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Knight Frank Asia Pacific Prime Office Rental Index, Bangkok followed by Kuala Lumpur, tops prime office rental growth in Q1 2015

26 May 2015

Knight Frank Asia Pacific, the independent global property consultancy, today launches the Asia-Pacific Prime Office Rental Index for Q1 2015.  The index increased 1.3% in the first quarter of 2015, and now sits 5.3% above its pre-crisis (Q2 2008) peak.

Results for Q1 2015

  • Rental growth was experienced in 13 of the 19 markets tracked, with three recording no rental movement and three recording rental declines

  • Northeast Asian powerhouses – Seoul and Tokyo – show similar headline growth figures for Q1 2015, but have significantly differing market characteristics and drivers

  • Although vacancy is tightening in many markets, the Asia-Pacific regional vacancy rate increased on the back of rising inventories in Greater China’s tier-one cities

  • Over the next 12 months, we expect rents in 14 cities out of the 19 tracked to either remain steady or increase, which is in line with our previous forecasts

Mr Nicholas Holt, Head of Research for Asia Pacific, says, “In Tokyo, the structure of traditional Japanese leases (which prevents significant rental hikes), has held back rental growth to only 1.9% in a very tight market with little vacancy.”

City

Submarket(s)

3-month % change (Q4 2014-Q1 2015)

Bangkok

CBD

3.8%

Kuala Lumpur

City Centre

3.6%

Hong Kong

Central

3.2%

Seoul

CBD

2.3%

Tokyo*

Central 3 Wards

1.9%

Mumbai

BKC

1.6%

Sydney

CBD

1.0%

Guangzhou

CBD

1.0%

Taipei

Downtown

0.9%

New Delhi

Connaught Place

0.9%

Bangalore

CBD

0.8%

Phnom Penh

City Centre

0.6%

Singapore

Raffles Place, Marina Bay

0.6%

Brisbane

CBD

0.0%

Melbourne

CBD

0.0%

Jakarta

CBD

0.0%

Shanghai

Puxi, Pudong

-0.5%

Beijing

Various

-0.5%

Perth

CBD

-1.8%

Source: Knight Frank Research / *Sanko Estate

 

END

For further information, please contact:

Nicholas Holt, Head of Research for Asia Pacific
nicholas.holt@asia.knightfrank.com  +65 6429 3595 @nholtKF

Rachel Loke, Head of Asia Pacific Public Relations & Communications
rachel.loke@asia.knightfrank.com  +65 6429 3587 @knightfrank