> **来源：[研报客](https://pc.yanbaoke.cn)** # Office Highlights # Q3 2025 Knight Frank Asia-Pacific # Summary Prime rental growth in the region lost momentum to remain largely unchanged quarter-on-quarter in Q3 2025, down from the marginal $0.2\%$ registered in the second quarter. The decline in Chinese mainland markets accelerated amid another supply-heavy quarter. Rental growth in Southeast Asia also flatlined, as landlords continued to prioritise maintaining or raising occupancy levels. Landlords in India and Australia, in contrast, remained optimistic. Despite vacancies lifting from the delivery of close to 9 million sq ft in Bengaluru, Delhi-NCR and Mumbai, rents still rose $1.7\%$ quarter-on-quarter. Rents in Australia also grew an average of $1.2\%$ in the same period across its occupier markets. Brisbane continued to lead the region in terms of annual rental growth, anchored by robust demand for prime spaces from the Professional Services sector. Those in Melbourne also picked up pace to lead the region in terms of quarterly growth. Regionwide vacancies rose amid the robust delivery of new spaces in the Chinese mainland and Indian markets, which continued to fuel a strong flight-to-quality trend in the region. This, in turn, supported strong demand for prime spaces in the region. Despite a sluggish economy, premium spaces in Hong Kong SAR are experiencing an increase in new leases exceeding 10,000 sq ft. An insurance company committed to a 330,000 sq ft space in Quarry Bay – the city's largest lease so far this year – which underscored occupiers' long-term commitments in the region's key commercial hubs. Sustained commitments by GCCs in India also highlighted offshoring as a cornerstone of corporate strategy. Close to half of the region's major leases were accounted for by the financial and tech sectors, while professional services firms made up over $10\%$ . Supported by a buoyant stock market, legal and financial groups from the Chinese mainland have been observed to expand their presence in Hong Kong. However, rental growth in the region is likely to remain subdued amid the strong construction deliveries over the past two years and the backfill space created. Notably, after years of tight availability, conditions in Seoul are expected to turn tenant-favourable, with over 4 million sq ft of new office spaces completing in the next two years, mainly in the CBD. # -1.4% YoY change for Asia-Pacific Rental Index in Q3 2025 # Melbourne Recorded the highest QoQ rental growth in Q3 2025 # 16 of 23 Tracked cities recorded stable or increasing rents YoY in Q3 2025 # Cautious Expectations for 2026 office outlook "Occupier priorities have continued to evolve amid ongoing geopolitical and technological shifts. In this dynamic environment, organisations are prioritising space solutions that support higher density and maximise strategic value. The sustained demand for premium spaces is closely tied to broader business transformation agendas. In a climate defined by uncertainty, flexibility and resilience have become non-negotiable. Corporates are committing to new spaces, but with a clear emphasis on agility – embedding flexible lease terms and pre-let options to maintain responsiveness and mitigate risk." # Tim Armstrong Global Head of Occupier Strategy and Solutions # Prime rents in the region continued to firm in Q3 2025 APAC Prime Office Rental Index – 10 Year Historical Q3 2025 Occupancy Cost (US$/sqft/Year) # APAC Prime Office Vacancy Rate # New supply in India and Chinese Mainland lift vacancy rate APAC Prime Office Vacancy Rate – 10 Year Historical Q3 2025 Vacancy Rate # Prime rental growth lost momentum as landlords prioritise occupancy levels Year-on-Year Change (%) Quarter-on-Quarter Change (%) # APAC Office Pipeline Supply # Deferred completions swell development pipeline in 2025 New Supply Growth in 2025 New Supply by Sub-Region APAC Grade A Stock Office inventory to rise $5.3\%$ in 2025 # 12-Month Rental Outlook # Decreasing - Beijing Shanghai - Guangzhou Shenzhen Hong Kong SAR - Ho Chi Minh City # Unchanged Delhi-NCR Mumbai Kuala Lumpur Singapore Auckland Melbourne - Bangkok - Phnom Penh Seoul Taipei # Increasing Brisbane - Manila - Perth Tokyo Sydney Bengaluru - Jakarta Q3 2025 MARKET PENDULUM Delhi-NCR Mumbai Bengaluru SOUTH ASIA Beijing Seoul Tokyo anghai Guangzhou 。 