亚太办事处2025年第三季度亮点

Knight Frank Asia-Pacific Asia-Pacific Overview–Q3 2025 Summary “Occupier priorities have continued toevolve amid ongoing geopolitical andtechnological shifts. In this dynamicenvironment, organisations areprioritising space solutions that supporthigher density and maximise strategicvalue. The sustained demand forpremium spaces is closely tied tobroader business transformationagendas. In a climate defined byuncertainty, flexibility and resilience havebecome non-negotiable. Corporates arecommitting to new spaces, but with aclear emphasis on agility–embeddingflexible lease terms and pre-let options tomaintain responsiveness and mitigaterisk.” Prime rental growth in the region lost momentumto remain largely unchanged quarter-on-quarterin Q3 2025, down from the marginal 0.2%registered in the second quarter. The decline inChinese mainland markets accelerated amidanother supply-heavy quarter. Rental growth inSoutheast Asia also flatlined, as landlordscontinued to prioritise maintaining or raisingoccupancy levels. spaces in the region. YoYchangefor Asia-PacificRental Index in Q3 2025 Despite a sluggish economy, premium spaces inHong Kong SAR are experiencing an increase innew leases exceeding 10,000 sq ft.An insurancecompany committed to a 330,000 sq ft space inQuarry Bay–the city’s largest lease so far thisyear–which underscored occupiers’ long-termcommitments in the region’s key commercialhubs. Sustained commitments by GCCs in Indiaalso highlighted offshoring as a cornerstone ofcorporate strategy. Melbourne Recorded the highest QoQrental growth in Q3 2025 Landlords in India and Australia, in contrast,remained optimistic. Despite vacancies liftingfrom the delivery of close to 9 million sq ft inBengaluru, Delhi-NCR and Mumbai, rents stillrose 1.7% quarter-on-quarter. Close to half of the region’s major leases wereaccounted for by the financial and tech sectors，while professional services firms made up over10%. Supported by a buoyant stock market, legaland financial groups from the Chinese mainlandhave been observed to expand their presence inHong Kong. 16 of 23 Rents in Australia also grew an average of 1.2% inthe same period across its occupier markets.Brisbane continued to lead the region in terms ofannual rental growth, anchored by robust demandfor prime spaces from the Professional Servicessector. Those in Melbourne also picked up pace tolead the region in terms of quarterly growth. Tracked citiesrecordedstable or increasing rentsYoY in Q3 2025 However, rental growth in the region is likely toremain subdued amid the strong constructiondeliveries over the past two years and the backfillspace created. Notably, after years of tightavailability, conditions in Seoul are expected toturn tenant-favourable, with over 4 million sq ft ofnew office spaces completing in the next twoyears, mainly in the CBD. Cautious Regionwide vacancies rose amid the robustdelivery of new spaces inthe Chinese mainlandand Indian markets, which continued to fuel astrong flight-to-quality trend in the region. This,in turn,supported strong demand for prime Tim ArmstrongGlobal Head of Occupier Strategyand Solutions Expectations for 2026office outlook APAC Prime Office Rental Index Prime rents in the region continued to firm in Q3 2025 APAC Prime Office Vacancy Rate New supply in India and Chinese Mainland lift vacancy rate APAC Prime Rental Rate Growth–Q3 2025 Prime rental growth lost momentum as landlords prioritise occupancy levels BeijingShanghaiPhnom PenhGuangzhouShenzhenHong Kong SARTaipeiAucklandSingaporeBangkokManilaHCMCKuala LumpurNew DelhiSydneyMumbaiPerthMelbourneJakartaTokyoBengaluruSeoulBrisbane APAC Office Pipeline Supply Deferred completions swell development pipeline in 2025 New Supply Growth in 2025 Proportion of 2025 Supply to 2024 Stock Office inventory torise5.3%in 2025 APAC Office Snapshot–Q3 2025 APAC Rent Summary–Q3 2025 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 remainedstable for a third consecutive quarter at an average of 42%. Across the AustralianCBDs, much of the rental increase have been fueled by strong demand at the topend of the market, reflecting the flight-to-quality trend that has defined tenantpreferences in recent years. Brisbane continued to lead with a 14.9% rise whileincentives fell to its lowest levels since late 2020. Rent growth in Melbourne alsoaccelerated, rising 5.3%year-on-yearduring the quarter, up from 2.4% in Q22025. Much of this growth remains concentrated in the Eastern Core, with primerents in the precinct growing 11.1% from the same period last year as availabilitytightens among premium spaces. Following the supply peak in 2025, the pipelinewill thin in Brisbane, Sydney and Perth, as developers face high construction andfunding cost. This will likely drive tighter leasing markets and consequently fasterrental growth.8 Sydney For more