Office-space markets in region slump.

AFTER a year of vibrant growth, office property markets in Asia Pacific have softened in the first quarter of this year, with the exception of India, Australia and New Zealand.

Reasons include the weakening of the global economy and domestic demand- supply conditions, according to a Colliers Jardine Market Overview of 21 cities in the region.

Colliers Jardine report shows a trend of weakening office demand in North Asia, most notably in Hong Kong, Beijing, Seoul and Taipei.

Demand for office space in Hong Kong has slowed since the softening of the US economy in late 2000, despite a 5 per cent quarter-on-quarter increase in face rents for Grade A …