29 Jun '11, 2pm

Office markets in top 3 financial centres rebound at varying speeds - Channel News Asia

SINGAPORE : Office markets in the world's top three financial centres - London, New York and Hong Kong - have recovered from the impact of the global financial crisis at varying speeds, according to CB Richard Ellis. Its new research report highlighted how Hong Kong's economy rebounded quickly from the global financial crisis - mirroring the resilience of mainland China, with strong growth in the financial sector since 2009 - outpacing the two Western cities. CBRE said the analysis ran counter to the traditional view that real estate markets in global financial centres move in lockstep, and pointed to the importance of local economic dynamics and market structure as real estate drivers. With a rapid rebound in office demand, Hong Kong's office market recorded sharply falling vacancy rates through 2010, while prime office rents climbed by almost 40 per cent by the end of th...

Full article: http://www.channelnewsasia.com/stories/economicnews/view/...

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