The Taipei 101 office building laid claim to the title of the world's tallest skyscraper following a ceremony yesterday to position a 60m spire on top of the structure.
With the addition of the spire, the building boasts of a full height of 508m, eclipsing Malaysia's Petronas Twin Towers, a company executive said yesterday.
"We believe that Taipei 101 will bring a fresh taste to Taipei's skyline," said Lin Hong-ming (
PHOTO: REUTERS
Lin hopes the landmark, though still under construction, will attract more tenants in the Hsinyi district.
Though the leasing of office space is still in its initial stages, Lin expects about 80 percent of the 60,000 ping at Taipei 101 will be leased within 18 months.
"What concerns our potential tenants is how to earn more money after moving into Taipei 101 [with around-the-clock services] rather than saving money through lower rentals," Lin said.
Jones Lang LaSalle Taiwan, the primary leasing agent for the Taipei 101 tower, is not sure about the leasing prospects, however.
"We're seeking the right price and right tenants, who will have long-term occupancies. We're not in a rush," Matthew Shaw, director of Jones Lang LaSalle Taiwan, told the Taipei Times.
Property-market watchers said that slow corporate spending, a lukewarm office market, an increasing supply of office space and high rental rates charged by the Taipei Financial Center could dash the company's hopes.
"Eighty-percent occupancy is an aggressive target. I doubt many potential tenants are available now as big international companies such as Hewlett-Packard Co and IBM Corp just signed new lease contracts for new offices in the area," said Derek Huang (
Though Taiwan's economy is showing signs of recovery, the resilience has not extended to the office market, Huang added.
Carol Su (
For the moment, corporate CEOs are unlikely to rent luxury offices, Su said.
Another factor that could slow Taipei 101's leasing progress is the impact of the Sept. 11, 2001, attack on the twin towers in New York. Su said the attacks appear to have dampened multinational corporations' interest in skyscrapers.
A growing supply of office space in the Neihu and Nankang districts also put the leasing plan in trouble as those offices are attractive to companies looking for lower rental rates, Huang said.
Rents are about NT$1,100 per ping per month and NT$600 per ping per month in the Neihu and Nankang areas, respectively, according to Huang.
The rents will range from NT$3,000 to NT$4,000 per ping for tenants of Taipei 101, an official at the Taiwan Stock Exchange, one of the skyscraper's major shareholders and future tenants, said last month.
The Ministry of Transportation and Communications yesterday inaugurated the Danjiang Bridge across the Tamsui River in New Taipei City, saying that the structure would be an architectural icon and traffic artery for Taiwan. Feted as a major engineering achievement, the Danjiang Bridge is 920m long, 211m tall at the top of its pylon, and is the longest single-pylon asymmetric cable-stayed bridge in the world, the government’s Web site for the structure said. It was designed by late Iraqi-British architect Zaha Hadid. The structure, with a maximum deck of 70m, accommodates road and light rail traffic, and affords a 200m navigation channel for boats,
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