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The quarterly report indicates that Taipei's total stock remained unchanged for the eighth consecutive quarter. Taipei office market is likely to continue an upward trend in the back of the sharp demand for quality office space.
Investment Market – Quality Office will continue to attract institutional investors
Investment Taipei property market is quite active in the third quarter of 2007, with activity concentrated in the Neihu Technology Park. The combined value of investment sales Park of the quarter amounted to approximately NT $ 8 billion. Shin Kong Life Insurance BenQ acquired two buildings and a sub-sectors of construction of Huaku Construction Co., Ltd. for NT 6.54 billion U.S. dollars in July.
Strong demand for properties within the Park is optimistic of investor confidence prospects in the area. Currently seen as a decentralized area, Neihu is likely to become a major office submarket in Taipei as the government City is the formulation of the Neihu grater, which will add another 175 hectares of land to the current Neihu Technology Park.
In the third quarter of 2007, Nanshan Life Insurance, a subsidiary of AIG, bought several floors and a parking building Sheng Chong financial holdings Yuanta approximately 3.43 thousand NT million dollars. Another notable transaction was the purchase of Meifu construction along North Road by Jiang Guo CITADALE, a private fund of Singapore, for NT 5.2 billion U.S. dollars. The building acquired from Mei Fu Construction Co., Ltd is under construction and scheduled to enter the market in 2008.
As the Taipei office market has continued an upward trend, it is expected that institutional investors are kept close eyes on quality space with good location and that the foreign / local insurance companies investment will continue to dominate the housing market for some time to come.
Leasing Market – office occupiers are attracted by the quality of buildings under construction
The third quarter saw the total stock of office space remain unchanged for the eighth consecutive quarter as no new supply is created this year in Taipei CBD except Yuanta Pacific headquarters core values reserved for their own use.
The following prominent office space coming on stream is Meifu building, scheduled for completion in the first quarter of 2008. The structure, however, will have limited impact on the market office lease for the majority of the total area to be pre-committed by AEGON Life Insurance under a 15-year contract.
After experiencing market stagnation over the space given in the second quarter of 2007, the Office of Taipei market witnessed an increase of approximately 200% quarter on net assimilation, which reflects a total of 8762 occupied table in the period under review. According to the trend of relocation for update reasons, the degree A office market helped nearly 5,000 ping the aggressive adoption of this quarter.
The leasing transactions largest in terms Including Area Hontai Life Insurance 2128-Ping Hung Tai Century transfer to Building located in the Minsheng-Dunhua Area, Bank of America's occupation of 1,414 ping in Taipei 101 in Xinyi-Jilong 1341 ping area and assimilation in Building International President AIG General Insurance, who also lives in xja. Strong demand for office space in Taipei, consequently, had compressed overall vacancy rate to 8.13% at the end of the third quarter.
About the Author:
Wantanee Khamkongkaew is an independent author evaluating and commenting on leading International Property Consultants in Asia and Greater China, especially CB Richard Ellis.
Article Source: ArticlesBase.com – Taipei Office Invesment and Leasing Market View Q3 2007
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