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Saturday May 15th, 2021
Business

Sri Lanka retail, office space rents sharply up amid strong demand: Jones Lang LaSalle

Sri Lanka retail, office space rents sharply up: Jones Lang LaSalle

ECONOMYNEXT – Sri Lanka’s commercial property rents have risen sharply on the second half of the year, with retail space rents going up as much as 30 percent, Jones Lang LaSalle a real estate consultancy has said.

"High street space is limited," Gagan Singh, CEO – Business India & Chairperson Sri Lanka Operations told reporter in Colombo.

Landlords are demanding rent increases of 30 percent for retail space threatening the viability of retail business, she said. Occupiers are pushing back she said.

In office space a 10 percent increase in rents have been seen, she said.

"In the office space sector international companies, new companies existing companies, start-ups – all looking for space," Singh said.

"There is a huge shortage of Grade A office space in Sri Lanka."

Demand for office space had picked up with an economic recovery from the second half of 2016, she said and supply is not keeping pace.

But in apartments, supply was strong.

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