Bangalore: Cushman & Wakefield, the world’s largest
privately owned real estate services firm, announced on Wednesday that it has
expanded its Greater China operations into Taiwan by opening its first office
in Taipei.
Sanjay Verma, CEO for Asia Pacific commented: “Cushman &
Wakefield has been aggressively expanding its business in Asia Pacific, and our
Taipei office is our 6th new Asia Pacific office in the past 18 months. I
strongly believe this new office will help us further increase the depth and
breadth of our service offerings to our global clients and provides us with the
opportunity to leverage Taiwan’s expanding economy which is one of the
important economies in Asia Pacific.”
Randall Hall, Executive Managing Director for Greater China
said: “We are delighted to extend our Greater China platform to Taiwan.
Together with our teams in mainland China and Hong Kong, I believe we can offer
outstanding services to our clients through our collaboration across Greater
China. We have opened an office in Taiwan because our clients are there and
they require integrated service offerings. This trend is set to continue. With
a population of nearly 23 million and projected GDP growth rates of 3 – 5% over
the next few years, the Taiwan economy will have a growing prominence in the
region. The Cushman & Wakefield platform will give us the ability to reach
out to investors and occupiers globally and introduce best in class services in
Taiwan.”
Cushman & Wakefield has appointed Jack Lin as the
Managing Director of Taipei office. Prior to joining Cushman & Wakefield,
Jack was the Managing Director of Taiwan Sotheby’s International Realty where
he set up the luxury residential brokerage business. Together with Jack, Steven
Chen was also appointed as the Director of Agency. Steven has more than 16
years experience in the real estate industry and was previously at Savills.
Cushman & Wakefield is ready to become a driving force
in the Taiwan property market, where property risk premiums are one of the
lowest in Asia Pacific and is still experiencing a significant transformation,
which gives the company room to develop a competitive advantage in another
major city within the Greater China region. Taiwan has a stable political climate
and welcomes the positive impacts of the Economic Cooperation Framework
Agreement (ECFA).
Investors have also been increasing their investments on
major infrastructure projects (such as Taoyuan Aerotropolis) in recent years
and anticipate the promotion of the free trade area establishment, while the
administration has proposed policies to encourage Taiwanese businessmen in
China to bring more investment back to their home country.
According to Cushman & Wakefield’s latest research
report, Office MarketBeat, the Taipei office leasing market has picked up and
been quite stable through the first quarter of 2013, after a year of economic
challenges and soft growth last year.
The demand for office space has been improving in the
beginning of 2013. New lease activity
and absorption have been modest due to many occupiers opting to renew their
space. But small to medium-sized multinational occupiers are keen to reduce
costs and this has spurred some relocations, notably to some non-CBD locations.
As a result, there has been moderate growth in Grade A rents in non-core areas.
Jack Lin, Managing Director of Cushman & Wakefield
Taiwan said, “As several new projects will be completed in the second half of
2013, and some multinational occupiers are relocating to non-CBD locations, it
could put some small pressure on vacancy in CBD, causing rents to drop
slightly. However, the overall office leasing market in Taipei is stable.”
Looking forward, the global economy will brighten with
improved growth, therefore enhancing global trading in Taiwan, especially with
China.
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