"Prime office rental markets in most cities are now in a late up-cycle. The prime markets recorded rental movements from -3.0% (Shenzhen) to +16.3% (Ho Chi Minh City). In China, negative rental growth was seen in Shenzhen (-3.0%), Beijing (-1.4%) and Guangzhou (-0.4), with the exception of Shanghai (0.1%). The sluggish GDP growth of 6.2% in Q2/2019, the trade war and ongoing deleveraging by the central government will continue to put downward pressure on the office sector. In Ho Chi Minh City, investor appetite was strong because of its healthy domestic office market demand and low vacancy of less than 2%. Hong Kong remained the most expensive prime office market in the region."
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"In local terms, prime office rental markets in most cities are now in a late up-cycle. The prime markets recorded rental movements from -4.8% (Jakarta) to +8.3% (Sydney) ..."
"Business travel may suffer from the ongoing economic uncertainty, but China’s tourism sector saw upticks in arrivals indicating that there isstill solid demand from both domestic and international travellers.”"
"The US dollar depreciated against most Asian currencies by between 0.6% and 6.8% during the first half of 2017. This is reflected in the rental values of income-producing assets in Asia which have become relatively more costly in US dollar terms."
"Phuket and Bangkok have built numerous hotels over recent years and as a result, suitable greenfield sites are now limited, and hoteliers are now seeking to refurbish existing properties."
"Should concerns over the macro-economy begin to rise in Asia and particularly China, and the ‘bid-ask’ gap widens in Japan, Singapore and Hong Kong, we will expect to see a slow down in hotel transaction activity."