EXCERPT

The overall office vacancy rate in the country posted a new high in the first quarter as fresh office space supply entered the market and as tenants continued to exit, a study by a global property research firm showed.

In a report, Cushman & Wakefield said approximately 182,000 square meters of new office spaces were completed within the first quarter, bringing the consolidated prime and Grade A office supply to around 9.1 million sqm.

“Due to new supply completion and continued exits from key tenants, the overall vacancy rate grew to 15.8 percent, surpassing the previous record-high vacancy rate of 14.5 percent in 2009,” the report said.

READ FULL ARTICLE HERE