Reworking Lease Expires

IDENTIFYING THE WINDOW OF OPPORTUNITY

Dec-23 Mar-24 Jun-24

Dec-24

Dec-25

Dec-26

Dec-27

Hanoi Ho Chi Minh City Singapore Brisbane Kuala Lumpur Seoul Tokyo

Jakarta Sydney

Bangkok Shanghai Hong Kong Manila Pune Hyderabad Manila Mumbai Bengaluru Guangzhou Beijing Shenzhen Kolkata NCR Melbourne Chennai Ahmedabad

Source: Cushman & Wakefield

Over-renting

Markets broadly in equilibrium

Under-renting

9