深度报告-2026-02-25-莱坊-Asia_Pacific_Office_Highlights_Q3_2025_38页_2mb

Office Highlights Summary - Q3 2025

Core Content Overview

This document provides an analysis of the office market dynamics across the Asia-Pacific region for Q3 2025. It highlights the trends in rental growth, vacancy rates, and the impact of new supply on market conditions, along with insights into occupier strategies and future outlooks.

Main Points

• Rental Growth Trends:

  • Overall prime rental growth in the Asia-Pacific region lost momentum, remaining largely unchanged quarter-on-quarter.
  • Rental growth in the Chinese mainland markets declined further, with a notable acceleration in the supply-heavy quarter.
  • In contrast, India and Australia showed optimism, with rents rising by $1.7%$ and $1.2%$ respectively.
  • Brisbane and Melbourne led in rental growth, with Brisbane recording the highest QoQ increase in the region.

• Vacancy Rates:

  • Regionwide vacancies rose due to strong new supply in the Chinese mainland and Indian markets.
  • Despite the increase, there was a strong flight-to-quality trend, with demand for premium spaces continuing to be robust.
  • Vacancy rates in various cities like Beijing, Guangzhou, and Ho Chi Minh City remained elevated, while others like Seoul and Tokyo showed a tightening supply.

• Market Outlook:

  • Occupier strategies are evolving, with a focus on higher density and strategic value.
  • Flexibility and resilience are key priorities in the current market environment.
  • The outlook for 2026 is cautious, with expectations of continued subdued rental growth due to strong construction deliveries and backfill space.

• Selected Leasing Deals:

  • Major leasing activity in Brisbane, Melbourne, and other cities included relocations and expansions by key tenants such as DFAT, HWL Ebsworth, and Dell.
  • In Hong Kong, the FWD Group and Jun He Law Offices were involved in significant leasing activities.

• Regional Highlights:

  • Australasia: Prime rents in Brisbane, Melbourne, and Sydney increased, with Brisbane leading the region.
  • Southeast Asia: Rental growth remained weak, with Ho Chi Minh City experiencing a decline, while Bangkok and Manila showed slight increases.
  • East Asia: The Chinese mainland's office market continued to face pressure, with rental declines and high vacancy rates. Tokyo's market showed a tightening supply and strong pre-leasing activity.

Key Cities and Markets

Key Insights

• Market Dynamics:

  • The region saw a mix of stable and declining rental growth, with new supply playing a significant role in shaping vacancy rates.
  • The flight-to-quality trend remained prominent, with tenants showing a preference for prime spaces despite economic uncertainty.

• Occupier Strategies:

  • Corporations are increasingly focusing on flexible lease terms and pre-let options to enhance agility and reduce risk.
  • The financial and tech sectors accounted for nearly half of the major leases, with professional services contributing over $10%$.

• Future Outlook:

  • The outlook for 2026 is cautiously optimistic, with a focus on maintaining flexibility and strategic value.
  • New supply is expected to decrease in 2026, which may lead to tighter leasing conditions and faster rental growth.

Contact Information

• Katherine Moss - Partner, National Head of Tenant
  Email: katherine.moss@au.knightfrank.com
  Phone: +61 2 9036 6647

• Tim Armstrong - Global Head of Occupier Strategy and Solutions
  Email: tim.armstrong@knightfrank.com

• Steve Rendall - National and Head of Occupier Strategy & Solutions
  Email: steve.rendall@bayleys.co.nz
  Phone: +64275212599

• Young Khean Teh - Senior Executive Director, Office Strategy and Solutions, Malaysia
  Email: youngkhean.teh@my.knightfrank.com
  Phone: +603 2289 9688

• Morgan McGilvray - Senior Director, Occupier Strategy and Solutions, Philippines
  Email: morgan.mcgilvray@santos.knightfrank.ph
  Phone: +632 7752 2580

• Leo Nguyen - Senior Director, Occupier Strategy & Solutions
  Email: leo.nguyen@knightfrank.com
  Phone: +84 905 79 87 88

• Charles Yan - General Manager, Office Strategy and Solutions, Beijing
  Email: charles.yan@cn.knightfrank.com
  Phone: +86 139 1111 1607

• Virginia Huang - Managing Director, North and East China
  Email: virginia.huang@cn.knightfrank.com
  Phone: +86 21 6032 1719

• Panya Jenkitvathanalert - Executive Director and Head of Office Strategy and Solutions, Thailand
  Email: panya.jenkitvathanalert@th.knightfrank.com
  Phone: +66869995557

• Rina Martianti - Associate Director, Occupier Strategy and Solutions, Indonesia
  Email: rina.martianti@id.knightfrank.com
  Phone: +62 81398967313

• Ross Wheble - Country Head, Cambodia
  Email: ross.wheble@kh.knightfrank.com
  Phone: +855 (0) 23 966 878

• Calvin Yeo - Managing Director, Occupier Strategy and Solutions, Singapore
  Email: calvin.yeo@sg.knightfrank.com
  Phone: +65 6228 6887

• Craig Carr - Head of Tenant Representation - Victoria
  Email: craig.carr@au.knightfrank.com
  Phone: +61447463778

• Alyson Martinovitch - State Head of Tenant Representation - WA
  Email: alyson.martinovitch@au.knightfrank.com
  Phone: +61459696098