Future Cities

Asia Pacific Figures Q3 2021

04 Nov 2021

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  • Office: While regional Grade A net absorption increased by 28% q-o-q to reach 13.7 million sq. ft., leasing volume remains some way below pre-pandemic levels. Leasing activity was dominated by relocations as occupiers capitalised on cheaper rents. Tech and finance remained the primary sources of demand.


  • Retail: Although leasing sentiment gradually improved this quarter, many retailers have pushed back their expansionary plans to 2022. The F&B sector continues to dominate leasing activity. Selected luxury retailers were seen exploring upgrading opportunities in a few North Asian markets.


  • Logistics: Despite disruption to manufacturing and container shipping, strong requirements for safety inventory and omni-channel distribution ensured overall logistics demand remained resilient. Asia net absorption reached a record high 27.4 million sq. ft..


  • Investment: While investment turnover fell 21% q-o-q to US$32 billion, this figure was still 21% higher than the same period of 2020 and is close to 2019’s quarterly average. REITs, property funds and property companies were among the major buyers this quarter.