Hong Kong SAR Shenzhen Hong Kong SAR # EAST ASIA Bangkok Phnom Penh Ho Chi Minh City Via Kuala Lumpur Singapore Jakarta Manila # SOUTHEAST ASIA # AUSTRALASIA Brisbane Sydney Auckland Melbourne # APAC Rent Summary – Q3 2025 <table><tr><td>City</td><td>Submarket(s)</td><td>Units</td><td>Prime Net Headline Rent</td><td>YoY % Change</td><td>QoQ %Change</td><td>12-month Outlook</td><td>Vacancy</td></tr><tr><td>Brisbane</td><td>CBD</td><td>AUD/sqm/annum</td><td>859</td><td>10.4%</td><td>2.0%</td><td>↑</td><td>8.0%</td></tr><tr><td>Melbourne</td><td>CBD</td><td>AUD/sqm/annum</td><td>755</td><td>5.3%</td><td>2.8%</td><td>→</td><td>18.3%</td></tr><tr><td>Perth</td><td>CBD</td><td>AUD/sqm/annum</td><td>731</td><td>4.2%</td><td>0.3%</td><td>↑</td><td>15.3%</td></tr><tr><td>Sydney</td><td>CBD</td><td>AUD/sqm/annum</td><td>1,371</td><td>3.9%</td><td>2.2%</td><td>↑</td><td>14.1%</td></tr><tr><td>Auckland</td><td>CBD</td><td>NZD/sqm/annum</td><td>590</td><td>0.0%</td><td>0.0%</td><td>→</td><td>12.9%</td></tr><tr><td>Tokyo</td><td>Central 5 Wards</td><td>JPY/tsubo/month</td><td>31,022</td><td>8.2%</td><td>2.5%</td><td>↑</td><td>1.7%</td></tr><tr><td>Beijing</td><td>Various</td><td>CNY/sqm/month</td><td>229</td><td>-17.1%</td><td>-2.0%</td><td>↓</td><td>17.8%</td></tr><tr><td>Guangzhou</td><td>CBD</td><td>CNY/sqm/month</td><td>121</td><td>-10.5%</td><td>-3.1%</td><td>↓</td><td>17.5%</td></tr><tr><td>Shanghai</td><td>Puxi, Pudong</td><td>CNY/sqm/month</td><td>190</td><td>-14.1%</td><td>-4.1%</td><td>↓</td><td>23.3%</td></tr><tr><td>Shenzhen</td><td>CBD</td><td>CNY/sqm/month</td><td>148</td><td>-8.0%</td><td>-2.2%</td><td>↓</td><td>26.1%</td></tr><tr><td>Hong Kong SAR</td><td>Central</td><td>HKD/sqft/month</td><td>85.40</td><td>-6.5%</td><td>-1.3%</td><td>↓</td><td>12.7%</td></tr><tr><td>Taipei</td><td>Downtown</td><td>TWD/pong/month</td><td>3,239</td><td>-1.7%</td><td>-3.2%</td><td>→</td><td>6.5%</td></tr><tr><td>Seoul</td><td>CBD, GBD, YBD</td><td>KRW/sqm/month</td><td>44,418</td><td>9.3%</td><td>1.4%</td><td>→</td><td>2.7%</td></tr><tr><td>Bengaluru</td><td>CBD</td><td>INR/sqft/annum</td><td>1,807</td><td>8.8%</td><td>2.0%</td><td>↑</td><td>11.5%</td></tr><tr><td>Mumbai</td><td>BKC</td><td>INR/sqft/annum</td><td>3,953</td><td>3.9%</td><td>2.0%</td><td>→</td><td>17.3%</td></tr><tr><td>Delhi-NCR</td><td>Connaught Place</td><td>INR/sqft/annum</td><td>4,200</td><td>3.0%</td><td>2.0%</td><td>→</td><td>12.5%</td></tr><tr><td>Phnom Penh</td><td>City Centre</td><td>USD/sqm/month</td><td>21.29</td><td>-12.5%</td><td>0.0%</td><td>→</td><td>23.9%</td></tr><tr><td>Jakarta</td><td>CBD</td><td>IDR/sqm/month</td><td>330,040</td><td>6.4%</td><td>0.0%</td><td>↑</td><td>25.0%</td></tr><tr><td>Kuala Lumpur</td><td>City Centre</td><td>MYR/sqft/month</td><td>6.02</td><td>1.7%</td><td>0.0%</td><td>→</td><td>23.1%</td></tr><tr><td>Singapore</td><td>Raffles Place, Marina Bay</td><td>SGD/sqft/month</td><td>11.41</td><td>0.5%</td><td>0.3%</td><td>→</td><td>5.3%</td></tr><tr><td>Bangkok</td><td>CBD</td><td>THB/sqm/month</td><td>1,250</td><td>0.7%</td><td>1.6%</td><td>→</td><td>23.5%</td></tr><tr><td>Manila</td><td>Various</td><td>PHP/sqm/month</td><td>1,367</td><td>1.0%</td><td>0.7%</td><td>↑</td><td>12.4%</td></tr><tr><td>Ho Chi Minh City</td><td>CBD</td><td>USD/sqm/mth</td><td>52.46</td><td>1.1%</td><td>-1.7%</td><td>↓</td><td>17.5%</td></tr></table> # Selected Leasing Deals/Negotiations <table><tr><td>City</td><td>Tenant</td><td>Building Name</td><td>Submarket</td><td>Size (sqm)</td><td>Type</td></tr><tr><td rowspan="2">Brisbane</td><td>DFAT</td><td>345 Queen Street</td><td>CBD</td><td>3,038</td><td>Relocation</td></tr><tr><td>HWL Ebsworth</td><td>360 Queen Street</td><td>CBD</td><td>4,777</td><td>Relocation</td></tr><tr><td>Melbourne</td><td>Clayton Utz</td><td>120 Collins Street</td><td>CBD</td><td>7,800</td><td>Relocation</td></tr><tr><td>Sydney</td><td>HWL Ebsworth</td><td>5 Martin Place</td><td>CBD</td><td>11,000</td><td>Relocation</td></tr><tr><td rowspan="3">Bengaluru</td><td>Dell</td><td>77 Town