Asia Pacific Office Q3 2023

Solid but uneven leasing market performance

November 23, 2023
Highlights from the report include:
  • Leasing volumes in Asia Pacific showed remarkable strength in 3Q23, rising 2% over 2Q23 and 19% over 3Q22, with most markets recording growth

  • Approximately 1.5 million sqm of new supply entered Asia Pacific during 3Q23, contributing to a slight increase in regional vacancy to 15.2%

  • With the elevated cost of debt, and gap between buyers’ and sellers’ expectations enduring, downward pressure was sustained on capital values across parts of the region

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