Market upturn is underway, but situation remains challenging
Given the signal that the economy is expected to improve, office space enquiries started to increase, despite the level of growth still being modest. However, remaining large vacant spaces on the current market, due to a reduction in occupied space, kept landlords competitive in 2022. We will also see large additional supply completed in 2022.
On the other side, landlords must continue striving to maintain building occupancy and become more accommodative of tenants. Tenants are in a position to maximize the benefits of the current market. Opportunities to relocate and lock in lease terms with competitive rental packages are still widely available.