Asian Tigers Lead Office Space Development
While the lack of speculative office space developments in the UK has been causing commercial property agents to raise concerns, the same cannot be said of the office developments taking place in Asia, where, according to CB Richard Ellis (CBRE), some two-thirds of the worldΓÇÖs office completions will take in the next two years.
Derived from research carried out by CBRE, it would appear that the focus for Global office developments has shifted globally to Asia ΓÇô a sign of the times as the vast emerging economies of India and China continue to grow and reawaken from the worldwide financial crisis that paralyzed many of the speculative office developments due to begin here in the UK.
Within the research India is identified as the market which will see the largest increase in office space, with some 4.6 million sq. ft. of office space expected to be completed over the next 18 months.
CBRE believe that speculative office developments have continued in Asia, while stalling here in the UK, because of a strong and sustained confidence coming from large corporate firms and investors.
Globally 27 million sq m of office space is expected to be completed by the close of 2012, with Asia set to account for 65% of this. In comparison North America is predicted to account for only 8% of this total while Western Europe will see 24% completed.