Asia Pacific office-leasing demand remained weak in third quarter 2019 due to continued slow global economic growth and the ongoing U.S.-China trade conflict, reported CBRE.
Occupiers turned more cautious and shifted their focus to lease renewals amid increasing reluctance to approve the large CapEx required for relocations.
Tech firms continued to drive the take-up of office space but requirements were smaller. Agile space operators are focusing on increasing occupancy in existing centers rather than taking on new space.
Occupiers are expected to stay in wait-and-see mode and renewals are likely to take longer to negotiate. Leasing demand will remain subdued in most markets, according to the report.
To download the report, click here.
