Global investors paid a record US$6.16 billion for office spaces in Asia in the second quarter of this year, commercial real estate services firm Cushman & Wakefield said.
The amount was more than double what investors bought in the same quarter of 2013 as more investors tap the growing commercial property market in Asia, the US-based agency revealed.
South Korea and Australia, which offer annual office rental yields between 5 percent and 7 percent, continue to be the top picks for global investors.
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South Korea’s office space purchases in the April-June period reached US$1.3 billion while Australia recorded US$3 billion in foreign buying during the said quarter.
China, which has been trying to revive a plummeting real estate industry, also saw US$931 million worth of office space purchases by foreign investors, Cushman & Wakefield said.
According to the agency, the increase in foreign demand for the region’s office spaces is part of booming demand for assets around Asia. – BusinessNewsAsia.com