Belgium: Once Huge Office Surplus Is Absorbed; Rents Are Increasing

Article Abstract:

Belgium's former surplus of new offices has dropped to a mere regular level. There had been substantial overdevelopment at the inception of the last decade. Demand for Brussels offices has focused on the Quartier Leopold area, a prime region, and peripheral areas. Rents have generally risen. They are now about thirty-five hundred Belgian francs per square meter. Due to legalities inherent in Belgian leasing laws, tenants often found during the era of the huge surplus that they were paying higher rents in old buildings than were paid in new offices. Eventually, those tenants rented the newer spaces, and left the older office buildings to a sluggish market position. Much of the older space needs renovation to be viable, but it is not economically advantageous to renovate it. Industrial market demand has grown slightly for smaller spaces.

Prices and rates, Economics, Belgium, Remodeling and renovation

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Malaysia: Demand for Office Space Continues Downward Slide

Article Abstract:

1982 and 1983 were both bad years for office space in Malaysia. Low take-up of space equalled about sixty thousand square meters, of which roughly one-third was in the center of the business district. New building leasing was slow, and older buildings without parking lots were particularly slow. Total office space available in 1983 was one-hundred thousand square meters. The market will have almost one million meters of new space by 1987, which does not bode well for prosperous advanced leasing. 1983 rents were between thirty-five and forty dollars per square meter, including service charges. Office space sales have grown in popularity even though time problems with the issuance of strata titles have characterized such deals. Sales prices were at forty-eight hundred dollars per square meter.

Contracts, Malaysia

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Sydney: Leasing Healthy; Space Shortage Rising Rents Continue

Article Abstract:

Real Estate is still greater than supply in Sydney, Australia. Sydney's main office district has only about a two per cent vacancy rate. Rents in top areas can be as high as four hundred Australian dollars per square meter annually. This represents a one-twelfth increase from the year before. Steady rentals of middle-range property have continued at about half that rate. New projects include complexes for banks and investment firms. Advanced leases run at about twenty-five per cent level. Life firms, property trusts, and pension funds have strong interests in Sydney, where the market's strength is increasing and lease concessions are not common.

Australia

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