Research

Asia Pacific Office Q4 2023

Flight to quality supports leasing momentum

February 23, 2024
Highlights from the report include:

  • Recovery in regional office leasing activity carried on in 4Q23, with gross leasing volumes rising 12% compared to a year earlier
     

  • Close to 1.8 million sqm of new supply entered the Asia Pacific region during 4Q23, causing regional vacancy to edge higher to 15.3%
     

  • Office investment volumes in APAC experienced moderate contraction (13% y-o-y) to USD 13.7 billion in 4Q23, as many investors remained guarded about the outlook for the sector given uncertainties about occupancy as well as interest rates and pricing

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