Knight Frank has recently launched its Global Cities: The 2018 Report, which looks into the continuous trends in real estate across 40 Global Cities. It aims to provide occupiers and investors with insights for future real estate decisions.
Part of the report highlights three-year forecasts for 15 prime office markets in Asia Pacific, with Manila in the lead at 19.1% growth on prime office rents due to the strong occupier demand from the offshore and outsourcing market.
Brisbane is expected to trail behind with 16.5% growth, along with Singapore (15.8%), Bangkok (11.4%). Kuala Lumpur is also expected to experience growth by 2.5% over the next three years, coming off from the 1.7% annual decline (Q2 2016 – Q2 2017).
Sarkunan Subramaniam, Managing Director of Knight Frank Malaysia says: “Greater KL is one of the key market leaders in mixed-use development, which integrates the retail, office and residential components, well supported by good transport infrastructure like the MRT, LRT and BRT.”
Meanwhile, Nicholas Holt, Asia Pacific Head of Research, Knight Frank adds: “Rental growth prospects across the major cities in Asia Pacific look positive over the next three years, reflecting solid regional growth prospects, translating into strong demand from a number of sectors. Additionally, Beijing and Shanghai are likely to see rents soften over the next three years given the significant supply pipelines, offering more options to occupiers looking to renew or relocate.”
(This story is still being developed. Check back soon!)