‒Total net absorption fell into negative territory, partly due to an increasing number of occupiers turning more cost-conscious.

‒Average office vacancy rose marginally over the quarter, while rents grew by 0.6% q-o-q on the back of an ongoing shortage of medium and large offices for lease.

‒Leasing activity is expected to pick up slowly in the coming months as some selected large tenants carefully assess hybrid working policies and future workplace requirements.

‒With no new supply due for completion in the next few quarters, Taipei’s office market is expected to continue to favour landlords.