Asia Pacific’s CBDs must be reinvented to stay relevant
Even with return-to-office rates above 70 percent — higher than much of Europe and the United States — Asia Pacific’s central business districts must be reinvented to stay relevant post-pandemic, transforming into multi-purpose destinations that cater to shifting demands for office space, greater variables in commuting and travel patterns, and a desire for “experience-based” spaces, according to a new report from JLL, The Future of the Central Business District: Creating dynamic urban centers.
Office vacancy rates in Asia Pacific stand at 14.7 percent. And while the return-to-office rates in Shanghai, Beijing and Seoul are at pre-pandemic levels, a longer-than-expected return to pre-pandemic levels for transit usage and footfall will push CBDs and supporting real estate and infrastructure to go beyond acting primarily as places of work, notes the report. In some of the region’s largest cities, vibrant mixed-use neighbourhoods are emerging and att