Enquiries and searches for office spaces continue to arrive despite low transaction activities. We still expect to see some potential tenants to either relocate to newer buildings or extend their current occupancy. Relocation will generally occur within the same area, which would therefore have little impact on the overall occupancy rate. Whilst some building owners have become increasingly aggressive in securing tenants, a few landlords opted to wait for the right tenants to fill up their spaces.
The supply pipeline from 2020 to 2022 will be a good basis in evaluating any plan for new developments. Having said that, it is very important to secure upfront commitments with big tenants prior to placing any construction plans going forward.