Center</td><td>Non-CBD</td><td>60,666</td><td>Relocation/Expansion</td></tr><tr><td>Crypto</td><td>Prestige Lakeshore Drive</td><td>Non-CBD</td><td>42,013</td><td>Relocation/Expansion</td></tr><tr><td>Fiery Digital</td><td>Kalyani Platina</td><td>Non-CBD</td><td>13,864</td><td>Relocation/Expansion</td></tr><tr><td rowspan="2">Mumbai</td><td>Wipro</td><td>Mindspace Airoli</td><td>Non-CBD</td><td>36,000</td><td>Relocation/Expansion</td></tr><tr><td>Tech Mahindra</td><td>TRIL Goregaon</td><td>Non-CBD</td><td>13,500</td><td>Relocation/Expansion</td></tr><tr><td rowspan="2">Delhi-NCR</td><td>Cognizant</td><td>Embassy Oxygen Business Park</td><td>Non-CBD</td><td>23226</td><td>Relocation/Expansion</td></tr><tr><td>Corrohealth</td><td>The Luminare</td><td>CBD</td><td>14,000</td><td>Relocation/Expansion</td></tr><tr><td rowspan="2">Beijing</td><td>Beijing Jiayou Network Technology Co., Ltd.</td><td>Cheng'ao Building</td><td>CBD</td><td>15,000</td><td>Relocation</td></tr><tr><td>Sinosure</td><td>Fortune Capital International Center</td><td>Non-CBD</td><td>6,700</td><td>Relocation/Expansion</td></tr><tr><td rowspan="2">Hong Kong</td><td>FWD Group</td><td>Devon House</td><td>Non-CBD</td><td>30,660</td><td>Expansion/Renewal</td></tr><tr><td>Jun He Law Offices</td><td>AIA Central</td><td>CBD</td><td>1,378</td><td>New Lease</td></tr><tr><td rowspan="2">Shanghai</td><td>MUJI</td><td>Park Place</td><td>CBD</td><td>2,650</td><td>Expansion/Renewal</td></tr><tr><td>V&T Law Firm</td><td>SWFC</td><td>CBD</td><td>4,000</td><td>Relocation</td></tr><tr><td rowspan="3">Singapore</td><td>Visa International</td><td>Paya Lebar Green</td><td>Non-CBD</td><td>18,500</td><td>Relocation</td></tr><tr><td>Jane Street</td><td>IOI Central Boulevard</td><td>CBD</td><td>4,000</td><td>Relocation/Expansion</td></tr><tr><td>Ripple</td><td>IOI Central Boulevard</td><td>CBD</td><td>2,230</td><td>Relocation/Expansion</td></tr><tr><td>Ho Chi Minh City</td><td>HSBC</td><td>Metropolitan Tower</td><td>CBD</td><td>4,000</td><td>Renewal</td></tr></table> # Australasia Prime net effective rents across Australia's prime office markets rose $5.5\%$ year-on-year, with broad based increases across all markets tracked. Incentives remained stable for a third consecutive quarter at an average of $42\%$ . Across the Australian CBDs, much of the rental increase have been fueled by strong demand at the top end of the market, reflecting the flight-to-quality trend that has defined tenant preferences in recent years. Brisbane continued to lead with a $14.9\%$ rise while incentives fell to its lowest levels since late 2020. Rent growth in Melbourne also accelerated, rising $5.3\%$ year-on-year during the quarter, up from $2.4\%$ in Q2 2025. Much of this growth remains concentrated in the Eastern Core, with prime rents in the precinct growing $11.1\%$ from the same period last year as availability tightens among premium spaces. Following the supply peak in 2025, the pipeline will thin in Brisbane, Sydney and Perth, as developers face high construction and funding cost. This will likely drive tighter leasing markets and consequently faster rental growth. Rents and Vacancy Economic Indicators <table><tr><td></td><td>2025F</td><td>2026F</td></tr><tr><td>GDP Growth</td><td>1.7%</td><td>2.1%</td></tr><tr><td>Unemployment Rate</td><td>4.3%</td><td>4.3%</td></tr><tr><td>Inflation</td><td>3.0%</td><td>2.9%</td></tr></table> Pipeline Supply *No supply expected in 2026 Real Estate Indicators <table><tr><td></td><td>Q3 2025</td><td>12mth Forecast</td></tr><tr><td>Prime Rent (A$ psm pa)</td><td>1,371</td><td>↑</td></tr><tr><td>Vacancy</td><td>14.1%</td><td>→</td></tr><tr><td>Market Balance</td><td>Tenant</td><td>Tenant</td></tr></table> For more information, please contact: Katherine Moss Partner, National Head of Tenant Representation - Office katherine.moss@au.knightfrank.com +61 2 9036 6647 Rents and Vacancy Economic Indicators <table><tr><td></td><td>2025F</td><td>2026F</td></tr><tr><td>GDP Growth</td><td>1.7%</td><td>2.1%</td></tr><tr><td>Unemployment Rate</td><td>4.3%</td><td>4.3%</td></tr><tr><td>Inflation</td><td>3.0%</td><td>2.9%</td></tr></table> Pipeline Supply Real Estate Indicators <table><tr><td></td><td>Q3 2025</td><td>12mth Forecast</td></tr><tr><td>Prime