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Asia Pacific Office Trends Q1 2025
April 16, 2025 5 Minute Read
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- Leasing momentum in India remained strong in Q1 2025, driven by requirements from Global Capability Centres (GCCs) and Indian corporates. Vacancy rates fell across major cities on the back of strong absorption and limited new supply. Key trends included stronger demand for coworking spaces and more occupiers seeking space in peripheral locations. Early planning and pre-commitments are recommended due to the scarcity of quality space.
- Office demand remained robust in Japan but new leases declined due to limited availability and high construction costs. Landlords turned more confident to increase rents over the quarter, especially in regional cities. Pre-commitments rose as space availability continued to contract. Several owner-occupiers selling properties added to competition in the leasing market this quarter. Early lease planning is advised, with fitted space recommended for firms with limited CapEx.
- Leasing demand improved in the Philippines following the U.S. election, with finance and healthcare sectors related to IT and outsourcing functions moving forward with lease requirements. Fort Bonifacio outperformed other areas. With landlords remaining more flexible and offering inducements, occupiers should capitalise on their relative position of strength.
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Luke Moffat
Regional Managing Director, Head of Leasing, Advisory Services, Asia Pacific
Richard Stevenson
Managing Director, Head of Office Leasing, Advisory Services, Asia Pacific
