Commercial property transactions in Taiwan last month totaled NT$12.6 billion (US$456 million), showing resilience despite a local COVID-19 outbreak as the nation’s solid economy lent support to transactions, a report released on Friday by Sinyi Global Management Co (信義全球資產) showed.
It takes several months to prepare, evaluate and close commercial property deals, making them less susceptible to the local outbreak, which has brought private consumption to a near halt, Sinyi Global general manager James Ko (柯宏安) said in the report.
“The May showings reflect deals under way a few months back, so it is too early to conclude that the commercial property market is immune to the outbreak,” Ko said.
Taiwan’s exports last month soared to a record US$37.4 billion, with shipments of all product categories posting rapid gains, thanks to strong inventory demand fueled by expectations of a global economic recovery, he said.
As long as economic fundamentals remain healthy, he would maintain a positive outlook for commercial property transactions, Ko said.
The market would continue to benefit from Taiwanese companies moving part of their production lines home from China to avoid US-China trade tensions, Ko said, adding that excessive liquidity and low interest rates provide extra incentives.
Last month saw nine land deals totaling NT$15 billion, another sign that the market held steady, even though some companies and government agencies put off property auctions, he said.
The outbreak propped up demand for online shopping, warehousing and logistics services, Ko said, adding that the trends would translate into demand for industrial property.
Demand for office space could be put on hold in the short term, as companies would review their need for physical offices, as well as their office design to meet social distancing requirements, Ko said.
A growing number of companies believe it is better for employees to work at different locations to ensure smooth operations in case of COVID-19 infection, he said.
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