Fri, Apr 27, 2007 - Page 11 News List

Taipei office rents healthy, expected to improve further

By Jessie Ho  /  STAFF REPORTER

With both take-ups and rents increasing, the office market in Taipei City in the first quarter was healthy and set to improve further in the current quarter, according to a report released by CB Richard Ellis Taiwan yesterday.

The average vacancy rate in the Taipei office market declined by 0.96 percent to 9 percent in the first quarter, while the rent for Grade-A office space increased NT$23 to NT$2,333 per ping (3.3m2), the report said.

The improvement was down to the absence of new prime-located supply in the market, as well as an increasing number of companies seeking to move to quality office space, the real estate consultant and agent said in the report.

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Neihu Technology Park (內湖科學園區) has emerged as a favored office center, and monthly rentals in the area -- currently about NT$1,200 to NT$1,300 per ping -- are expected to increase by between 4 percent and 6 percent this year, according to the report.

Meanwhile, CB Richard Ellis Taiwan announced yesterday it would set up an asset services division, to provide maintenance, security and cleaning services to office buildings, shopping malls, high-end residential buildings and schools.

The asset services market is estimated to be worth NT$65 billion this year, and would increase to NT$100 billion by next year, division director Patrick Shih (史經文) said.

Currently, most buildings outsource these services to cleaning and security companies, but they can no longer meet the growing demands of quality buildings, Shih said.

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