Asia Pacific Office Rental Variability Index 2021 (Cushman Wakefield)

The Asia Pacific office demand declined from 103 million sf in 2019 to 53 million sf in 2020 as occupiers sought to limit cost exposures during the COVID-19 pandemic.
In line with this decline in demand, vacancy has increased, and rents have softened across most markets, pushing them towards greater tenant-friendly status and providing occupiers with a window of opportunity in negotiating any forthcoming lease commitments.

However, corporate occupiers need to be aware that these changes may not bring the cost savings that they might expect – some markets may see tenants having to pay more on a new lease than they were paying on the last year of an expiring lease.

In our Asia Pacific Office Rental Variability Index we take a closer look at:

• The current state of play in 36 key office cities across Asia Pacific
• The extent of, and variability in, rental change over the duration of average lease terms at the city level
• Strategies that occupiers might wish to explore to help navigate the impacts of this rent variability