Asia Pacific prime office markets see uneven recovery
With a year marred by a resurgence in COVID-19 across Asia Pacific and government efforts to contain more virulent strains of the virus, prime office markets in the region continued to see an uneven recovery in the third quarter of 2021, according to Knight Frank’s Asia-Pacific Prime Office Rental Index. 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 increase in cases in many markets across the region.
“Market conditions continue to be inconsistent across the region in Q3, reflecting the various government restrictions and lockdowns that are still in place for many countries within Asia Pacific,” said Tim Armstrong, head of occupier services and commercial agency, Knight Frank Asia Pacific, in a statement. “What has been encouraging is the green shoots that are emerging in some key markets, where vaccination milestones