Archive for category: Misc

Cushman & Wakefield has reported that the office sector in Asia-Pacific (Apac) is moving into a new phase of strategic maturity. In its recent report, entitled Asia Pacific Office Demand – Navigating Expansionary Markets, the firm highlights a fundamental shift in the approach of occupiers towards office space in Apac.

According to Anshul Jain, Cushman & Wakefield’s chief executive for India, Southeast Asia and Middle East and Africa, and Apac head for offices and retail, the purpose of an office has evolved beyond simply expansion. It has now become a platform for brand expression, cultural alignment, and performance.

The report also notes that the supply of Grade A office space in the region has doubled from 1.2 billion sq ft in 2015 to 2.33 billion sq ft as of 2Q2025. During the same period, there was an absorption of 900 million sq ft of Grade A office space, mainly in cities across India, Southeast Asia, and mainland China.

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However, despite the higher supply, the region’s vacancy rates have risen from 13% to 18%, indicating a shift in the market with occupiers becoming more selective. Jain explains that companies are now prioritizing spaces that foster talent, support ESG commitments, and enable long-term resilience.

Cushman & Wakefield highlights that the demand for future-ready workspaces in Apac is being mainly driven by office markets in mainland China, India, and Southeast Asia. In China, the technology, media and telecommunications, professional services, and finance sectors continue to contribute to the demand for Grade A office space, which has doubled to 640 million sq ft. Emerging industries, such as artificial intelligence, biomanufacturing, and quantum computing, are expected to further boost demand and fuel the current trend of occupiers seeking quality spaces.

In India, cities that have become hubs for global capability centres are driving office leasing activity, with annual net absorption across its top cities reaching 40 million sq ft over 2023 to 2024. Demand in India is increasingly focused on Grade A+ buildings as the country positions itself as the go-to destination for digital transformation and R&D.

The report also mentions that in Southeast Asia, occupied Grade A stock has grown by 10% over the last five years to reach 235 million sq ft as of 2024. Despite higher vacancy rates, top-tier developments in cities like Manila, Bangkok, and Ho Chi Minh City continue to command record-high rents, with prime Grade A offices fetching rents that are 20% above the overall market benchmarks.

While demand in key Southeast Asian markets continues to be led by the banking and finance industry, there is also an expansion of tech companies, information technology and business process management providers, and healthcare firms across the region. This trend highlights the increasing sophistication in tenant requirements, emphasizing the need for higher-quality spaces.

Among the markets studied in the report, Singapore has the lowest office vacancy rate at 5%, despite having the highest office rental cost at US$103.1 ($132.3) psf per year. This is in contrast to neighbouring markets, where vacancy rates are higher, such as Kuala Lumpur at 28% and Bangkok at 27%. The strong demand for office space in Singapore reflects its position as a regional financial and tech hub.

As the Apac office market continues to mature, Cushman & Wakefield predicts that office spaces will undergo strategic reinvention. “We’re seeing a shift from volume to value – where the quality of space, its alignment with ESG goals, and its ability to support innovation are becoming the new benchmarks,” comments Dominic Brown, the firm’s head of international research.