(Bloomberg) -- Office rents in skyscrapers in Melbourne and Sydney are rising faster than in any other global city, according to Knight Frank. In Melbourne, where the vacancy rate is at a 10-year low, rents climbed 11 percent in the six months ended Dec. 31. Sydney rents rose 10.1 percent as office towers are converted to apartments or marked for demolishment to make way for a new metro line. At the other end of the spectrum, rents declined in Shanghai, Singapore and Seoul.
To contact the reporter on this story: Peter Vercoe in Sydney at pvercoe@bloomberg.net.
To contact the editors responsible for this story: Sree Vidya Bhaktavatsalam at sbhaktavatsa@bloomberg.net, Peter Vercoe
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