Rents in all 10 markets rose simultaneously for the first time this decade, company executives said. Vacancy rates in every one of the 10 markets also came down in 2005.
"Global investment activity has been strong during the past few years, but rising asking rents and falling vacancies indicate that the fundamentals are catching up," Andrew Ness, executive director of CBRE Research for Asia, said in a statement. "Strong demand for office space, a modest level of new completions and continued capital inflow should provide a strong underpinning to the Hong Kong property investment market."
Tokyo saw the lowest vacancy rate, at 1.7%. London's was 7% and Hong Kong was 4.8%. Cities with highest percentage of empty offices were Los Angeles at 13.1% and Sydney at 10.4%.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
