Commercial Office

New supply is expected to reach 950,500sqm over the next five years.

Rents grew 8.7% in Q3 in this area.

Rents are expected to drop for the rest of the year. 

47% of all property investments are commercial office assets.

Flex workspaces now have average occupancy rates of 80-90%.

All major districts in the city saw declines in vacancy rates.

Fit out costs in APAC grew 4.5%, with the biggest increases seen in Australia, Singapore, Malaysia, and South Asia.

The vacancy rate is forecast to hit 18.2% by year-end.

One of the major transactions is a USD532m deal for Shinhan Investment Building.

In Q3, the vacancy rate increased to 4.1% whilst rents decreased by 13.2%.

Savills says submarkets that saw larger corrections will continue to have hard times ahead. 

Invesco relocated its headquarters to a 33,000sq ft lease in Jardine House. 

Rents grew 12.1% in this city year-on-year.

Thanks to robust positive net absorption in the third quarter.

IT and professional services accounted for 41% of all leasing activity.

Leasing volume grew 41% to 4.23m sq ft during the quarter.