Rent (A$ psm pa)</td><td>755</td><td>↑</td></tr><tr><td>Vacancy</td><td>18.3%</td><td>→</td></tr><tr><td>Market Balance</td><td>Tenant</td><td>Tenant</td></tr></table> For more information, please contact: Craig Carr Head of Tenant Representation - Victoria Craig.Carr@au.knightfrank.com +61447463778 Rents and Vacancy Economic Indicators <table><tr><td></td><td>2025F</td><td>2026F</td></tr><tr><td>GDP Growth</td><td>1.7%</td><td>2.1%</td></tr><tr><td>Unemployment Rate</td><td>4.3%</td><td>4.3%</td></tr><tr><td>Inflation</td><td>3.0%</td><td>2.9%</td></tr></table> Pipeline Supply *No supply expected in 2026 Real Estate Indicators <table><tr><td></td><td>Q3 2025</td><td>12mth Forecast</td></tr><tr><td>Prime Rent (A$ psm pa)</td><td>859</td><td>↑</td></tr><tr><td>Vacancy</td><td>8.0%</td><td>↑</td></tr><tr><td>Market Balance</td><td>Balanced</td><td>Landlord</td></tr></table> For more information, please contact: Richard Pearce Partner, Tenant Representation Office Richard.pearce@au.knightfrank.com +61732468836 Rents and Vacancy Economic Indicators <table><tr><td></td><td>2025F</td><td>2026F</td></tr><tr><td>GDP Growth</td><td>1.7%</td><td>2.1%</td></tr><tr><td>Unemployment Rate</td><td>4.3%</td><td>4.3%</td></tr><tr><td>Inflation</td><td>3.0%</td><td>2.9%</td></tr></table> Real Estate Indicators <table><tr><td></td><td>Q3 2025</td><td>12mth Forecast</td></tr><tr><td>Prime Rent (A$ psm pa)</td><td>731</td><td>↑</td></tr><tr><td>Vacancy</td><td>15.3%</td><td>→</td></tr><tr><td>Market Balance</td><td>Tenant</td><td>Tenant</td></tr></table> For more information, please contact: Alyson Martinovitch State Head of Tenant Representation - WA Alyson.Martinovitch@au.knightfrank.com +61459696098 # Auckland Rents and Vacancy Economic Indicators <table><tr><td></td><td>2025F</td><td>2026F</td></tr><tr><td>GDP Growth</td><td>1.0%</td><td>3.0%</td></tr><tr><td>Unemployment Rate</td><td>5.1%</td><td>4.4%</td></tr><tr><td>Inflation</td><td>2.6%</td><td>1.9%</td></tr></table> Real Estate Indicators <table><tr><td></td><td>Q3 2025</td><td>12mth Forecast</td></tr><tr><td>Prime Rent (NZ$ psm pa)</td><td>590</td><td>→</td></tr><tr><td>Vacancy</td><td>12.9%</td><td>→</td></tr><tr><td>Market Balance</td><td>Balanced</td><td>Balanced</td></tr></table> For more information, please contact: # Steve Rendall National and Head of Occupier Strategy & Solutions Steve.rendall@bayleys.co.nz +64275212599 # Southeast Asia Rental growth continued to be weak across much of Southeast Asia's office markets, as landlords remained focus on maintaining or raising occupancies. Rents fell $1.7\%$ quarter-on-quarter in Ho Chi Minh City as landlords lowered rentals to align with new supply that had delivered in the previous quarter. The implementation of a sales & service tax also kept conditions in Kuala Lumpur subdued, as occupiers monitored cost implications and reassess their office strategies. With over 44,000 sqm delivering during the quarter, rent levels held steady to sustain occupancies. Similarly, landlords in Jakarta were also accommodative amid elevated vacancy levels. Meanwhile, Singapore's market remained stable. Despite a tightly supplied market, prime rental growth had been marginal as tenant retention were prioritised. Bangkok and Manila were the only markets that recorded rent rises during the quarter. While the delivery of premium stock raised overall rents in Thailand's capital, sustained demand from IT-BPM firms supported a rental uplift in Manila. Rents and Vacancy Economic Indicators <table><tr><td></td><td>2025F</td><td>2026F</td></tr><tr><td>GDP Growth</td><td>2.0%</td><td>1.6%</td></tr><tr><td>Unemployment Rate</td><td>1.0</td><td>1.0</td></tr><tr><td>Inflation</td><td>0.5%</td><td>0.8%</td></tr></table> Pipeline Supply Real Estate Indicators <table><tr><td></td><td>Q3 2025</td><td>12mth Forecast</td></tr><tr><td>Prime Rent (THB psm pm)</td><td>1,250</td><td>→</td></tr><tr><td>Vacancy</td><td>23.5%</td><td>↑</td></tr><tr><td>Market Balance</td><td>Tenant</td><td>Tenant</td></tr></table> For more information, please contact: Panya Jenkitvathanalert Executive Director and Head of Office Strategy & Solutions panya.jenkitvathanalert@th.knightfrank. com +66869995557 