Disrupted leasing activities coupled with cautious occupier demand raised average vacancy across Asia Pacific to over 17%* in Q4 2020, up from 14.4% at the end of 2019. While leasing activity picked up, the office sector still lagged somewhat behind the region’s impressive recovery in economic activity at the end of 2020. On the supply front, completions remained substantial despite some deferments, delivering over 110 million sf* (approx. 10 million sq. m) of new office space in the year. These factors contributed to an average rental decline of 3.6% during 2020.
In Asia Pacific we note:
Tech companies were noted to be scaling up across the region and this contributed to mainland China’s Q4 absorption hitting 14 million sf (approx. 1.3 million sq. m), while leasing momentum also picked up in India.
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