The real estate market and office space demand declined in 2020 and 2021 due to COVID 19 pandemic. This decrease in need not only affected the rates but also new constructions. However, as things are getting back to usual in the last few months, office rental rates in the Asia Pacific are gaining their strengths, and a new promise of better office spaces is on the horizon for 2022. The prominent office spaces in the Asia Pacific are Singapore, Hongkong, Bangkok, Jakarta, Sydney, Tokyo, and Beijing. We will discuss a few of them concerning office rental prospects.
Office rental rates in Singapore vary with their location, buildings, and districts. As per an official survey, an office space in Singapore would cost you between $5.00psf and $13.00psf in early 2021.
The highest square ft rate is in Marina Bay, Raffles Place, Marina Centre, Cecil Street, and Shenton Way, ranging from $7.95 to $10 per square ft. Furthermore, in 2022, it may even increase or decrease depending upon the location and condition of the office space.
A typical serviced office with a headcount of two to three employees can cost you from $2000 to $3000 per month. Office rental in Singapore was never more reasonable than today because of the ending of the pandemic, which may hold an optimistic future for businesses and real estate alike.
Hongkong is a free trading zone and one of the most prominent financial centers of the world. Having a stable economy and prospering environment, Hongkong attracts millions from around the globe, making it one of the most crowded areas of the world.
Like all other market parts, Hongkong’s real estate was also influenced by COVID 19 pandemic. More office spaces were vacated in 2020 and early 2021 than they were taken up. In 2021 an average office space would cost you around $32 to $190 per square ft. Similarly, the cost greatly depends on the location, condition, and other office space possibilities.
In 2022, like all other sectors, the real estate market of Hongkong is showing signs of improvement.
Being the capital of one of the economic superpowers makes Beijing a business hub, and office spaces are always in demand. You can find an average office space here at around $50 per square ft, the highest of any other city in China.
This Spralling city may control most primary business sectors in the coming decades. This reason alone makes Beijing a favorite among most of the rental office buyers of the region.
In 2013, in the central business district of Indonesia, there were more than 145000 office buildings. Jakarta is one of the fastest-growing cities in the Asia Pacific. The office space prices here can range from $300 to $500 per person every month. As you drive from the center to either side of the CBD, the prices keep dropping. Finally, like all other regions, the cost of the rental office depends on the location and additional requirements. Moreover, it has always been at the center of the country’s economy, politics, and history. These traits alone make this excellent city shine in real estate and the business world.
The Asia Pacific is not a tiny area and incorporates dozens of huge countries. The real estate outlook of these destinations in 2022 couldn’t be more upbeat than it stands now. We have only discussed the office rental rates in Singapore, Beijing, Jakarta, and Hongkong. Other than these, Sydney, Tokyo, and Bangkok also hold the titles of one of the most favored places to settle your books.
Ultimately, the more money you put in renting the office, you are more likely to get a better spot with a better location. Moreover, COVID gave the real estate a good beating across the Asia Pacific. Presently, as things are going towards the new normal, it is expected that real estate will regain its status in the coming days.