Rents and Vacancy Economic Indicators <table><tr><td></td><td>2025F</td><td>2026F</td></tr><tr><td>GDP Growth</td><td>4.9%</td><td>5.0%</td></tr><tr><td>Unemployment Rate</td><td>5.0%</td><td>4.9%</td></tr><tr><td>Inflation</td><td>1.7%</td><td>2.0%</td></tr></table> Real Estate Indicators <table><tr><td></td><td>Q3 2025</td><td>12mth Forecast</td></tr><tr><td>Prime Rent (IDR psm pm)</td><td>330,040</td><td>↑</td></tr><tr><td>Vacancy</td><td>25.0%</td><td>↓</td></tr><tr><td>Market Balance</td><td>Tenant</td><td>Tenant</td></tr></table> For more information, please contact: # Rina Martianti Associate Director, Occupier Strategy and Solutions, Indonesia rina.martianti@id.knightfrank.com +62 81398967313 Rents and Vacancy Economic Indicators <table><tr><td></td><td>2025F</td><td>2026F</td></tr><tr><td>GDP Growth</td><td>4.5% - 4.8%</td><td>4.0% - 4.5%</td></tr><tr><td>Unemployment Rate</td><td>3.0%</td><td>3.0%</td></tr><tr><td>Inflation</td><td>1.0% - 2.0%</td><td>1.3% - 2.0%</td></tr></table> Pipeline Supply *No supply expected in 2025 Real Estate Indicators <table><tr><td></td><td>Q3 2025</td><td>12mth Forecast</td></tr><tr><td>Prime Rent (MYR psf pm)</td><td>6.0</td><td>→</td></tr><tr><td>Vacancy</td><td>23.1%</td><td>→</td></tr><tr><td>Market Balance</td><td>Tenant</td><td>Tenant</td></tr></table> For more information, please contact: Young Khean Teh Senior Executive Director, Office Strategy and Solutions, Malaysia youngkhean.teh@my.knightfrank.com +603 2289 9688 Rents and Vacancy Economic Indicators <table><tr><td></td><td>2025F</td><td>2026F</td></tr><tr><td>GDP Growth</td><td>6.0%</td><td>6.5%</td></tr><tr><td>Unemployment Rate</td><td>4.1%</td><td>4.1%</td></tr><tr><td>Inflation</td><td>2.5%</td><td>3.0%</td></tr></table> Real Estate Indicators <table><tr><td></td><td>Q3 2025</td><td>12mth Forecast</td></tr><tr><td>Prime Rent (PHP psm pm)</td><td>1,367</td><td>↑</td></tr><tr><td>Vacancy</td><td>12.4%</td><td>↓</td></tr><tr><td>Market Balance</td><td>Tenant</td><td>Tenant</td></tr></table> For more information, please contact: Morgan McGilvray Senior Director, Occupier Strategy and Solutions, Philippines morgan.mcgilvray@santos.knightfrank.ph +632 7752 2580 Rents and Vacancy Economic Indicators <table><tr><td></td><td>2025F</td><td>2026F</td></tr><tr><td>GDP Growth</td><td>5.8%</td><td>6.2%</td></tr><tr><td>Unemployment Rate</td><td>NA</td><td>NA</td></tr><tr><td>Inflation</td><td>2.1%</td><td>3.2%</td></tr></table> Pipeline Supply (All Grades) Real Estate Indicators <table><tr><td></td><td>Q3 2025</td><td>12mth Forecast</td></tr><tr><td>Prime Rent (US$ psm pm)</td><td>21.3</td><td>→</td></tr><tr><td>Vacancy</td><td>23.9%</td><td>→</td></tr><tr><td>Market Balance</td><td>Tenant</td><td>Tenant</td></tr></table> For more information, please contact: Ross Wheble Country Head, Cambodia ross.wheble@kh.knightfrank.com +855 (0) 23 966 878 Rents and Vacancy Economic Indicators <table><tr><td></td><td>2025F</td><td>2026F</td></tr><tr><td>GDP Growth</td><td>2.0%</td><td>2.3%</td></tr><tr><td>Unemployment Rate</td><td>1.0%</td><td>1.8%</td></tr><tr><td>Inflation</td><td>1.5%</td><td>1.9%</td></tr></table> Pipeline Supply Real Estate Indicators <table><tr><td></td><td>Q3 2025</td><td>12mth Forecast</td></tr><tr><td>Prime Rent ($$ psf pm)</td><td>11.4</td><td>→</td></tr><tr><td>Vacancy</td><td>5.3%</td><td>↑</td></tr><tr><td>Market Balance</td><td>Balanced</td><td>Balanced</td></tr></table> For more information, please contact: Calvin Yeo Managing Director, Occupier Strategy and Solutions, Singapore calvin.yeo@sg.knightfrank.com +65 6228 6887 Rents and Vacancy Economic Indicators <table><tr><td></td><td>2025F</td><td>2026F</td></tr><tr><td>GDP Growth</td><td>6.7%</td><td>6.0%</td></tr><tr><td>Unemployment Rate</td><td>3-4%</td><td>3-4%</td></tr><tr><td>Inflation</td><td>3.9%</td><td>3.8%</td></tr></table> Pipeline Supply *No supply expected in 2027 Real Estate Indicators <table><tr><td></td><td>Q3 2025</td><td>12mth Forecast</td></tr><tr><td>Prime Rent (US$ psm pm)</td><td>52.5</td><td>↓</td></tr><tr><td>Vacancy</td><td>17.5%</td><td>↓</td></tr><tr><td>Market Balance</td><td>Tenant</td><td>Tenant</td></tr></table> For more information, please