Asia Pacific Office Outlook 2024

SHANGHAI

DEMAND & VACANCY

N E T A B S O R P T I O N ( S QM ) A N D VAC A N C Y R AT E ( % )

FORECAST

1,600,000

25.0%

1,400,000

20.0%

 Considering the slow economic recovery and ongoing uncertainty

1,200,000

1,000,000

internationally, the office leasing market will remain sluggish. As a result, net absorption is expected to be around 550,000 sqm in 2024.  Due to the high volume of new supply to be added in the future, a vacancy rate

15.0%

800,000

10.0%

600,000

400,000

5.0%

200,000

peak of around 22.7% is expected in 2024.  The net absorption is

0.0%

0

2021

2022

2023F 2024F 2025F 2026F 2027F Net Absorption Vacancy Rate

expected to stabilize when the economy stabilizes in the mid- to longer term.

Source: Cushman & Wakefield