Asia Pacific News

The trend of Asia

Posted by Eric Chan

     Asia will likely lead the  world in new office space construction, according to a report released by CB Richard Ellis (CBRE).As many companies are moving away from North America and Europe, Asia will be the new playground for the office market, with a number of new office space constructions peaking in 2010 and 2011, before slowing in 2012."Asian office development has by now fully resumed after slowing down briefly in the wake of the global economic downturn," said the report.

     "Other regions, in contrast, are experiencing either slightly below normal completions, such as the Pacific, or relatively scant completions, such as Western Europe and North America."The Asian region, which includes Singapore, Hong Kong and mainland China, will be contributing two thirds of the world's new office spaces by 2012, far more than North America, Western Europe, and the Pacific region, which includes Japan and Australia. Also, according to the report, Asia will be contributing 65 percent of the 26.4 million sq m completed office space in the global office market between 2010 and 2012, while Europe will account for nearly 23.6 percent; North America for 7.9 percent and the Pacific 3.6 for percent.