- Asia Pacific office leasing demand remained weak in Q3 2019 due to continued slow global economic growth and the ongoing U.S.-China trade conflict.
- Occupiers turned more cautious and shifted their focus to lease renewals amid increasing reluctance to approve the large CapEx required for relocations.
- Tech firms continued to drive the take-up of office space but requirements were smaller. Agile space operators are focusing on increasing occupancy in existing centres rather than taking on new space.
- Occupiers are expected to stay in wait-and-see mode and renewals are likely to take longer to negotiate. Leasing demand will remain subdued in most markets.