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1. Taipei City, nearly 90%, 172 office buildings vacancy rate of less than 10% by the end of the year, the rent increase trend is established, the landlord said!
2. The "King of Shops" is back in the Eastern District! Rent for store space at 14,000 psf is at a one-year high.
3. Redevelopment of Songjiang Road Building by TECO and creation of an intelligent green building Completion by end of 2028
4. Creative $420 Million Land and Plant Purchase in Zhunan to Ensure Data Center Capacity for Growth
5. The price of luxury flats in Taichung has risen to over one million dollars, setting a new record for the seven phases of the Ruihe Building.
6. Shin Kong Mitsukoshi won the bid for the lease of the development building at Zuoying Station of the Taiwan High Speed Rail. Rainbow Market extended its lease for a maximum of 30 years.
1. Taipei City, nearly 90%, 172 office buildings vacancy rate of less than 10% by the end of the year, the rent increase trend is established, the landlord said!
2024.10.15 Business Times I By Tsai Huifang/Reporting
The landlord market has taken a strong stance! Taipei City, nearly 90%, about 172 office buildings vacancy rate of less than 10%, of which 134 buildings in full rent state, accounting for nearly 70%; market experts expect that by the end of the year, the office market is in a state of supply does not meet the demand, the trend of rising rents is established, the landlord said!
Chen Songmin, Senior Executive Director of Colliers International's Corporate Tenant Services Department, said on the 15th that in Colliers International's newly completed "Taipei City Office Market Survey for the Third Quarter of 2024", the office market in Taipei City has continued to stabilize in the third quarter, and of the current 193 office buildings, the number of buildings with a vacancy rate of less than 10% is 172, which is nearly 90% of the overall number of buildings, and the number of buildings that are fully leased is 134, which is nearly 70% of the total. As for office buildings under full rent, there are 134 buildings, the proportion of nearly 70%.
On average, the vacancy rate is about 5.74%.
Among the office districts, the Western District was the most impressive, with a quarterly rental increase of 2.53%, driven by Huangxiang Taipei Plaza.
Mr. Chan said that the overall office market is more favorable to landlords, and it is expected that rents will continue to rise until the end of the year.
In terms of office rentals, Mr. Chen said that the average monthly rent per ping in the third quarter was about $2,645, the highest ever recorded, representing a slight increase of 0.2% over the previous quarter. Driven by the technology and financial services sectors that have pushed up leasing demand, the cumulative net deleasing volume in the first three quarters totaled 40,155 pings, which has already surpassed last year's 15,000 pings and is directly approaching the 2021 full-year level.
Looking at the performance of the seven major office districts in Taipei City, the Western District is the most eye-catching, mainly driven by tenants moving into two new buildings such as the "Huangxiang Taipei Plaza" and the "Hongyao Cultural and Creative Building", the vacancy rate has been lowered from 12.64% in the second quarter to the current rate of 10.39%, and has also driven the average rent of the districts to increase by 2.53% in the quarter to NT$2,206; the rest of the districts have remained stable, with the exception of the Nanjing East Road and Section 4-5 districts. Other business districts remained stable, with the exception of Nanjing East Road Section 4 and 5, where the average office rent was $2,000.
As for the third quarter performance of office buildings of different grades, the average monthly rent of top-tier buildings reached $4,379 per ping, a record high, with the unit rent standing at $4,300 for three consecutive quarters, although the rate of rental increase has slowed down significantly; and the unit rent of A-grade buildings, at around $2,966, is approaching the $3,000 mark.
Mr. Chan explained that among the 68 Grade A office buildings in the survey sample, 20 of them had a monthly rental unit price exceeding $3,000, while 10 had a monthly rental unit price exceeding $3,500, thus raising the overall average rental level of Grade A office buildings.
Looking ahead to the fourth quarter, there are currently 172 buildings with a vacancy rate of less than 10%, accounting for about 90% of the total, which means that most of the office buildings are in good shape, and landlords still have an advantage in negotiation. It is expected that rents will continue to rise by the end of the year, and the vacancy rate will continue to decline slightly.
