80 macau property
ment in their occupancy levels. But with
More new offerings to match retailers’ and shoppers’ demand new supply from the FIT Centre, overall
vacancies rose to 23 percent by the end
Project
Area
sq. ft. (gross)
Location Opening Date
of 2008 from 20 percent at the beginning
of the year.
New Yaohan 220,000
Nam Van Lake District,
Macau Peninsula
Aug 08
Among the companies taking up of-
The Shoppes
fice space over the year were Viva Macau
at Four Seasons
211,000 Cotai Jul 08
Airlines, Bally, Bank SinoPac and IGT
and the capital value and rental value for
Wynn Esplanade 28,000 NAPE, Macau Peninsula Jan 08
offices fell by 2.6 percent and 1.1 percent
Cerejeira 12,000
No. 39 Macau,
Dec 08
respectively for the whole of 2008.
Macau Peninsula
Gregory Ku, Jones Lang LaSalle’s
Total 471,000 Managing Director, Macau says the finan-
cial crisis will continue to hit the office mar-
Source: Jones Lang LaSalle
ket in 2009, and companies may scale back
Strengthened office demand through the first half of 2008
operations further softening the market.
“Grade A offices or those of a higher
quality will be more resiliant and are expect-
ed to out-perform the second tier buildings.
In fact, Grade A office properties in Macau
have been, and will remain, an attractive
asset to institutional investors,’’ said Ku.
Tough year ahead
If you thought the year we left be-
hind was bad, the analysis from Jones
Lang LaSalle points to a tough economic
12 months ahead.
Global economic turbulence is ex-
pected to continue and the fallout will
create a further slowdown in internation-
al travel, both business and leisure. This,
the report says, will have a particular ef-
fect on Macau because of the city’s heavy
reliance on tourism.
Visitor arrivals are expected to drop,
with a resultant negative effect on con-
sumption and gaming revenue. Inextri-
expected to extend into 2009 further lers from the mainland. cably linked to this will be a knock-on
dampening investment and end-user de- Nevertheless, during 2008 four new effect on construction projects and job
mand,’’ Wong added. retail developments opened bringing a security and availablity.
total of 471,000 new square foot of retail However, there does seem to be some
Retail sales conundrum floor space. These developments included light at the end of what looks to be a very
Wynn Esplanade, The Shoppes at Four long tunnel, according to the report.
Retail sales grew by 39 percent in the Seasons, New Yaohan and Cerejeira. It says: “The medium-to-long-term
first three quarters of the year to MOP14 outlook remains promising on the back
billion but this was within a downward At the office of Macau’s agenda to diversify its eco-
trend which began even before the finan- nomic structure and the expected eco-
cial crisis set in. Fortunately, Macau is not a major nomic benefits coming from planned in-
Marcos Chan, Jones Lang LaSalle home to the banking and finance sector frastructure projects.’’
Head of Research, Greater Pearl River which was at the epicentre of the global Jones Lang LaSalle’s Gregory Yu
Delta said: “Clouded by global econom- financial crisis - they make up only about adds: “If Macau can broaden its econom-
ic uncertainties, job insecurity and the 10 percent of the city’s office population. ic base by opening up more drivers, it’s
elimination of wealth effect, consumer However, office demand has gone down economy will become more solid and of-
sentiment is set to be weakened and put and new expansion has slumped. fice demand can be strengthened.’’
downwward pressure on private con- The office market was more active The company’s analysts also point
sumption expenditure.’’ in the first half of the year on the back to the development of Henquin Island as
Chan adds that this effect will be of stronger demand, with major Grade key to driving growth in the gaming and
multiplied by the restrictions on travel- A office buildings showing improve- wider tourism industries.
february 2009
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