Sri Lanka, Jan. 27 -- While nominal rental prices are held up, the vacancy rates of Colombo's office space segment shot up in 3Q20, as small & medium-sized enterprises (SMEs) went into downsizing space to cut costs, and due to weak leasing demand following the lockdown period.
Jones Lang LaSalle (JLL) in its latest 'Colombo Property Market Monitor' revealed that overall vacancy rate in Colombo's office spaces rose to 18.7 percent at the end of 3Q20 from 15 percent at the end of 2Q20.
"As the economy is gradually recovering from the adversities of the pandemic, the sentiment continues to remain cautiously optimistic. Decisions regarding fresh take up of spaces are getting prolonged. Companies are reassessing real estate portfolios in order...