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Asia Pacific Expert Insights | March 2022

This month, our experts discuss opportunities in Australia's office middle markets, demand in Shanghai's real estate market, declining vacancy in Taipei’s office market and the 2022 outlook for Tokyo's commercial property market.

Markets to highlight this month:


Key Takeaways

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Australia | 2021 Office Middle Markets


Office investment activity rebounded strongly in 2021 with a 47.2% increase on 2020 volumes

Office investment activity rebounded strongly in 2021 with over A$5 billion transacting, a 47.2% increase on 2020 volumes. In 2022 we expect a strong appetite for prime grade long WALE assets with a strong tenant covenant. We think the reopening of borders will deliver a higher volume of buyers and result in more transactions across the country with pent-up demand from foreign investors who have not been able to physically inspect property in Australia.

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Shanghai | 2021 Real Estate Market


2021 Shanghai Real Estate Market: Strong Demand Pushes Up Rents

In 2022, we see the commercial real estate market being primarily driven by strong demand from the macro-economy recovery. For the office and business park sectors, we recommend occupiers secure long-tenancy space, locking in the currently low rents. Landlords should focus on pursuing promising industries, such as TMT, medical & health, and electric vehicles. For logistics, we recommend developers and investors focus on smart warehouses, digitalization, cost-effectiveness, and long-term sustainability as their priorities.

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Taipei | Q4 2021 Office Report


Resilient demand pushes vacancy down sharply with rents increasing

We saw a stable leasing market in 2021 with the vacancy rate declining to 4.1%, a 20-year record low, pushing rental growth of 1.8% YOY. With limited new supply in 2022, we still expect rising rents and decreasing vacancy. With industry trends reshuffling, we anticipate technology, electronics, and online related industries to drive the leasing demand in the next one to two years.

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Tokyo | Office Q4 2021 Review And Outlook


Tokyo office rents are still dropping but recovering demand and low supply keep vacancy in check

Tokyo office rents are still dropping but recovering demand and low supply keep vacancy in check. In Q4 2021, net absorption for Grade A office buildings in Tokyo returned to positive territory and the vacancy rate fell for the first time in almost two years. Tenants took advantage of vacancies in the market and falling rents, and we recommend tenants take advantage of the current market to lock in lower rents in prime buildings.

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For recommendations and insights into commercial real estate opportunities in these markets, reach out to our experts Matthew Meynell, Charles YanAndrew LiuHideki Maruyama.

View more of our expert thought leadership here, or visit our research library for past market insights across Asia Pacific.

Related Experts

Charles Yan

Managing Director | North China

Occupier Services


With more than 20 years tenant representation experiences in Beijing, Charles Yan has considerable experience of structuring flexible and cost-effective lease transactions for occupiers through his comprehensive understanding of occupancy strategies, negotiated complex transactions including relocations of commercial office, restructuring leases, lease renewals, expansion, subleases, surrendering, lease termination and office acquisition. 


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