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Chart of the Day: Private office rentals dipped 1.1% in Q2
No thanks to bleak demand and rising supply.
This chart from the Ministry of Trade and Industry (MTI) shows office space rentals dipped by 1.1%, extending the 3.4% drop in the previous quarter.
Average occupancy also slid down from 87% in Q1 to 86% in Q2.
MTI said this was due to bleak demand in spite of rising supply.
Meanwhile, private retail rentals fell by 1.2% in Q2, extending the 2.9% drop from the previous quarter.
Retailers continued to face challenging operating conditions, even as the supply of retail space continued to increase.
Occupancy rate of private retail space stayed 91%, lower than the average occupancy rate of 93% achieved in the past five years.
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