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Briefing Office Sector Savills World Research Taiwan Briefi ng Offi ce sector July 2017 Image: Xinyi district and Neihu district SUMMARY Given that improvement in vacancy rates occurred slowly, the overall vacancy rate is expected to fall to the lowest level with no large spaces being added to the market this year. While the number of companies by 0.2% quarter-on-quarter (QoQ) in Taipei City grew slowly, a survey and rents of some units on the higher “The demand for relocation made by the American Chamber of fl oors of Xinyi district were recorded at Commerce in Taipei said that uncertainty NT$3,600 to NT$3,800 per ping. driven by the redevelopment of over cross-strait relations, government effectiveness and reform of labour Vacancy rates improved for fi ve old offi ce buildings could gently law have affected foreign corporates’ consecutive quarters to 8.2%. The improve rents and vacancy in willingness to expand investment. improvement is mainly from the non-core district with vacancy rates the Grade A offi ce market.” Leasing activities slowed down decreasing by 2.9 percentage points Erin Ting, Savills Research this quarter, with total take-up reaching (ppts). 2,800 ping, dropping by 50% year-on- year (YoY). With limited new supply and steady take-up, vacancy rates are The average Grade A offi ce rent expected to decline to 8% at the end increased slightly to NT$2,756, up of the year. savills.com.tw/research 01 Briefi ng | Taiwan offi ce sector July 2017 Market overview though there was some slowdown Lack of new supply made business In Taipei City, the number of companies in take-up, the growth trend of rents districts, excepting Xinyi, less increased slowly in the fi rst quarter, remained unchanged. Several offi ce attractive for large international with only 2,835 more companies. units on higher fl oors of Grade A companies and their rent levels Da’an, Zhongshan and Xinyi districts offi ce buildings, such as the Cathay are far below Xinyi district. Over retained their ranking as the top Landmark, Forglory Financial Centre the next fi ve years, several offi ce three favoured locations. Meanwhile, and Taipei 101 building recorded rent development projects will bring a survey made by the American levels over NT$3,600 per ping this abundant new supply to the Dunhua Chamber of Commerce in Taipei said quarter. North district, including China Life that 50% of those questioned were headquarters, Kindom Dunhua positive about Taiwan’s economic Take-up mainly came from non-core North Building, Cathay Bank outlook in the next fi ve years. areas. A total of 1,300 ping of offi ce Dunhua North Building and Formosa However, only 47% said they plan to space in the Shin Kong Life Tower Plastics Group headquarters. China expand their investment in Taiwan, in the Taipei train station area was Life headquarters, the largest project which dropped vy 6% compared leased, absorbing large spaces in Dunhua North district, kicked off with that % in 2013. The uncertainty left behind by Oracle last year. AIA construction this February and is regarding cross-strait relations, Taiwan took space of 1,076 ping on expected to be completed in 2019. government effectiveness and reform the 4/F to 5/F of Gia Gia Building, Combining offi ce and hotel spaces, of labour law are the major concerns with an achievable rent of NT$2,400 this mixed-use project has a total per ping. for foreign corporates. space of 25,000 ping, with a large proportion of offi ce space being In addition to IT services and gaming Due to the lack of relocation activities taken for owner-occupancy. stimulated by new supply, the total companies, the Xinyi district attracted take-up space in Q12017 decreased biotechnology and pharmaceutical Vacancy companies as well. Takeda by 50% YoY to 2,800 ping. Even Vacancy rates improved for fi ve Pharmaceuticals Taiwan took one full consecutive quarters to 8.2% in fl oor in the Farglory Financial Center Q1/2017. The improvement is GRAPH 1 last year, and Shire, an international mainly due to some recent deals in Grade A offi ce vacancy rates, Q1/2007– pharmaceutical company, leased 291 ping on the 80/F of the Taipei 101 the Shin Kong Life Tower and Gia Q1/2017 building this quarter, recording