韧性、复苏与品质追求：2025年第二季度亚太地区办公楼市场动态

Asia Pacific OfficeMarket Dynamics Resilience, reinvigorating and the rush toquality jll.com Contents 01Asia Pacific 05 02 Hong Kong06Beijing07Shanghai08Guangzhou09Shenzhen10Taipei11Tokyo12Osaka13Seoul14Singapore15Bangkok16Jakarta17Kuala Lumpur18Manila19Hanoi20Ho Chi Minh City21Delhi22Mumbai23 Bengaluru24Chennai25Pune26Kolkata27Hyderabad28Sydney29Melbourne30Brisbane31Perth32Adelaide33Canberra34Auckland35Wellington36 Grade A OfficeRental Clock Office investment Research Asia Pacific •Tenants concerned about rising fit-out costs may prefer renewing existing leases over costlier relocations, however demand remainsstrong for premium quality office spaces in prime locations, as occupiers prioritize future-proofing their portfolios throughemployee-centric designs and sustainability features. •With an estimated 6 million sqm of new office space set to be delivered by the close of 2025, starting lease negotiations earlywill bekey for mitigating cost pressures, securing high-quality premises, and adapt to evolving market conditions. •Early mover advantage is anticipated to peak in 2025 as the cycle matures, making this year the optimal window for investment.Markets like Tokyo with robust rental growth and low vacancy continues to draw strong investor interest. The Asia Pacific office sector presented a bifurcated landscape in Q22025, marked by both resilience and caution amid shifting economicconditions and changing tenant priorities. Occupier decisionscontinued to center on premium-grade assets in prime locations, astenants sought to optimize their real estate portfolios. Despiteongoing global economic uncertainty, the sector-maintainedmomentum, with regional vacancy rates stabilizing at 15% andaggregate rents rising by 0.8% quarter-on-quarter. This represents thesixth consecutive period of rental growth, with most marketsexperiencing moderate gains. 2.4%. Seoul also saw an uptick in activity due to ongoing tenantrelocations. In China, cost-sensitive demand remained a key driver,with tenants deferring decisions and landlords offering flexibleleasing terms to sustain occupancy rates.. s.m. (millions) Asia Pacific office investment volumes reached USD 13.2 billion, up24% year-on-year and led by Japan and South Korea. Domesticinstitutional capital and end-users remained the most active investorgroups. While the broader economic slowdown introduces the risk ofsector repricing, markets with limited new supply are expected todemonstrate continued resilience. The region witnessed a notable increase in new completions, withChina and India accounting for the largest share of new supply, nearly6 million sqm of supply is slated for completion by year end. Inseveral markets, tenants consolidated operations into prime CBDlocations. Growing demand for Global Capability Centers (GCCs) inIndia and significant pre-commitment leases in Hong Konghighlighted long-term, strategic investments in these hubs. Tokyoexperienced a marked increase in leasing activity, primarily driven byforward commitments, resulting in further vacancy contraction to Outlook Global economic and political uncertainties are slowing occupierdecision-making, but solid market fundamentals position Asia Pacificto withstand short-term volatility. A growing emphasis on flexibilityand adaptability is making businesses more agile and helping tomitigate long-term space and capital expenditure risks. The ongoing"flight to quality" is expected to reinforce a clear divide in leasingdemand, intensifying competition for premium office spaces. Ansh Goyal |ansh.goyal@jll.com Research Hong KongOffice | Q2 2025 Hong Kong •Positive net absorption with improving leasing activity.•Vacancies improve in some submarkets.•Rental declines across all submarkets. Kong East saw the largest decline (-3.7%). With banks tighteningfinancing and a subdued rental outlook, capital values in the overallmarket dropped by 2.1% q-o-q in Q2 2025, while investment yieldsexpanded marginally. In Q2 2025, net absorption recorded a positive 274,200 sq ft. Marketsentiment improved, with increased activities and ongoingnegotiations among premium buildings in prime locations,particularly Central. Jane Street pre-committed 70% of office space(223,000 sq ft LFA) at Henderson Group's Phase 1 of the Site 3 NewCentral Harbourfront project. The firm will relocate from ChaterHouse upon the building's completion in 2027-28. Outlook Rents for prime Central buildings will stabilise by the end of this year,largely driven by tenants' heightened interest in trophy assets. Anchortenants are capitalising on a first-mover advantage, engaging innegotiation for new projects years ahead of completion. Leasingactivities are expected to improvein H2 2025while vacancy pressurepersists. Overall market rents will drop around 5% this year. Highvacancy and falling rents are anticipated to trigger loan defaults,catalysinga cycle of distressed office dispositions. China Merchants Plaza (142,700 sq ft) in