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Technology sector drives Q3 office leasing demand in Asia-Pacific
LEASING volumes continued to improve across Asia Pacific in the third quarter, driven by the technology sector, according to a JLL report released on Wednesday.
"During Q3, new leasing activity grew by 10 per cent year-on-year, with India and mainland China accounting for two-thirds of the regional total. In many of the more active markets, the technology sector and associated IT-enabled services are driving demand for space," it said, citing cities such as Manila and Mumbai as two examples.
"Leasing activities has started to improve in Australia, particularly Sydney and Melbourne, with strong activity from technology firms but limited growth from banks, legal firms and the public sector," it added.
In comparison, Singapore saw limited take-up, underpinned by smaller requirements from tenants, but it was the clear outperformer with rental growth of 19 per cent over the 12 months through end-September 2014.
This was followed by Taipei, Washington and Auckland which recorded annual growth of 8 to 10 per cent, JLL said.