Prime office rents may be on a downward trend, but analysts say there is nothing much to worry about as the decline is a necessary correction.
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An oversupply of office space and low demand has knocked down prime office rentals in the central business district (CBD).
Rents have fallen as much as 40 per cent since the beginning of 2008 but observers said that rents are not in a free fall. They said the slowdown in rental rates is a correction that was going to happen due to the unusually high prices resulting from the boom in 2007.
“We could see office rentals return to a 2005 level. Office rentals have risen to such a high rate, so we must not take it that the 2007 rates are the norm,” said Nicholas Mak, Independent Property Consultant. Continue reading
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