Ho Chi Minh City is seeing the strongest slashes for office leasing prices in Asia, according to research by Cushman & Wakefield Co.
The prices in downtown buildings have decreased by 53% and there are many offices available in buildings which have been recently completed.
Other major cities are also being effected by price slashes.
According to the research, Tokyo (Japan) has the highest priced offices in the world, following London (UK) with $1,646 per square metre per year. Top grade offices in Tokyo went down 21% or $1,943 per square metre per year.
Hong Kong is third on the list and has leasing prices at $1,619, a value which decreased 35% because many tenants have moved their offices to suburban areas.
Following Hong Kong is Moscow (Russia), Mumbai (India), New York (USA), Paris (France), Milan (Italy) and Dubai (United Arab Emirates).
Many companies have been forced to narrow their office space or move to cheaper offices due to the global economic recession.
As forecasted by analysts, the office leasing market this year may undergo a lot of changes and the above list could also change.
Cushman & Wakefield is a privately held commercial real estate services firm. The firm represents a diverse customer base ranging from small businesses to Fortune 500 companies.
