Savills data show office capital values rising in the fourth quarter for Singapore, while in Hong Kong, values fell further.
Strong momentum was seen in Singapore in both capital values and office rents. For capital values, a rise was recorded in the fourth quarter after years of dull performance, while rents have rocketed and outperformed those of Shanghai, Seoul and Beijing throughout the year.
Desmond Ho, manager, research and consultancy at Savills Hong Kong, says: “Although office rents in Hong Kong continued to increase, it is the only one city that saw negative growth in term of capital values, with values falling back to the level of the first quarter.”
Elsewhere, office rents and capital values continued to climb in Tokyo, while in Sydney, rents moved up further, but capital values flatted. In China, the capital value and rental gaps between Beijing and Shanghai are widening, with Beijing leading.