Asia Pacific saw resilient office leasing demand in Q1 2018, driven by the financial, TMT and co-working sectors.
China recorded strong leasing activity for space in major cities. Leasing demand in Hong Kong also gained momentum, supported by strong net absorption in new primary stock.
In Japan, although the strong yen may yet dampen business sentiment, robust corporate earnings generated solid demand from companies seeking to relocate to new and recently completed buildings. Seoul saw an increase in relocation and expansion demand from various industries.
Singapore recorded positive albeit slightly slower leasing momentum driven by a diverse range of sectors. Leasing activity in India remained healthy, with net absorption registering the highest first quarter total since Q1 2010.
Australia also registered an upbeat quarter, with stable demand ensuring the market continued to tighten in Sydney and Melbourne.