The Office Is Making a Comeback in Asia
The office market in Asia is making a comeback and companies in the region are planning to increase office space, a CBRE survey found.
According to the survey, 66% of Asia-based companies expect to add more square feet to their office footprint in the next 3 years. About a third of multinational companies also expect their office portfolio to grow over the same time period.
The findings suggest that Asian companies are likely to return to traditional work arrangements, unlike their European and American counterparts, which are increasingly embracing hybrid work models. Asian companies also preferred dedicated office stations vs hot-desking.
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With companies expected to go back to their pre-pandemic normal, the office markets in the region are gaining traction. In Hong Kong, leasing volume recorded a 69% increase in the second quarter compared to the same quarter last year. Singapore’s grade A office market also experienced increased lease activity.
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