【CBRE】Asia Pacific Office Trends Q3 2024

• Office leasing in Australia has softened this year, with occupiers cautious of the economy and delaying major leasing decisions despite stable business growth. The flight to quality trend persists, with firms now focusing on high-quality fit-outs and upgrades to facilitate a gradual return to the office in both the public and private sectors.
• Leasing demand in Hong Kong is improving, with CBRE tracking an uptick in leasing volume year to date as landlords offer more competitive packages to attract and retain tenants amid the ongoing rental decline. Recent months have seen an increase in leasing enquiries from mainland Chinese firms, particularly for smaller requirements from companies in the finance and tech sectors.
• In Thailand, multinationals in the consulting, insurance, and finance industries are driving leasing demand, favouring flight to quality. The market has shifted from landlord to tenant-driven due to a surge in premium office supply. Ageing offices are struggling to maintain occupancy and competitiveness, leading to an overall decline in rents.

READ MORE