April 25, 2012 (LBO) – Demand for office space in the Sri Lanka’s capital Colombo is tipped to more than double over five years, led by information technology related firms and the financial sector, a property services specialist has said. The newly opened Sri Lanka unit of Jones Lang LaSalle, an international property services company said industrial and tourism sectors will add to the demand.
Limited top grade office space in the city, has pushed demand down to inferior grade properties, the report said. Office stock in Colombo is expected to multiply 2.4 times in the next five-years to 12 million square feet.
Listed on the New York Stock Exchange, Jones Lang LaSalle advises clients on ownership, occupation, investments and raising funds for real estate.
The company opened its first office in Colombo on Tuesday, riding bullish post-war sentiments in Sri Lanka after a 30-year war ended in 2009.
“Our interests in Sri Lanka evolved over a time period,” said Alastair Hughes, Chief Executive Officer (Asia Pacific) told reporters in Colombo.
“We were watching Sri Lanka for about 18-24 months, giving advice to clients. We think the time is right for us to come here and we are delighted to be here.”