In the next five years from 2024 to 2028, 30 new buildings will be released in the seven major business districts, totaling 402,000 ping, for the new office supply in Taipei City. On a yearly basis, there will be 57,000 ping in 2025, which is still within control, and Chen also expects that the trend of enterprises upgrading to high-quality offices will continue to bring relocation momentum; however, in 2026 and 2027, there will be more than 100,000 ping of new supply for two consecutive years, with 107,000 ping in 2026 and 138,000 ping in 2027, according to Chen.
Chen Songmin expects that in the next few years there will be 10 buildings in the western district of Taipei City, about 123,000 ping office buildings completed, accounting for 30%, is the largest single area of supply, the Dunnan and Minsheng Dunn North business district will be released a total of 82,000 ping, accounting for 21%; Dunnhwa North and South Road to the west of the business district of the new completion of the more choices in the completion of the wave of new buildings to stimulate the center of Taipei City, may also appear in the business district from the east and then move westward The trend is also likely to see a shift from east to west in the center of Taipei City under the stimulus of new building completion.
2. The "King of Shops" is back in the Eastern District! Store rental at 14,000 psf is at a one-year high.
2024.10.15 Business Times I Reporter Guo and Tian／Reporting
Taipei City's major business districts are warming up, and the Eastern District is once again the "King of Shops"! According to the real price register, Taipei City, Daan District, Zhongxiao East Road, Section 4, about 284,000 ping store in August to 400,000 yuan to rent, per ping unit price of 14,100 yuan, the highest rent this year, the highest unit price record, by Japan's largest second-hand store 2nd street rented, the industry observed, last year, high-priced store rental cases concentrated in the Ximending District business circle, this year, obviously back to the East District, showing that the business district boom back to the flow of the trend is gradually moving towards the East District, the trend is gradually moving towards the East District. Eastern District.
According to the actual price register, the rental unit price of storefronts in the Eastern District is once again over $14,000 per ping since the record price of $17,800 per ping was set in August last year in the Ximending commercial district.
Residential real estate Yanai Kuangfu store manager Huang Xiankuan analysis, the eastern business district since the epidemic since the boom warmed up, the recent west section of the Shin Kong Mitsukoshi new store opening, the east section of the Dome opened, driving the area crowd gathering, the recent Zhongxiao East Road store rental market, up to $ 1 ~ 15,000 per ping.
It is worth noting that last year, the first three quarters of the annual rent unit price of more than ten thousand yuan of real-value rent cases there are 13, but this year there are only two, of which last year, 13 ten thousand yuan per ping rent of the store is located in the Wanhua District Ximending business circle eight, and this year, two are located in the Da'an District, in addition to Zhongxiao East Road store, the other is located in the Jinhua Street, the response to the wave of the post-epidemic store scene slowly warming up from the Ximending business circle to take the lead, and gradually expand and the slower pace of recovery in the Eastern District business circle. It also gradually expanded to the Eastern District, where the pace of recovery was slower.
Lai Chi-Chang, director of the Enterprise Research Office of the Housing Department, pointed out that most of the storefronts in the elite business districts are leased under long-term leases, and there is a certain cycle of rental transactions. The last wave of lease exchanges was concentrated in the most serious period of the epidemic in 2020, and it was estimated that the more common three-year lease would be used, coupled with the fact that after the epidemic, quite a number of chain operators took advantage of the softening of the landlords' opening prices to grab better vacant storefronts, and the high-priced storefront leasing case became a wave of peaks last year, and this year, high-priced leasing cases have significantly decreased. This year, however, the number of high-priced leases has decreased significantly.
Benefiting from the opening of the Dome and other effects, especially in the Eastern District business district and the Yongkang Street business district to benefit the most, but even if the flow of people back to the Eastern District, store vacancy rate reduced, but compared to the past Zhongxiao East Road, Section 4, roadside store rentals are often $ 20,000 to $ 30,000 per ping peak of the boom, the boom heat is still a big gap.
3. TECO's redevelopment of Songjiang Road Building and creation of an intelligent green building to be completed by the end of 2028.
