Vacancy rates for Taiwan’s office space edged down in the first quarter with steady rental rates as business sentiment improved from three months earlier, even though concerns over economic uncertainty lingered, a report by CB Richard Ellis Ltd (CBRE) Taiwan showed yesterday.
Vacancy rates for office buildings nationwide averaged 9.4 percent this quarter, down from 9.7 percent in the preceding quarter, with rental rates flat at NT$2,047 per ping (3.3m2), said Man Chan (陳頌民), office services director at CBRE’s local unit.
Demand for Grade-A office space slowed this quarter, pushing the vacancy rate slightly up to 11.4 percent, with average rental rates unchanged at NT$2,530 per ping, the report said.
Uncertainty about the global economy prompted some international companies to cut office space, the report said, adding that the trend eased from the fourth quarter as evidenced by increasing inquiries for Grade-A office space. Vacancy rates for Grade-B office space dropped to a new 40-month low of 7.9 percent on the back of robust growth in the advertising and consultancy sectors, it said.
Chan expects the vacancy rate to fall to 8.5 percent in the next two quarters as more foreign firms plan to set up offices and expand their presence in Taiwan.
CBRE said it had won an exclusive agency contract from an office building measuring 4,600 ping in Neihu District with competitive rental rates of NT$1,100 per ping.
The company recently struck a deal with Metro Real Estate (恆豐置業) to take over its employees to strengthen its investment services in Taiwan, beginning on Tuesday next week.
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