Asia Pacific Q1 2024 Office Highlights

Average prime rents in the region registered its seventh consecutive quarterly decline, dropping by a quicker 3.2% year-on-year in Q1 2024, compared with the 2.4% year-onyear fall in Q4 2023. Weak fundamentals in Chinese Mainland cities constituted the main drag, as rental declines in these markets steepened during the quarter to plumb record lows. Conditions in the region, however, veered between extremes as those in Seoul and Taipei hovered at multi-year highs.