Demand for traditional office space fell this quarter following the introduction of measures to contain the spread of the Omicron variant, according to CBRE in Asia Pacific Leasing Market Sentiment Survey. However, flexible space demand remained solid.
Activity fell noticeably in Hong Kong and China, which retain zero-COVID-19 policies. And pressure for higher incentives remained weak, particularly in China, Australia and India. Rents continued to recover, led by Singapore, Hong Kong and Japan.
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