Companies are looking at more creative ways to fit more people in their current space and overall rental increases are being impacted by deals being agreed with rental caps in place. Jones Lang LaSalle’s market experts have shared their expectations for the office leasing markets in Asia Pacific in the second quarter of 2012. In the markets that were experiencing office rental declines in previous quarters, the teams are anticipating a slowdown in the rate of decline, for example a three to four percent fall in Grade A office rents this quarter in Hong Kong compared to an actual 6.3 per cent decline in the first quarter. Similarly, in Singapore a fall of three percent is anticipated by the end of the current quarter, compared to an actual 5.2 percent decline in Q1 2012
Clashes between Thai and Cambodian troops near the disputed Preah Vihear temple have affected trade and tourism businesses in the area, as about Bt50 million ($1.67 million) in revenue would be lost during the first few weeks, said Thanawat Palavichai, director of the Economic and Business Forecast Centre at the University of Thai Chamber of Commerce (UTCC).