Asia-Pacific prime office rents see uneven recovery in Q3 2021 (Knight Frank)

The Asia-Pacific Prime Office Rental Index saw a 0.3% quarter-on quarter decrease, and a 3.1% year-on-year decline, a continuation of the deceleration we've been seeing since the start of 2021, despite the resurgence of cases in many parts of the region.

Overall vacancy remains unchanged, as improvements in take-up in some markets are cancelled out by negative net absorption in others. The final stretch of 2021 should see continued stabilisation of prime office rents. As such, occupiers are more forward-looking as compared to one to two quarters ago and are able to put in place some growth plans in terms of the trajectory of their headcounts and office requirements. We are cautiously optimistic that the rate of rental decline will continue to decelerate towards the start of next year.

This article was originally published in https://www.knightfrank.com/