1、Office ResearchBuyers remain highly selective with rising cost of debt and elevated economic uncertainty Asia Pacific|Q1 2023ContentsOffice marketsOffice Market Insights09 Hong Kong10 Beijing11 Shanghai12 Guangzhou13 Shenzhen14 Taipei15 Tokyo16 Osaka17 Seoul18 Singapore19 Bangkok20 Jakarta21 Kuala L
2、umpur22 Manila23 Hanoi24 Ho Chi Minh City25 Delhi26 Mumbai27 Bengaluru28 Chennai29 Sydney30 Melbourne31 Brisbane32 Perth33 Adelaide34 Canberra35 Auckland36 WellingtonJLL Asia Pacific Office Q1 2023206ForewordAsia Pacific office leasing conditions were challenging again in 1Q23 with macroeconomic and
3、 geopolitical headwinds giving corporates pause,delaying decision making and lengthening leasing negotiations.Activity was weak in Mainland China,in line with our view that a swift rebound in deal volume was unlikely.Japan lifted COVID-19 restrictions late last year and the market continued recoveri
4、ng last quarternew supply has provided occupiers with multiple options to consider.Demand in India has been broad based,and leasing has gone from strength to strength on the sub-continent though there are signs that demand from tech companies,a major contributor to leasing volumes,has slowed.We are
5、cautiously optimistic that Asia Pacific leasing volumes will continue to recover over the coming quarters as evidenced by the requirements clients are bringing to us and anecdotal reports from landlords;however,it is a tale of two office markets.Clients are prioritising employee wellness,amenities a
6、nd sustainability,and buildings which meet these requirements are outperforming the rest of the market in occupancy and rent growth and there are no signs this trend is abating.As always,we publish this report to inform you of market conditions and we hope that you find it both timely and useful.If