Strong hiring expectations to boost office property market

Buoyant business sentiment and corporate hiring is underpinning a strong office leasing market, said Jones Lang LaSalle.

The Asia Pacific region continues to have some of the world's strongest office leasing markets. Corporate space requirements are increasing in most markets, with regional net absorption gorwing by 30% year-on-year in Q1 2011.

According to Jones Lang LaSalle, hiring expectations are rising in Singapore, Hong Kong, India and China, which will support continued high net absorption levels throughout 2011.

Rental growth for prime assets in the world's top-tier office markets is at its highest level since Q1 2008, averaging nearly 8% year-on-year growth across 22 major markets. Strongest growth has been recorded in Hong Kong, Singapore, Shanghai, Beijing, Sao Paulo and Moscow.

The projected rental change for the prime offices in Singapore this year is 10-20%.

Regional vacancy is still set to rise this year due to significant supply additions (40% more than 2010), though these are mostly concentrated in markets such as China (Guangzhou), South East Asia (Singpore, Bangkok, Kuala Lumpur) and India.

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