Reworking Lease Expires

Grade A Office net absorption (msf) ONGOING ROBUST OFFICE DEMAND

Tier 1 Chinese mainland India Rest of APAC

• The demand for office space in Asia Pacific remains undiminished. In total there has been more than 128 million square feet (msf) of net absorption over the two years to Q2 2024. • The majority of demand is being experienced in Indian cities, which together account for 63% of total regional demand, equivalent to 81 msf. • After facing some headwinds in 2022 and 2023, office demand in tier 1 cities in the Chinese mainland appears to be recovering, with net absorption of almost 8 msf in H1 2024, which is over 70% of the full year total in 2023. • Office demand in the rest of the region is also positive, with Singapore, Brisbane and Ho Chi Minh City all showing relative strength.

35

30

25

20

4.8

15

3.0

10

3.2

11.6 9.4

6.3

5

3.7 4.2

2.2

-

-5

Source: Cushman & Wakefield

2