Office occupancy in the Asia Pacific region is currently at an impressive 80%, a significantly higher figure than those for both North America and Europe. This is largely attributed to a combination of factors such as varying return-to-office approaches, underlying city functionality, ESG compliance, and market reaction to shifts in inflation and interest rate movements.

Due to these factors, Colliers International has found a resulting divergence in office investment volumes, pricing and global investment appetite. Chris Pilgrim, managing director of Colliers’ global capital markets in Asia Pacific, highlighted the long-term attractiveness of the Asia Pacific office market, which is largely underpinned by diverse range of markets, positive sentiment towards offices, and resilient economic growth stemming from strong population-driven economies.

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Meanwhile, the average office vacancy rate in North America has risen to 16%, as landlords struggle to provide incentives for rents and occupier demand remains weak. In Europe, however, demand for higher-quality spaces (particularly those that meet ESG compliance requirements) is leading to a rise in prime rents. This is especially true of the UK, where an increasing proportion of buildings are being deemed obsolete and are therefore facing pressure to repurpose their spaces to meet contemporary demands.

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