contact: Leo Nguyen Senior Director, Occupier Strategy & Solutions Leo.nguyen@knightfrank.com +84 905 79 87 88 # East Asia The office leasing market across tier-one cities in the Chinese mainland remained under pressure, with rental declines accelerating to $3.4\%$ quarter-on-quarter, up from $2.9\%$ in Q2 2025. Landlords have continued to lower rents to boost occupancy amid the sustained supply pipeline, which have delivered over 1.8 million sqm year-to-date to Q3 2025. However, Beijing's market have showed signs of stabilisation, as vacancy rates edged down slightly. No new supply was added for the second consecutive quarter, while leasing demand from the TMT, Finance, and Professional Services sectors grew. Several tenants relocating to prime spaces, such as tech firm Beijing Jiayou, in the Olympic Games Village submarket moderated rental drops. Rents for prime assets in Hong Kong's Central also slipped. Despite a pickup in leasing volumes, landlords continued to be pressured by the strong pipeline of upcoming office stock. Meanwhile, Tokyo's prime office vacancies tightened to below $2\%$ , supported by robust corporate profits and strong pre-leasing activity for under construction projects, reinforcing the ongoing flight-to-quality trend. Rents and Vacancy Economic Indicators <table><tr><td></td><td>2025F</td><td>2026F</td></tr><tr><td>GDP Growth</td><td>4.1%</td><td>3.8%</td></tr><tr><td>Unemployment Rate</td><td>5.3%</td><td>5.5%</td></tr><tr><td>Inflation</td><td>0.3%</td><td>0.4%</td></tr></table> Pipeline Supply Real Estate Indicators <table><tr><td></td><td>Q3 2025</td><td>12mth Forecast</td></tr><tr><td>Prime Rent (CNY psm pm)</td><td>229</td><td>↓</td></tr><tr><td>Vacancy</td><td>17.8%</td><td>↑</td></tr><tr><td>Market Balance</td><td>Tenant</td><td>Tenant</td></tr></table> For more information, please contact: Charles Yan General Manager, Office Strategy and Solutions, Beijing charles.yan@cn.knightfrank.com +86 139 1111 1607 Rents and Vacancy Economic Indicators <table><tr><td></td><td>2025F</td><td>2026F</td></tr><tr><td>GDP Growth</td><td>4.1%</td><td>3.8%</td></tr><tr><td>Unemployment Rate</td><td>5.3%</td><td>5.5%</td></tr><tr><td>Inflation</td><td>0.3%</td><td>0.4%</td></tr></table> Pipeline Supply Real Estate Indicators <table><tr><td></td><td>Q3 2025</td><td>12mth Forecast</td></tr><tr><td>Prime Rent (CNY psm pm)</td><td>190</td><td>↓</td></tr><tr><td>Vacancy</td><td>23.3%</td><td>↑</td></tr><tr><td>Market Balance</td><td>Tenant</td><td>Tenant</td></tr></table> For more information, please contact: Virginia Huang Managing Director, North and East China Virginia.huang@cn.knightfrank.com +86 21 6032 1719 Rents and Vacancy Economic Indicators <table><tr><td></td><td>2025F</td><td>2026F</td></tr><tr><td>GDP Growth</td><td>4.1%</td><td>3.8%</td></tr><tr><td>Unemployment Rate</td><td>5.3%</td><td>5.5%</td></tr><tr><td>Inflation</td><td>0.3%</td><td>0.4%</td></tr></table> Pipeline Supply Real Estate Indicators <table><tr><td></td><td>Q3 2025</td><td>12mth Forecast</td></tr><tr><td>Prime Rent (CNY psm pm)</td><td>120.7</td><td>↓</td></tr><tr><td>Vacancy</td><td>17.5%</td><td>↑</td></tr><tr><td>Market Balance</td><td>Tenant</td><td>Tenant</td></tr></table> For more information, please contact: Aaron Huang Head of Office Strategy & Solutions, Guangzhou Aaron.huang@cn.knightfrank.com +86 166 5801 0718 Rents and Vacancy Economic Indicators <table><tr><td></td><td>2025F</td><td>2026F</td></tr><tr><td>GDP Growth</td><td>4.1%</td><td>3.8%</td></tr><tr><td>Unemployment Rate</td><td>5.3%</td><td>5.5%</td></tr><tr><td>Inflation</td><td>0.3%</td><td>0.4%</td></tr></table> Pipeline Supply Real Estate Indicators <table><tr><td></td><td>Q3 2025</td><td>12mth Forecast</td></tr><tr><td>Prime Rent (CNY psm pm)</td><td>148.4</td><td>↓</td></tr><tr><td>Vacancy</td><td>26.1%</td><td>↑</td></tr><tr><td>Market Balance</td><td>Tenant</td><td>Tenant</td></tr></table> For more information, please contact: Ken Kan Managing Director, Head of Office Strategy and Solutions, Shenzhen Ken.kan@cn.knightfrank.com +86 755 6661 3141 # Hong Kong SAR Rents and Vacancy Pipeline Supply Economic Indicators <table><tr><td></td><td>2025F</td><td>2026F</td></tr><tr><td>GDP