Most markets reported improved levels of leasing enquiries and site inspections towards the end of Q3 2020. However, with large size transactions taking longer to be concluded, leasing volume is unlikely to recover until mid-2021.
Except for Mainland China, most occupiers across the region are displaying a reluctance to commit to CAPEX for new leases and office fit-outs as they remain in wait-and-see mode.
Tech firms continued to display a relatively healthy appetite for flight to quality or expansion in key Asian markets.
Demand from flexible space providers has been subdued but local operators are comparatively more upbeat. The quarter saw stronger occupier interest in committing to flexible space as a short-term solution or for cost saving.