Key Points
- islandwide office occupancy improved in the first quarter of this year.
- average islandwide office occupancy rate rose 0.7 percentage-point on-quarter to 92.4 per cent.
- DTZ says: improvement in occupancy rate was due to an increase in demand. Office rents will bottom out only sometime next year, or by the end of the year, depending on whether the economy grows stronger than expected.
- no new completion of office space in the first three months of this year.
- booming residential market has driven many existing commercial building owners towards redevelopment.
- DTZ expects the industrial rental market to bottom out this year.
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