A stable economy in Taiwan will support the demand for office space despite the significant fall in leasing momentum, according to Savills.
"Corporations are more conservative regarding office expansion and are rethinking the use of their physical office space. However, the possibility of further adoption of WFH will depend on changes in the COVID-19 pandemic," said Erin Ting, Savills research.
Overall vacancy rates remained at 3 percent; however, Xinyi and Dunhua N. submarkets posted an increase in vacancy due to the number of surrenders and relocations. In contrast, class A offices in the non-core areas benefited from sufficient available space coupled with relatively low rents to attract new tenants from other submarkets or upgraders from grade B offices.
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