the Gia building in non-core districts, leading to a vacancy rate decline by Xinyi Overall second-highest rents of NT$3,803 25% per ping in the building. ASLANP 2.9 ppts. Pharmaceuticals took a small-sized unit on the 35/F of the Cathay For the second half of 2017, limited 20% Landmark building at NT$3,700 new supply coupled with healthy per ping, and recorded the highest- take-up conditions, overall vacancy 15% achievable rents of this building. rates are expected to decline to 8% at the end of the year. 10% Other Grade A offi ce buildings in Xinyi district continued to make steady Rent leasing progress. While three units Given a minor improvement in 5% totalling 473 ping in the Farglory overall vacancy rates and that Financial Center were taken, Louis achievable rents of Grade A offi ce 0% Vuitton relocated to the 25/F of the buildings in non-core areas were Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Cathay Landmark building from lower than usual, the average rent 2007 2008 2009 2010 2011 2012 2013 2014 2015 20162017 another Grade A offi ce building in the Taipei Grade A offi ce market Source: Savills Research & Consultancy nearby. increased slightly by 0.2% QoQ to NT$2,756. Xinyi rents grow slightly TABLE 1 Supply by 0.2% QoQ due to some recent Grade A offi ce vacancy rates by sub- Total stock remained unchanged at deals on higher fl oors. Rents of market, Q1/2017 596,000 ping this quarter. Two offi ce some offi ce units on higher fl oors buildings in non-core areas will be recorded NT$3,600 to NT$3,800 launched later in the year, including Vacancy rate QoQ change YoY change per ping, higher than that on lower District (%) (%) (%) Huang Hsiang Zhongshan building fl oors, which ranged between and the headquarters of Taiwan NT$300 to NT$600 per ping. Xinyi 8.9 0.0 -3.6 Cooperative Bank (TCB), providing Dunhua North 9.9 -0.4 -0.6 approximately 31,000 ping of offi ce space to the market. Even though Dunhua South 1.5 0.0 -2.4 new supply will push total supply up Non-core 11.5 -2.9 -1.7 by 5%, 80% of the space in the TCB headquarters will be occupied by the Taipei overall 8.2 -0.5 -2.4 landlord. Therefore, a total of 8,500 ping offi ce space will be released to Source: Savills Research & Consultancy the leasing market. savills.com.tw/research 02 Briefi ng | Taiwan offi ce sector July 2017 GRAPH 2 TABLE 2 Grade A offi ce rents, Q1/2007–Q1/2017 Grade A offi ce rents by submarket, Q1/2017 Xinyi Overall 3,400 Rent YoY QoQ District (NT$ per ping per change 3,200 change (%) month) (%) 3,000 Xinyi 3,212 0.2 1.2 2,800 Dunhua North 2,330 0.3 0.0 Dunhua South 2,528 0.0 -1.4 2,600 NT$ per ping Non-core 2,182 -0.6 -1.7 2,400 Taipei overall 2,756 0.2 -0.1 2,200 Source: Savills Research & Consultancy 2,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Source: Savills Research & Consultancy OUTLOOK TABLE 3 Major leasing transactions, Q1/2017 The prospects for the market Rent Unit rent Size Date Building Location (NT$ per (NT$ per ping Limited new supply, low vacancy-rate levels and (ping) month) per month) increasing demand for offi ce relocation driven by Section 5, Xinyi redevelopment of old offi ce buildings could support Feb 80/F, Taipei 101 291 1,106,598 3,803 Road the improvement of rents and vacancy rates during 25/F, Shin Kong Life Section 1, the rest of the year. Mar 579.35 1,131,396 1,953 Tower Zhongxiao W. Road Section 5, Mar 35/F, Cathay Landmark 89.41 330,817 3,700 Zhongxiao E. Road 20/F, Farglory Financial Mar Songgao Road 159.51 586,199 3,675 Center Source: Savills Research & Consultancy, Department of Land Administration M. O. I. Please contact us for further information Savills Taiwan Savills Research Cynthia Chu Erin Ting Simon Smith Managing Director Associate Director, Taiwan Senior Director, Asia Pacifi c +886 2 8789 5828 +886 2 8789 5828 +852 2842 4573 [email protected] [email protected] [email protected] Savills plc Savills is a leading global real estate service provider listed on the London Stock Exchange. The company established in 1855, has a rich heritage with unrivalled growth. It is a company that leads rather than follows, and now has over 700 offi ces and associates throughout the Americas, Europe, Asia Pacifi c, Africa and the Middle East.
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