Growth</td><td>2.3%</td><td>2.3%</td></tr><tr><td>Unemployment Rate</td><td>3.0%</td><td>2.9%</td></tr><tr><td>Inflation</td><td>1.7%</td><td>1.6%</td></tr></table> Real Estate Indicators <table><tr><td></td><td>Q3 2025</td><td>12mth Forecast</td></tr><tr><td>Prime Rent (HK$ psf pm)</td><td>85.4</td><td>↓</td></tr><tr><td>Vacancy</td><td>12.7%</td><td>→</td></tr><tr><td>Market Balance</td><td>Tenant</td><td>Tenant</td></tr></table> For more information, please contact: Wendy Lau Executive Director, Head of Hong Kong Office Strategy & Solutions Wendy.lau@hk.knightfrank.com +852 2846 4988 Rents and Vacancy Economic Indicators <table><tr><td></td><td>2025F</td><td>2026F</td></tr><tr><td>GDP Growth</td><td>2.1%</td><td>2.4%</td></tr><tr><td>Unemployment Rate</td><td>3.6%</td><td>3.5%</td></tr><tr><td>Inflation</td><td>1.5%</td><td>0.8%</td></tr></table> Pipeline Supply Real Estate Indicators <table><tr><td></td><td>Q3 2025</td><td>12mth Forecast</td></tr><tr><td>Prime Rent (TW$ per ping pm)</td><td>3,239</td><td>→</td></tr><tr><td>Vacancy</td><td>6.5%</td><td>↑</td></tr><tr><td>Market Balance</td><td>Balanced</td><td>Tenant</td></tr></table> For more information, please contact: Jessica Lu Head, Office Strategy and Solutions, Taiwan jessica.lu@repro.knightfrank.com +886 2 8729 8776 Rents and Vacancy Economic Indicators <table><tr><td></td><td>2025F</td><td>2026F</td></tr><tr><td>GDP Growth</td><td>0.5%</td><td>0.7%</td></tr><tr><td>Unemployment Rate</td><td>2.6%</td><td>2.5%</td></tr><tr><td>Inflation</td><td>2.3%</td><td>2.7%</td></tr></table> Real Estate Indicators <table><tr><td></td><td>Q3 2025</td><td>12mth Forecast</td></tr><tr><td>Prime Rent (JPY psm pa)</td><td>31,022</td><td>↑</td></tr><tr><td>Vacancy</td><td>1.71%</td><td>→</td></tr><tr><td>Market Balance</td><td>Balanced</td><td>Tenant</td></tr></table> For more information, please contact: Tim Armstrong Global Head of Occupier Strategy and Solutions tim.armstrong@asia.knightfrank.com +65 6429 3531 Rents and Vacancy Economic Indicators <table><tr><td></td><td>2025F</td><td>2026F</td></tr><tr><td>GDP Growth</td><td>2.0%</td><td>2.0%</td></tr><tr><td>Unemployment Rate</td><td>2.7%</td><td>2.7%</td></tr><tr><td>Inflation</td><td>1.9%</td><td>1.8%</td></tr></table> Pipeline Supply Real Estate Indicators <table><tr><td></td><td>Q3 2025</td><td>12mth Forecast</td></tr><tr><td>Prime Rent (KRW psm pm)</td><td>44,418</td><td>→</td></tr><tr><td>Vacancy</td><td>2.70%</td><td>→</td></tr><tr><td>Market Balance</td><td>Landlord</td><td>Balanced</td></tr></table> For more information, please contact: David Lee Director, Global Portfolio Solutions/ Project Management, Korea david.lee@kr.knightfrank.com +82 2 2175 3988 # India Despite the imposition of an additional $25\%$ tariff on Indian exports to the US, India's GDP growth in the fiscal first quarter surpassed expectations to grow by $7.8\%$ . This resilience was driven by robust domestic investment and supportive fiscal and monetary measures, including lower taxes and interest rates. Leasing momentum in the country's three largest office markets – Bengaluru, Delhi-NCR and Mumbai, remained sustained with 8.8 million sq ft of leases transacted during the quarter. While this represents a drop from the levels in previous quarters, momentum has remained resilient with leasing volumes poised to hit a record in 2025. With transaction volumes remaining robust, rents continued to register positive momentum, up $4.3\%$ year-on-year on average across the three markets. The stable policy environment and massive talent pool continue to attract capital from domestic businesses and GCCs, while the revival in third-party IT services bodes well for the prospects of the office market. Rents and Vacancy Economic Indicators <table><tr><td></td><td>2025F</td><td>2026F</td></tr><tr><td>GDP Growth</td><td>6.5%</td><td>6.2%</td></tr><tr><td>Unemployment Rate</td><td>NA</td><td>NA</td></tr><tr><td>Inflation</td><td>3.7%</td><td>4.0%</td></tr></table> Pipeline Supply Real Estate Indicators <table><tr><td></td><td>Q3 2025</td><td>12mth Forecast</td></tr><tr><td>Prime Rent (INR psf pa)</td><td>1,807</td><td>↑</td></tr><tr><td>Vacancy</td><td>11.5%</td><td>→</td></tr><tr><td>Market