Vacancy rate for premium grade office space in capital dropped to 3.2 percent in 4th quarter of 2019

Taiwan News
Date: 2020/01/24
By:  Central News Agency

As a result of limited supply and a fall in vacancy rates, the cost of renting offices in Taipei is expected to grow for the next three years, according to multinational property market advisory firm Collier.

In 2019, average office rent in Taipei, the most closely watched property market in Taiwan, rose 2.05 percent from a year earlier to around NT$1,906 (US$63.53) per ping per month (one ping equals 3.3 square meters) as the vacancy rate fell, data compiled by Collier showed.

Market analysts said the increased rent for office space is an indication of rising demand at a time when a greater number of Taiwanese investors with operations overseas, in particular in China, are investing more at home to avoid the impact of additional tariffs imposed by the United States on goods made in China.

The data indicates that rent of premium offices in Taipei rose 5.10 percent this year, with Xinyi District, the most prominent business district in the capital seeing rent of top-grade office space rise 5.53 percent, the highest growth in Taipei. The average rent for office space in Xinyi District stood at NT$2,405 per ping per month, about 17-35 percent higher than in other business districts in Taipei, Collier said.    [FULL  STORY]