27 Jan 2010

Office rental costs down in 2009

6:11 am on 27 January 2010

Darroch Research says the costs of renting office space fell around the world during 2009.

In the Asia Pacific region: Singapore experienced the largest drop in office rents with a fall of 51 percent.

Christchurch was one of the better performing markets in the region with no change in rents.

Rents in Auckland and Christchurch fell slightly.

Darroch says it expects the rate of decline in occupancy costs to slow during the year and stabilise towards the end of the year.