Asia has become more competitive in terms of office occupancy costs, which are expected to ease moderately or stabilise in 2000, according to a poll released here. Cost of office space and other real estate in Asia was dragged down by a regional economic crisis which erupted in mid-1997 following a currency meltdown. The survey covered 72 cities worldwide and measured occupancy costs as opposed to rents.
Occupancy costs includes rents, property tax and maintenance costs.
It added that office users were becoming more cautious in managing occupancy costs and many were no longer confining themselves to the central business districts. Before the regional crisis, seven Asian districts were on the list. Tokyo Central 5 Wards was ranked by the global survey as the most expensive in terms of office occupancy costs while the Japanese capital's Outer Wards took fourth spot. Hong Kong which topped the list prior to the crisis has dropped to the fifth position. The survey also showed that Tokyo, Hong Kong, Taipei and Singapore had the highest occupancy costs in the region.