{"id":26571,"date":"2022-01-10T13:40:35","date_gmt":"2022-01-10T06:40:35","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=26571"},"modified":"2022-01-11T10:17:35","modified_gmt":"2022-01-11T03:17:35","slug":"asia-pacific-office-market-exhibits-strength-demand-to-rise-in-2022-cushman-wakefield","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/asia-pacific-office-market-exhibits-strength-demand-to-rise-in-2022-cushman-wakefield\/","title":{"rendered":"Asia Pacific office market exhibits strength, demand to rise in 2022: Cushman & Wakefield"},"content":{"rendered":"

Flexible work arrangements to have \u201cmuted\u201d impact on demand<\/span><\/span>\u00a0<\/span><\/p>\n

\"\"
India\u2019s biggest cities are set to witness a surge in demand following last year\u2019s prolonged decision making. BoeingMan777\/Shutterstock<\/figcaption><\/figure>\n

According to the CATCH \u201822 Asia Pacific Commercial Real Estate Outlook 2022 report by\u00a0<\/span>Cushman & Wakefield<\/span><\/a>, the Asia Pacific office sector has demonstrated extraordinary resilience since the dawn of the outbreak, stating that it is \u201cthe only region to record consecutive quarters of positive net absorption\u201d.<\/span>\u00a0<\/span><\/p>\n

As\u00a0corporate occupiers make decisions based on corporate footprints, office demand is\u00a0projected to rise. By\u00a0end\u00a0of this year,\u00a0demand is anticipated to reach 74 million square feet (msf)\u00a0before reverting to pre-pandemic levels of roughly 832\u00a0msf\u00a0in 2023.<\/span>\u00a0<\/span><\/p>\n

Though C&W expects businesses across Asia Pacific to incorporate flexible working schemes, the impact on demand will be somewhat \u201cmuted\u201d as employees in the region are less in favour of the flexible work setup compared to those in Europe and the U.S.<\/span>\u00a0<\/span><\/p>\n

Looking ahead, the firm predicts the growth of\u00a0employment and the shift to a bigger\u00a0ratio of office-based\u00a0labour\u00a0to compensate for the current impact of remote working.<\/span>\u00a0<\/span><\/p>\n

More: Asia Pacific\u2019s commercial investment to increase 15% to $200B<\/strong><\/a><\/p>\n

For a more indepth outlook, the report shared that India\u2019s biggest cities are set to witness a surge in demand following last year\u2019s prolonged decision making. Singapore and Bangkok are also displaying great progress driven by the resurging demand in the second half of 2021, which will most likely continue this year as more employees report to the office. <\/span>\u00a0<\/span><\/p>\n

Australian cities will be experiencing a more modest growth since the tug on remote working will be more evident, resulting in some office occupiers merging their premises by 20 percent. Seoul will have a more subdued demand as a result of limited new supply, tight vacancy, and solid growth in 2021; as will Tokyo after logging unfavourable demand of around 1.6 msf in 2021. Meanwhile, Mainland China will go through a slight decline from its 2021 record figures.<\/span><\/p>\n

The Property Report editors wrote this article. For more information, email:\u00a0<\/i>propertyreport@propertyguru.com<\/i><\/a>.<\/i>
\n<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Flexible work arrangements to have \u201cmuted\u201d impact on demand\u00a0<\/p>\n","protected":false},"author":9,"featured_media":26572,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[223,220,2560,219],"class_list":["post-26571","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-asia-pacific","tag-commercial","tag-demand","tag-offices","news_country-asia-pacific","news_author-property-report"],"acf":[],"yoast_head":"\nAsia Pacific office market exhibits strength, demand to rise in 2022: Cushman & Wakefield | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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