Research
Asia Pacific Office Q3 2023
Solid but uneven leasing market performance
November 23, 2023
Highlights from the report include:
Leasing volumes in Asia Pacific showed remarkable strength in 3Q23, rising 2% over 2Q23 and 19% over 3Q22, with most markets recording growth
Approximately 1.5 million sqm of new supply entered Asia Pacific during 3Q23, contributing to a slight increase in regional vacancy to 15.2%
With the elevated cost of debt, and gap between buyers’ and sellers’ expectations enduring, downward pressure was sustained on capital values across parts of the region