2024.10.11 Economic Daily News I By Peng Huiming / For Immediate Release
TECO Group (1504) held a groundbreaking ceremony for the new construction of the TECO Mingtai Building on 11th November. TECO Group President Mr. Maoxiong Huang, TECO Chairman Mr. Myung-Hsien Lee, and Mingtai Insurance Chairman Mr. Yosuke Matsuyen presided over the groundbreaking ceremony, which formally kicked off the redevelopment project. Mr. Huang pointed out that the TECO Building is the base for TECO's growth, and after redevelopment, it will be developed into a green building and an intelligent commercial building, which is expected to become a sustainable landmark in the local business district.
Located at the intersection of Songjiang Road and Changchun Road in the heart of Taipei City, the TECO Building is more than 40 years old, and the landowners include TECO, Dongan Asset, and Mingtai Properties. According to the plan, the new office building will be renamed as the "TECO Mingtai Building". The new construction is wholly financed by the TECO Group, and is designed and planned to be 21-storey in height, with a 4-storey basement structure, of which the first and second floors will be used as catering space, while the third floor and above will be exclusively for office use. It is expected to be completed by the end of 2028.
Mr. Lee said that the new building will be infused with energy-saving, carbon reduction and intelligent elements, and introduce the Ares Intelligent Management System. In the future, it will not only bring a new look to the Songjiang business district in Nanjing, but also generate revenue for the TECO Group from the rental of commercial offices, which is in line with the direction of revitalization of assets in the three-year strategic development newly proposed by the Board of Directors of TECO.
4. Creativity $420 Million Land and Plant Purchase in Zhunan to Ensure Data Center Capacity in Response to Growth
2024.10.15 Economic Daily News I By YIN Hui-chung/Taipei, Taiwan (Reuters)
Creative (3443) announced on the 11th to spend 420 million yuan to buy land and factory in Zhunan, the company said, in response to growth to ensure the capacity of the data center.
Creative Announcement, the Company acquired land and real estate from Kang Hua Industrial Co., Ltd. and Kang Hua Industrial Co., Ltd. factory building, No. 266-1, Chunghua Road, No. 12, neighbor of Puli, Zhunan Township, Miaoli County, 1118, 1119, 1120, 1121, 1122, 1126, 1127, with a land area of 2,418.09 sq. meters (731.47 pings) and a building area of 4,781.82 sq. meters (1,446.5 pings). Land area: 2,418.09 square meters (731.47 ping), Building area: 4,781.82 square meters (1,446.5 ping), Total transaction amount: NT$420 million.
The specific purpose or use of the acquisition or disposal is to ensure adequate capacity of the data center in light of the Company's growth, according to Creative.
5.Taichung luxury homes ping pong prices stand at a million dollars, seven phases of the United Ruihe Building set a new record.
2024.10.15 Economic Daily News I By Song Chien-sheng / Taichung, Taiwan
Taichung City, the first seven-phase luxury homes to break through the million-dollar unit price of the furnace, "United Gathering Ruihe Building" in the middle floor of the total transaction price of 180 million yuan, according to the actual price of the registered unit price of $ 946,000 per ping, but the actual demolition of the parking space, the unit price of the family more than $ 1.05 million, but also announced that the price of luxury homes in Taichung City, entered the "triple-digit" million-dollar price of the era.
Located on Municipal North 7th Road, facing the Chiu Hung Valley Park, the 43-story building is the tallest residential building in Central Taiwan and was built by Taichung's leading luxury property developer, Lianju Construction, which is highly symbolic for buyers. With a planned floor area of 165 ping and 330 ping, it is considered to be one of the top collections of Taichung's luxury real estate.
One of the main reasons why the new projects of Lianju are favored by top buyers is the "tortoise hair" requirements of the construction team for product planning. Founder Weilun Jiang carries through the business philosophy of "good, but better", and after the completion of each project, he asks each unit to identify 100 defects for self-improvement, and the ultra-high quality control standards are subversive of the industry's general understanding.
Before building the first luxury office building, "Lianju Zhongyong", Lianju Construction even built its own corporate office building, "Anhe Mansion", in order to examine the shortcomings and transfer the good experience to "Zhongyong", so as to provide the best finished product to the clients. The industry believes that this is the cumulative process that makes the Lianju brand impossible to duplicate.
