs to real estate demands.The average oce rent edged down by .% QoQ during Q  – the rst dip since Q. Individual markets like Hong Kong and Singapore saw downward rent correction by - % QoQ during this period, although most cities in China and Australia continued toexhibit positive rental growth.
sAles mArket
On the sales ront, average transacted oce prices edged up mildly by .% QoQ, this hadthe efect o compressing the overall investment yields slightly during Q . Althoughinterest rates continued to stay low, access to real estate nancing remained the commonissue or many prospective buyers. Two notable exceptions are China, where owner-occupiersremained active and Sydney, which saw an increase in investment activity.
mArket outlook
Looking orward, leasing activity is expected to remain steady as rms continue to pursueconsolidation and cost reduction strategies. This trend is expected to be more prevalentin cities where new supply is entering the market. Rentals in the region are expected toremain stable but will come under downward pressure i the economic environment in theEurozone deteriorates urther.

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