Office leasing market in Asia-Pacific most resilient to Covid-19 fallout than other regions: Report

SINGAPORE - The Covid-19 recession will have a more benign and shorter-lived impact on the office leasing market in the Asia-Pacific , excluding Greater China, than elsewhere around the world, while the region will take just a marginal hit from the work-from-home phenomenon.

Net absorption in APAC this year will plunge by 70 per cent from last year to about 21 million square feet under the baseline scenario, the firm predicted. This represents an absorption rate of 2 per cent, the lowest since record-keeping began in 2007.From 2022 to 2030, the firm foresees net office demand growing by 729 million sq ft in the region.

In terms of APAC's office employment base, the demographic growth in emerging markets helps to mitigate overall office-job losses. A sharper peak-to-trough rental decline of 21.3 per cent is forecast over the next 21 months for offices in the region's advanced markets, after factoring in the more severe employment declines and more elastic rent responses to declining occupancy levels.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Asia stocks open sharply lower as faith in global recovery from pandemic slipsTOKYO (REUTERS) - Asian stocks slid when trading opened on Thursday (Sept 24), tracking a sharply lower Wall Street session amid fresh concerns that the global economic recovery from the coronavirus pandemic is running out of steam.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

Tech stocks reverse rally to lead markets rout in Asia, US, EuropeASIAN stock markets tumbled on Tuesday, taking their cue from a Monday night sell-off in Europe and the United States. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

ECB plots Amazon-style market to prevent Wall Street COVID-19 debt swoopEurope is working on an Amazon-style website to sell hundreds of billions of euros of bank loans which have been soured by the coronavirus crisis, ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

COVID-19 vaccine verdicts loom as next big market riskOptimism that vaccines are on the way to end the coronavirus pandemic has been a major factor in this year’s U.S. stock resurgence. That will face ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »