Knight Frank's Asia Pacific Prime Office Rental Index for Second Quarter 2024 shows a 3.1 percent year-on-year decline in regional prime office rents, marking a marginal improvement from the 3.2 percent drop in the first quarter. Although this extends the downward trend to eight consecutive quarters, the slight stabilization suggests that the regional office sector may be approaching a turning point amidst ongoing challenges.
Key highlights:
15 of the 23 cities tracked reported stable to increasing rents year-on-year, unchanged from first quarter 2024.
Brisbane led rental growth with an 8.1 percent year-over-year increase.
Regionwide vacancy rate stabilized at 14.8 percent, halting an upward trend ongoing since third quarter 2022.
Jakarta’s vacancy rate grew more than 30 percent, the only exception in Southeast Asia.
Mumbai's office leasing volume rose 183.1 percent year-on-year.
The Asia Pacific office market will c
