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Research - OCTOBER 18, 2021

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Asia Pacific prime office markets see uneven recovery

by Released

Knight Frank has released its Asia Pacific Prime Office Rental Index for third quarter 2021. The index saw a 0.3 percent quarter-on-quarter decrease, and a 3.1 percent year-on-year decline — a continuation of the deceleration of the rental decline since the beginning of 2021, despite the resurgence of cases in many markets across the region.

Overall vacancy remains unchanged, as improvements in take-up in some markets are cancelled out by negative net absorption in others. The final stretch of 2021 should see continued stabilization of prime office rents, as COVID-19 restrictions begin loosening over time. Leasing activity is also expected to pick up moderately, and Knight Frank maintains its expectations that the rate of rental decline will continue to decelerate across the region toward the start of the next year.

Of the 23 cities tracked by the index, 14 recorded stable or increased rents this past quarter, as compared to nine in the previous quarter.

Hong

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