Jiang Weilun said that Lianju has been working in Taichung for 30 years, and because it understands the value of the land, it pays extra attention to the planning of each building. For example, the new Lianju Lian Building, which was just launched for pre-sale this year, is located in the first row of the Taichung Opera House and is directly in front of the Chaluodi Park.
Lianju Construction invited ACPV ARCHITECTS, an Italian architectural team and the royal architect of Bulgari Hotels worldwide, to collaborate on this new project, which brings together both parties' understanding of life and aesthetics, and attracts great attention from the market.
For many customers, the international perspective is one of the highlights of "PolyU Lee On Building", and the joint participation of PolyU Construction is the key to getting customers to buy into the new case, as well as its uniqueness, which calls for the value of the product to be managed with care and attention, and the price is only the realization of the value.
This year marks the 30th anniversary of the brand, and three new projects have been planned. In addition to the first row of the Opera House, the masterpiece "PolyU Lee On Building", with 110 and 220 ping per unit, symbolizes the brand's insistence on building quality, design aesthetics and living experience over the years.
The second of the new 30-year series is the "UFJ Tamahori Mansion" facing the Autumn Valley, which is a high-class residential development from the bustling to the quiet, with a standard 60-ping modern luxury residence, favored by small families, elite white-collar workers and retired silver-haired people.
The third in the series is the Chao Fu Road office project, "Lianzhu Zhongheng Building", which is also regarded as another international benchmark for office space, following the collaboration with renowned architect Kengo Kuma on "Lianzhu Zhongwei".
6. Shin Kong Mitsukoshi won the bid for the lease of the development building at Zuoying Station of the Taiwan High Speed Rail. Rainbow Bazaar will renew the lease for the longest period of 30 years.
2024.10.11 Liberty Times I By Lin Yaowen/Reporting
In order to continue to promote the development of the area around the Zuoying High Speed Rail Station, the Bureau of Railways of the Ministry of Transportation and Communications (BOT) has conducted a public bidding for the lease of the building for the operation of the ancillary business of the Zuoying High Speed Rail Station. This case was announced on August 16, 2011, and after the bidding opening on September 19, 2011 and September 30, 2011, Shin Kong Mitsukoshi Department Store Co., Ltd. was awarded the lease again, with a 20-year lease and a maximum extension of 10 years.
According to the market survey, the Zuoying station area of the XRL has become the first-line real estate price circle in North Kaohsiung, and the price band of new cases has already reached the head of the 5-letter word.
The Bureau of Railways pointed out that the subject of this case is a 2-story underground and 5-story aboveground building, which is jointly constructed with the Kaohsiung Rapid Transit (MRT), the Zuoying High Speed Rail (HSR) Station, and the New Zuoying Station of the Taiwan Railway (TRT). The current tenant, Shin Kong Mitsukoshi, has been working in the subject area for 15 years and has developed the area into a comprehensive area integrating business, shopping, and leisure, which is well received by the public and tourists. The award of this tender demonstrates the vendor's long-term commitment and confidence in the future development of the Zuoying Station area of the XRL.
Shin Kong Mitsukoshi expects to invest NT$212 million in the renovation of the subject property as well as equipment replacement and upgrading, and will continue to optimize the existing business model and introduce topical and competitive brands in a timely manner, including retail, food and beverage, souvenir, trendy travel and leisure, and lifestyle specialty stores, in order to continue to revitalize the shopping area and promote the overall economic prosperity of the area around the Zuoying High-speed Railway Station.
The CEO of Tianyu Group, Huang Wenrou, who has been deeply cultivating the Zuoying station area of the Taiwan High Speed Rail (THSR), believes that the Zuoying station area of the THSR possesses the convenient transportation of the three railways and the maturity of the Huaxia business district, coupled with the rapid connection with the TSMC plant, it has become a first-line real estate circle in northern Kaohsiung. The prospect of the station area real estate market is well recognized by the new techies, self-employed and home buyers, which has stabilized the property prices.
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