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  • Net absorption stood at -119,000 sq. ft. in Q3 2021, the eighth consecutive quarter of negative net absorption since the current market downcycle commenced in mid-2019. This downcycle is now the longest and deepest in the city’s history.
  • However, the magnitude of negative net absorption continued to moderate from previous quarters thanks to an uptick in new leasing volume.
  • Overall vacancy increased over the quarter, with pressure more prominent in Wan Chai/Causeway Bay and Hong Kong East. Vacancy fell in Kowloon East and was stable in Greater Central.
  • While still limited, leasing demand was broad based and from a range of industry sectors. Most new leases involved relocation, with several downsizing moves also observed. Chinese firms remained relatively quiet.
  • Stronger leasing momentum ensured the rental decline moderated in Q3 2021, with three of the city’s five major submarkets seeing rents fall by less than 1% q-o-q. Rents are expected to edge down further over the next 12 months.

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

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Overall net absorption bounced back to positive after eight consecutive negative quarters

The revival of business activities, office leasing demand and rental rates has led to further improvement in vacancy performance in Q3 2021. Overall net absorption rebounded to 70,900 sq. ft., the first positive quarter since Q3 2019, taking the overall vacancy rate to 10.4%. Rental correction continued to decelerate and overall rent edged down by 0.3% QOQ, compared to the drop of 1.6% QOQ in Q2.

Read the latest Q3 office report to find out the sector’s performance and what the recommendations are for landlords and occupiers.

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

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Robust investment activity across APAC markets setting the stage for a strong year-end performance.

Investor interest, buoyed by ample liquidity and easing of restrictions, supported robust activity in Asia Pacific property markets, setting the stage for a strong year-end performance.

Regional trends and report highlights for Asia Pacific:

  • Australia and New Zealand saw renewed investor optimism and business confidence, particularly in the office markets, as key cities emerge from prolonged restrictions.
  • Hong Kong registered a 20% QOQ growth in transaction volumes, as economic rebound helped boost investor appetite.
  • Investment activity in China picked up, with more than 20 transactions totalling approx. RMB27.2 billion (USD4.2 billion) closed across asset classes in major Chinese markets.
  • Singapore's retail sector led investment activity in Q3, with total transactions worth SGD7.5 billion (USD5.5 billion) registered.
  • Korea's office market saw an active quarter, driven by soaring investment demand for office space in Seoul.
  • The office, multifamily and logistics sectors in Japan continued to attract robust investor demand, amidst REITs prices recovering to pre-COVID-19 levels.

Download the report below to find out more expert recommendations for investors across Asia Pacific. Contact Terence Tang and John Marasco for more key trends and opportunities across Asia Pacific capital markets.

This article was originally published in https://www.colliers.com/en-in/

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Market softening continues

The rapid vaccine rollout, increasing corporate profits, and limited supply should give the market some much needed breathing room.

  • The lukewarm market sentiment continued to weigh on office rents and vacancy in the central five wards (C5W) this quarter.
  • Average Grade A office market rents in the C5W fell 2.2% quarter-on-quarter (QoQ) and 8.2% year-on-year (YoY), and now stand at JPY34,370 per tsubo per month.
  • The average Grade A office vacancy rate in the C5W increased by 0.8 percentage points (ppts) QoQ and 1.8ppts YoY to 2.5% in Q3/2021.
  • Average large-scale Grade B office rents declined to JPY26,106 per tsubo per month – a contraction of 2.5% QoQ and 8.4% YoY.
  • The average vacancy rate in the Grade B market loosened by 0.5ppts QoQ and 2.3ppts YoY to 3.3%.
  • With the rapid vaccination rollout, strong corporate profit growth and limited supply until 2023, market sentiment should begin to stabilise or even improve.
  • The poor performance of less accessible and older offices remains a drag on the office market overall. Meanwhile, tenant preferences for easily accessible and new offices persist.

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

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Downtrend in rents continues

Although rents have weakened, occupancy rates see a slow recovery.

  • Rents in the Tokyo 23 wards (23W) fell by 0.9% quarter-on-quarter (QoQ) and 3.6% year-on-year (YoY) to JPY3,929 per sq m this quarter.
  • Average mid-market rents in the central five wards (C5W) saw a small decline this quarter and are now at JPY4,661 per sq m – a fall of 0.2% QoQ and 3.6% YoY.
  • The C5W premium has inched up to 17.9% – up 0.3 percentage points (ppts) from Q2/2021.
  • In the C5W, average rents for units in the 15-30 sq m size band have again decreased this quarter. However, the 30-45 sq m size band saw a small increase in rents.
  • The average occupancy rate in the 23W rose by 0.2ppts to 95.6%. The C5W saw a similar increment, increasing 0.2ppts to 94.5%.
  • The C5W has seen a population decline, driven by younger families who appear to prefer larger units.

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

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APREA strives to be the leading advocate for the real assets sector in Asia Pacific.

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