Asia Pacific Office Q2 2023

Lopsided recovery in leasing markets

September 08, 2023
Highlights from the report include:
  • Leasing volumes in Asia Pacific during 2Q23 matched their levels from a year ago, and were up 13% on 1Q23

  • Against a backdrop of over 1.6 million sqm of new supply delivered during the quarter and a rising regional vacancy rate, Asia Pacific rents declined 0.2% q-o-q

  • Peaking interest rates and concerns about the impact of hybrid work on office leasing demand led Asia Pacific capital values to trend down

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