Balance</td><td>Landlord</td><td>Balanced</td></tr></table> For more information, please contact: Rahil Gibran National Director, Head of Occupier Strategy and Solutions, Bangalore rahil.gibran@in.knightfrank.com +91 80 6818 5674 # Mumbai Metropolitan Region (MMR) Rents and Vacancy Economic Indicators <table><tr><td></td><td>2025F</td><td>2026F</td></tr><tr><td>GDP Growth</td><td>6.5%</td><td>6.2%</td></tr><tr><td>Unemployment Rate</td><td>NA</td><td>NA</td></tr><tr><td>Inflation</td><td>3.7%</td><td>4.0%</td></tr></table> Pipeline Supply Real Estate Indicators <table><tr><td></td><td>Q3 2025</td><td>12mth Forecast</td></tr><tr><td>Prime Rent (INR psf pa)</td><td>3,953</td><td>→</td></tr><tr><td>Vacancy</td><td>17.3%</td><td>→</td></tr><tr><td>Market Balance</td><td>Landlord</td><td>Balanced</td></tr></table> For more information, please contact: Kaushik Shah National Director, Occupier Strategy and Solutions kaushik.shah@in.knightfrank.com +91 22 6745 0256 Rents and Vacancy Economic Indicators <table><tr><td></td><td>2025F</td><td>2026F</td></tr><tr><td>GDP Growth</td><td>6.5%</td><td>6.2%</td></tr><tr><td>Unemployment Rate</td><td>NA</td><td>NA</td></tr><tr><td>Inflation</td><td>3.7%</td><td>4.0%</td></tr></table> Pipeline Supply Real Estate Indicators <table><tr><td></td><td>Q3 2025</td><td>12mth Forecast</td></tr><tr><td>Prime Rent (INR psf pa)</td><td>4,200</td><td>→</td></tr><tr><td>Vacancy</td><td>12.5%</td><td>→</td></tr><tr><td>Market Balance</td><td>Landlord</td><td>Balanced</td></tr></table> For more information, please contact: Viral Desai Sr. Executive Director - Occupier Strategy and Solutions viral.desai@in.knightfrank.com +91 80 4073 2600 740 $^{+}$ OFFICES 50+ TERRITORIES 27,000+ PEOPLE 1 GLOBAL TEAM Your partners in property Independent & debt free With over 125 years of experience # The Americas 4 Markets Bahamas | Barbados | Canada United States of America # United Kingdom 4 Markets England | Jersey | Scotland | Wales # Europe # 22 Markets Austria | Belgium | Bulgaria | Czech Republic | Denmark Finland | France | Germany | Greece | Hungary | Iceland Ireland | Italy | Monaco | Netherlands | Poland | Portugal Romania | Serbia | Spain | Sweden | Switzerland 6 1,110+ PEOPLE ）+ # Asia Pacific 16 Markets Australia | Cambodia | Chinese Mainland | Fiji Hong Kong SAR | India | Indonesia | Japan Malaysia | New Zealand | Philippines | Singapore South Korea | Taiwan | Thailand | Vietnam 22 OFFICES 630+ Africa 11 Markets Botswana | Egypt | Kenya | Malawi Morocco | Nigeria | South Africa,ania | Uganda | Zambia | Zimbabwe 7 OFFICES 330+ PEOPLE # The Middle East # 4 Markets Bahrain | Qatar | Kingdom of Saudi Arabia United Arab Emirates Our mission at Knight Frank is to connect people and property, perfectly. SUBSCRIBE to updates and reports delivered to your inbox SIGN UP ONLINE The Asia Pacific Occupier Strategy and Solutions team facilitates this for our clients, offering a broad suite of consulting and transactional services that deliver domestic and multi-market occupiers with the information and advice they require. The integration of these services enables us to understand the critical success factors for your business. Whether you are looking for or currently occupy industrial space, office space or retail space, Knight Frank has experienced teams that are dedicated to advising you, the occupier. Our bespoke commercial agency leasing team ensures we have the optimum expertise for each project. Our relationship with occupiers also ensures we speak to the decision makers who determine occupational strategy. We are locally expert, and yet globally connected. Our multi-market clients are managed centrally from our hubs across Asia-Pacific, from Singapore, Australia, Hong Kong and India, where we devise strategies to empower clients to attain their desired goals. For further information on the report, please contact: # Tim Armstrong Global Head of Occupier Strategy & Solutions tim.armstrong@asia.knightfrank.com +65 9737 9991 # Geraldine Xiao Director, Occupier Strategy & Solutions Asia-Pacific geraldine.xiao@asia.knightfrank.com +65 9191 9560 # Christine Li Head of Research Asia-Pacific christine.li@asia.knightfrank.com +65 8511 3758