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Asia Pacific Office Trends Q1 2026

April 17, 2026 5 Minute Read

Several Southeast Asian markets have implemented work-from-home policies to save energy and reduce transport fuel demand in response to the Middle East conflict. While persistently high oil prices may escalate fit-out costs and hinder relocation activity in the near term, office leasing was unaffected this quarter.
Office leasing in India achieved a record annual volume in 2025, with momentum continuing into the opening months of this year. Activity continues to be underpinned by demand for Global Capability Centres (GCCs) from various sectors along with domestic corporates.
In Japan, Tokyo’s office market remains exceptionally tight due to robust domestic demand. Occupiers across industries in core submarkets are looking to expand within their current building or nearby area. More landlords are gradually incorporating CPI-linked clauses in lease contracts for annual rental adjustments.
Singapore’s office market has carried its positive momentum into 2026, underpinned by strong occupier demand and record low vacancy. Renewals continue to lead leasing activity as occupiers stay put due to tight availability and the high cost of relocations. The banking and financial sector remains the key demand driver, led by wealth management, hedge funds and quant trading firms.