Photo by Jose Losada on Unsplash
If interest rates remain at pre-pandemic levels, rents will likely grow 11.1% YoY.
Gross rents of Grade A offices in the Central Business District (CBD) will grow at a slower pace in 2023, by 2% YoY, according to Savills.
In 2022, Savills expect gross rents to grow 3% YoY.
Had there been no geopolitical tensions and if interest rates remain at pre-pandemic levels, Savills believes that gross rents growth for 2023 will likely be 11.1% YoY.
Towards the end of 2023, Savills said the market will begin to “feel the pressure by multinational tenants of their need to be located only in Green-rated buildings.”
“Owing to the relative dearth of new supply, rents in the highest sub-grades would be able to stay firm as most of them have the highest Green mark rating,” Savills commented.
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