Leasing rents, volumes to soften in 2015: CBRE
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TOTAL leasing volume is expected to decline by five to 10 per cent the rest of this year, with overall rents softening by 5 to 7 per cent, said CBRE on Monday. This is on the back of an estimated 19,018 completions in the pipeline which will bring the number of new homes to nearly 22,000, 10.4 per cent higher than the 19,921 new homes completed in 2014.
Therefore, the leasing climate will likely remain competitive, particularly in the Central Region, as the flight to quality - newer homes and recreational facilities at more attractive rents - continues, said CBRE in its quarterly leasing market update.
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