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Asia Pacific Office Markets Spotlight July 2023
"While not immune from slower growth and changing work place practices, we have reason to believe that office demand in Asia Pacific is better underpinned than it is in either Europe or North America."
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"While not immune from slower growth and changing work place practices, we have reason to believe that office demand in Asia Pacific is better underpinned than it is in either Europe or North America."
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"Flight to quality is driving a divergence in the pace of rental growth across cities, precincts, and property grades."
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"It is worth noting that this coversthe 'prime-prime' segment of most major property sectors in key cities around the region and should not be confused with the market overall, particularly when comparing market cycles."
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"As the COVID-19 pandemic recedes, workers have once again returned to offices across most of Asia Pacific. The trend for blended working arrangements (hybrid or remote) is certainly significant, however, and will continue to reshape office demand going forward."
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"It is worth noting that this covers the 'prime-prime' segment of most major property sectors in key cities around the region and should not be confused with the market overall, particularly when comparing market cycles."

"Chennai saw leasing driven by small-sized (< 25,000 sq. ft.) deals and recorded pre-commitments by Technology and Engineering companies. "

"Delhi-NCR saw demand driven by Technology and Engineering & Manufacturing sectors. NOIDA Expressway and Golf Course Extension Road maintained their stronghold."

"Hyderabad saw steady occupier interest in flexible workspaces and large sized deals (>100,000 sq. ft.) drove the city market in the ongoing recovery phase."

"Mumbai saw leasing activity mainly driven by mid-sized deals (50,000 sq. ft.- 100,000 sq. ft.) and significant lease renewals by Technology and Engineering & Manufacturing occupiers."

"Pune recorded significant expansion by flexible workspace operators and pre-commitments driven by Technology occupiers and flexible workspace operators."