DTZ, the global real estate consultancy firm, has decided to upgrade its outlook, especially for the office property sector.
At this point, the firm expects that rentals of office spaces will return to positive growth for 2010 as the outlook for the improving economy feeds through.
However, DTZ stated that the negative outlook for the year 2009 still remains firm.
As of the record for this year, the rentals of office spaces all over the Asia Pacific region have decreased by an average of more than 10 percent.
According to DTZ, the latest growth quarter-on-quarter has fallen to around 2.5 percent.
The firm expects that the end of 2009 will signify the market’s bottom as many of the cities are looking forward for the stabilisation of the market this coming year, particularly in the office property sector.
However, the property consultancy firm also stated that the significant growth in the office sector in Singapore is not expected until the year 2011.
Yet, DTZ added that the growth will definitely take place in advance if the positive response among the multinational and domestic occupiers of office spaces in the country persists.