Figures
Asia Pacific Office Trends Q4 2024
January 20, 2025 5 Minute Read
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- In Singapore, demand across all sectors was relatively lean in 2024, with small to medium sized firms accounting for the bulk of leasing transactions. Tenants are becoming more selective, leading to a concentration of activity in the Grade A segment. Cost efficiency and flexibility are priorities. Occupiers are displaying a strong focus on sustainability and green certified buildings along with a shift towards high-quality space to attract and retain talent.
- Demand in mainland China remains subdued. Occupiers continue to pursue cost-saving strategies through relocation, restructuring and early renewals on favourable terms. Landlords continue to cut rents, offer more attractive incentives, and acquiesce to tenants’ requests for lease restructuring.
- Leasing activity in Korea, especially in the Seoul Grade A segment, remains weak and has displayed little change over the last six months. Full-year leasing volume is expected to fall to the lowest level on record amid limited space availability; local economic/political uncertainty; and an overriding focus on cost saving and operational efficiency. Some international firms are exploring how to right-size their office footprint as hybrid working and desk sharing has left them with more space than they need.
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Luke Moffat
Head of Advisory & Transaction Services, Asia Pacific
Fion Zhang
Head of Advisory & Transaction Services | Office, China
Head of Advisory & Transaction Services | Office, Eastern China
Molly Yuan
Head of Advisory & Transaction Services | Office | Occupier, Northern China
Andy Park
Executive Director, Advisory & Transaction Services, Korea
Victoria Choi
Executive Director, Advisory & Transaction Services I Occupier I Transaction Management, Korea
