Vacancy rates for “grade A” offices in Taipei dropped to a 21-year low of 1.9 percent in the second quarter, supported by stable demand from technology firms and tight supply, but a nationwide level 3 COVID-19 alert has increased uncertainty, Jones Lang LaSalle Inc (JLL) said in a report on Wednesday last week.
Some customers turned conservative following the outbreak in May, the local branch of JLL said, adding that many companies now allow their employees to work from home to avoid infections.
Net take-up was 6,141 ping (20,265.3m2) in the April-to-June period, driving the vacancy rate down by 0.4 percent, while average rent held steady at NT$2,828 per month, the report said.
Despite the outbreak, the local leasing market was resilient, thanks to stable demand from tech firms, JLL said, adding that the trend would extend into this quarter with demand still outweighing supply.
A supply crunch would continue to lend support, while some companies prefer to wait until the dust settles, the report said.
Demand is high for office space in Taipei’s Neihu District (內湖), where monthly rent climbed to between NT$1,200 and NT$1,600 per ping, it said.
The situation is similar in Nangang District (南港), where monthly rent is from NT$1,400 to NT$2,000 per ping, and would climb toward NT$2,000 to NT$2,500 in the foreseeable future, it said.
The upscale leasing market is less susceptible to the outbreak than other segments, JLL said.
Vacancy rates rose 3 to 5 percent, while rent decreased 10 percent in other international grade A markets, it said, adding that global leasing activity would be boosted by vaccinations.
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