• Tenant activity continues to improve, albeit not as strongly as in the previous two months. Activity is weakening in mainland China and Hong Kong SAR but picking up in India, Japan and Korea.

 

  • As in September and October, around 60% of respondents to November’s survey stated they had not detected any major change in demand for flexible office space.

 

  • Respondents are reporting stronger downward pressure on rents, particularly in Hong Kong SAR, Japan and Singapore. Half of respondents are seeing a net increase in incentive levels.

 

  • Leasing sentiment continues to recover but remains negative overall. Mainland China and South East Asia are the only markets where leasing sentiment is positive. Landlords’ negotiation strength weakened further regionwide in November.