Prime office rents in Shanghai plunged 9.9 percent in the second quarter from a year prior, according to a Knight Frank report released Wednesday, as vacancy continued to hover near two-decade highs amid sluggish leasing demand and a supply overhang.
Hong Kong Office Vacancy Hits Record High of 13.6% as Occupiers Move to Downsize
Office vacancy in Hong Kong reached a record high of 13.6 percent at the end of June, as sluggish leasing demand and oversupply drove average office rents in the Asian financial centre down 4.3 percent in the first half of… Read More>>
Singapore Core CBD Office Rents Stayed Flat in Q2, Snapping 3-Year Growth Streak: CBRE
Grade A office rents in Singapore’s core central business district remained flat in the April-June period after 12 straight quarters of increases, according to CBRE.
Second-quarter rents averaged S$11.95 ($8.80) per square foot per month in the core CBD, bringing… Read More>>
Tencent Moves Raffles Place Staff to CapitaLand’s The Work Project at CapitaSky
Tencent has moved some of its Singapore staff to The Work Project’s flexible office space at CapitaSky in Tanjong Pagar, with a spokesman for the Chinese internet giant confirming the shift on Wednesday.
Tencent is leasing one floor, or about… Read More>>
Citigroup Said Ready to Hand Back Singapore Office Floor With Hybrid Work on the RiseÂ
One month after Singapore authorities said they would begin requiring employers to facilitate employee requests for flexible work, global banking giant Citigroup is reported to be considering shrinking its footprint in one of the city-state’s priciest commercial hubs.
Citi is… Read More>>
Central Tokyo Office Vacancy Dips to 3-Year Low of 5.4% as Rent Hikes Continue
The average office vacancy rate in Tokyo’s central five wards eased to 5.4 percent in March from 6.2 percent six months earlier, dropping below 6 percent for the first time in three years, according to DWS.
Average vacancy for newly… Read More>>
Tokyo Office Rents Inched Upward in Q1 as Tenants Seek Upgrades
Tokyo’s office market continues to defy the global deskspace doldrums with rents expected to continue rising and vacancy to remain tight for the rest of 2024, signaling further strength for one of Asia’s hottest real estate investment destinations.
Average Grade… Read More>>
Project Completions Boost Hong Kong Office Leasing Deals as Vacancy Hits 13.1%
Tenants in Hong Kong’s Grade A office market took up 137,000 square feet (12,728 square metres) more than they gave back in March, with leasing demand driven by occupiers realising pre-commitments at newly completed projects, according to JLL.
The citywide… Read More>>
Seoul Office Rents Grew 2.4% in Q1, Now Up 9.4% From March 2023
Seoul’s office market continues to defy a global slowdown as rents for workspace in the Korean capital climbed by 2.4 percent quarter-on-quarter in the first three months of the year, according to JLL.
Office tenants paid an average monthly rent… Read More>>
Singapore Downtown Office Rents Revived in Q1 to Reach 15-Year High: JLL
After a brief slump in the second half of 2023, office rents in downtown Singapore jumped 1.3 percent on a quarterly basis in the first three months of 2024 to hit a 15-year high, according to JLL.
Gross effective rents… Read More>>
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