Reworking Lease Expires

Proportion of markets experiencing rental growth, stability and decline (y-o-y) RENTAL GROWTH TO STRENGTHEN

100%

• Despite strong office demand across the region, rental growth has been comparatively muted. At the regional level, rents declined by 0.4% year-on year (y-o-y) in Q2 2025. Notwithstanding, 68% of the 25 markets covered showed positive, albeit mostly weak, rent growth in Q2 2024. • Rent growth has been consistently strongest in Brisbane, Hyderabad, Mumbai and Hanoi, which has ranged between 5% to 16% y-o-y over the past year. • In contrast, rents have been under downwards pressure in mainland China and Hong Kong in reflection of new supply coming to market at a time of weaker than average demand. • Similarly, there has also been negative rent growth in Manila and Bangkok over much of the past 18 months.

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Decline

Stable

Growth

Source: Cushman & Wakefield

4