The property market was flatter in the first quarter than at any time since 1984, according to property consultants Jones Lang LaSalle. Rents and prices in all sectors stood still during the period as caution prevailed amid an uncertain global economic outlook, the company said. Managing director Sam Whiffin said the lack of movement in rents or prices in any sectors or sub-markets was unusual. Movements in rentals in all sectors were within 2 per cent during the quarter. Director of research Tim Bellman said that in most cases the movements were much less and indeed close to the statistical margin of error. Office rents in Central increased 1.4 per cent after surging 75.3 per cent last year. Industrial rents were up 1.8 per cent following last year's rise of 10.6 per cent. Luxury residential rents edged up 1.2 per cent with quite strong demand for new developments in prestigious locations. Retail rents rose 0.5 per cent in Central. Fluctuations in prices also were largely within 2 per cent except for industrial properties, whose prices were down 2.5 per cent on the average. Central office prices were unchanged in the first three months. Luxury residential rents on Hong Kong Island slipped 0.6 per cent. Mass residential prices gained 0.4 per cent. Retail prices in Central increased 0.5 per cent.
