Savills - Asia Pacific Office Markets Spotlight, July 2023

This report provides a comprehensive overview of the current state of office investments in the Asia Pacific region. Despite the challenges brought about by the pandemic, the office market in the region remains resilient. The report highlights the top 25 Savills Tech Cities in 2023, dominated by tech cities with a range of attributes including a conducive business and tech environment, a city buzz and wellness bias, and a strong talent pool. The report emphasizes the importance of linking to the world's best universities to recruit skilled graduates for the knowledge economy of the future. The report also discusses the changing demographics of the global population, including the rise of Gen. Z who now represent around 25% of the total. Gen. Z has been immersed in the Internet from birth, is focused on well-being and ESG, and has a high desire for flexible working and a healthy work/life balance. The report notes that urbanization is expected to stimulate demand for office-based employment, with the global urban population overtaking the rural population in around 2006. Finally, the report provides insights on interest rates in different markets in Asia Pacific and the impact of work from home practices on the office market in the region. The report notes that while work from home practices have become more prevalent due to the pandemic, the office remains an important hub for collaboration, innovation, and company culture. Overall, the report provides valuable insights for investors, developers, and other stakeholders in the Asia Pacific office market.