Optimism at the start of the year was marred by multiple resurgences of COVID-19 across the region. The new strains of the virus have proven significantly harder to contain, resulting in many markets re-tightening movement restrictions. The management of the pandemic has varied greatly across different markets, and growth forecasts for the region have been lowered for 2021. 

For Q3 2021, Knight Frank’s Asia Pacific Prime Office Rental Index fell  0.3% quarter-on-quarter (QoQ). On an annual basis, the overall index is down 3.1% year-on-year. Overall vacancy remains unchanged, as the market is bifurcated, and improvements in take up in some markets are cancelled out by negative net absorption in others.

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