Stable tenant enquiries and steady demand for traditional office space translated to stronger leasing activity in the second quarter 2021, with regional class A office net absorption increasing by 11.7 percent quarter-over-quarter to 10.3 million square feet, according to CBRE.
Flight-to-quality and relocations incorporating upgrading remain a prominent trend. Class A rents continued to contract, albeit at a slower rate, falling 0.6 percent quarter-over-quarter.
Investment activity continued to gain momentum, with investment turnover increasing by 45 percent quarter-over-quarter to $40.3 billion, a figure 25 percent higher than second quarter 2019. Turnover was driven by big-ticket transactions, with deals worth more than $1 billion accounting for one-fourth of total investment volume. Cross-border investment volume rose by 37 percent quarter-over-quarter to $9.2 billion, supported by strong purchasing by Singaporean and North American capital.
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