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Office rental market could stabilize next year: CBRE
Office rents could stabilize in 2010 although the market still faces a large volume of supply toward the end of 2010 and through 2011, according to CB Richard Ellis, a commercial real estate services firm.
Although most commercial property sectors continue declining, demand has picked up with both local and foreign firms responding to more favorable pricing, it said.
CBRE saw strong enquiry growth with many new market entrants considering discounted decentralized Grade B buildings. Despite the positive news, over 60,000 square meters of new office space is expected to enter the market over the next quarter.
Major local office occupiers may be the saviors of the office market, purchasing large portions of space in projects nearing completion. Many companies have seized the opportunity to centralize operations and fix office costs.
CBRE said the residential market has been the highlight of the real estate market this quarter with all market sub categories growing rapidly. A large driving factor is the continued strength of the stock market, encouraging both speculators and end users back into the market. Many signs point to a dramatic turnaround in sales despite concerns regarding changes (or clarifications) in the tax law.
For the whole of 2009, roughly 8,000 condominium units have been launched, but only 3,000 to 4,000 units handed over. With far more units expected to be handed over in 2010, interest from end users or rentals will be important trends to track, it said in a report released this week.
Ngan Anh
thanhnien
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