Market Forecast
March 2019

Economy sector to see the strongest growth of around 10%

 

The main driver of the office market has historically been the financial sector. However, the banking sector has been relatively quiet over the last 12 months, after a flurry of activity in 2017. Until that sector picks up again, growth in the prime market may be modest and supported mainly by the tech sector and professional services.

It is however a different story for the secondary market, where supply is showing signs of strain. Even though demand has been patchy, vacancy rates have been slashed. This will undoubtedly result in a stronger increase in rates.

We predict that over the next 12 months prime rates could advance 6%, rentals in the secondary market are likely to increase by 8% and the economy range will see growth of 10%, because it is starting from a lower base.

 

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