Total net absorption of quality office space in Taipei improved slightly to 412 ping in Q4 2020 due to steady relocation activity in the Grade B office segment.
Leasing enquiries for office units ranging between 100 and 300 ping remained stable. Technology-related companies and professional services firms were most active during the quarter.
In spite of Taiwan’s generally successful containment of the pandemic, numerous multinational companies have allowed selected employees to work remotely. Selected firms are evaluating the possibility of reducing their leased space.
Average office vacancy in the Taipei CBD is forecasted to hover at around 4% during 2021 on the back of limited new supply. Average office rents are expected to continue to rise.