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OFFICE

Asia Pacific Mid-Year Real Estate Market Outlook 2021

Hear from our experts
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OFFICE

EXPECTED


Hybrid working is the new norm

  • The year will see greater adoption of hybrid working with clearer policies and rules
  • Most employees will remain office-based staff under hybrid working models

Steady rebound in leasing activity
  • CBRE has revised up its office leasing forecast to 10-15% y-o-y due to stronger demand in North Asia
  • H1 2021 saw the resumption of some expansionary demand, largely driven by domestic tech and financial firms

A tenant-favoured market
  • Supply pressure will continue in H2 2021
  • Higher availability will create more occupier choice for flight-to-quality and/or decentralisation

UNEXPECTED


Slow return to the office

  • A second wave of COVID-19 infections has caused many markets to reintroduce lockdowns and work-from-home mandates
  • The dynamic schedule of return to office plan has led to a slow and inconsistent improvement in office utilisation
  • A broader recovery in leasing activity is likely to occur in 2022


Weaker than expected rental recovery

  • Under half of regional office markets revised down their rents in 2021 although the full-year decline will be milder than last year
  • The rental recovery will take longer than expected
  • Most office markets will continue to favour tenants until 2023

Asia Pacific Real Estate Market Outlook 2021
Mid-Year Review

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Contacts

Manish-Kashyap_326x248_05
Manish Kashyap
Global President, Advisory & Transaction Services
Advisory & Transaction Services
+65 6326 1220
+65 6225 1987
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Dr. Henry Chin
Global Head of Investor Thought Leadership
& Head of Research, APAC
Research
+852 2820 8160
+852 2810 0830
Ada Choi
Ada Choi, CFA
Head of Occupier Research, APAC
& Head of Data Intelligence and Management, APAC
+852 2820 2871
+852 2810 0830
Cynthia-Chan_326x248_1
Cynthia Chan
Director
Asia Pacific
Research
+852 2820 2839
+852 2810 0830