亚太办事处2025年第三季度亮点

Investment Rating - The report indicates a cautious outlook for the office market in the Asia-Pacific region for 2026, reflecting ongoing geopolitical and technological shifts [11]. Core Insights - Prime rental growth in the Asia-Pacific region has lost momentum, remaining largely unchanged quarter-on-quarter in Q3 2025, with a decline from 0.2% in Q2 2025 [4]. - The Chinese mainland markets experienced an accelerated decline in rental growth due to a supply-heavy quarter, while Southeast Asia also saw flatlining rents as landlords focused on maintaining occupancy levels [4][5]. - In contrast, landlords in India and Australia remained optimistic, with rents rising by 1.7% quarter-on-quarter in India despite increased vacancies from new supply [5]. - Brisbane led the region in annual rental growth, driven by strong demand from the Professional Services sector, while Melbourne showed significant quarterly growth [6]. - The overall vacancy rates in the region increased due to robust new space deliveries, particularly in the Chinese mainland and Indian markets, which supported a flight-to-quality trend [7]. - Premium spaces in Hong Kong SAR are witnessing an increase in new leases, indicating long-term commitments from occupiers despite a sluggish economy [8]. - The financial and tech sectors accounted for nearly half of the major leases in the region, with professional services firms making up over 10% [9]. - Rental growth is expected to remain subdued due to strong construction deliveries over the past two years and the backfill space created [10]. Summary by Sections Rental Growth - The Asia-Pacific Rental Index showed a year-on-year change of -1.4% in Q3 2025, with 16 out of 23 tracked cities recording stable or increasing rents year-on-year [11]. - Melbourne recorded the highest quarter-on-quarter rental growth in Q3 2025 [11]. Market Outlook - Occupier priorities are evolving, with a focus on space solutions that support higher density and strategic value, emphasizing flexibility and resilience in lease terms [11]. - The report anticipates that conditions in Seoul will become tenant-favorable with over 4 million sq ft of new office spaces completing in the next two years [10]. Regional Insights - In Australia, prime net effective rents rose 5.5% year-on-year, with Brisbane leading at a 14.9% increase [31]. - In Southeast Asia, rental growth remained weak, with Ho Chi Minh City experiencing a 1.7% quarter-on-quarter decline as landlords adjusted rents to align with new supply [56].