Extremely low vacancy leads to rental value escalation
- Office gross take-up was 37,800 sq m in Q3 2019, representing a decrease of 45% from previous quarter. However, an accumulated 147,800 sq m were contracted up to Q3, registering a 2.5% y-o-y increase.
- Relocation continues to be the take-up main driver in this quarter, accounting for 57% of the area contracted.
- Vacancy rate decreased to a 5% record-low and is at 2.7% if we exclude the Western Corridor zone.
- Prime rents remain under an upward pressure having increased in CBD1 (2%) and in the Expansion Area (3%). Further rental growth is expected.