CECO, SINGAPORE
Office Market Total prime net absorption across Asia Pacific’s top 27 markets reached 92 msf in 2025, up from the 76 msf recorded in 2024 as markets continue to recover from 2022 lows. While occupiers have adopted a cautious approach to the market, the expansive nature of the region has continued to underpin ongoing space demand.
India has led this growth story; what started as a post-pandemic rebound has evolved into an enduring trend of significant demand with India’s top eight cities accounting for two-thirds of regional demand. Such demand trends are forecast to continue through 2026, albeit with a slight normalisation in Indian office demand following outperformance in 2025. A notable change from recent trends has emerged on the supply side. Total new supply under construction across the region’s core markets started 2026 at 386 msf, with 192 msf located in India’s top eight cities and 194 msf across the remaining 19 cities. The latter figure is well below the nearly 410 msf peak recorded in early 2018, underscoring the impact of elevated construction costs on the office market. Accordingly, vacancy is expected to trend down over the forecast horizon and support accelerating rental growth. Such trends are likely to be exacerbated for high-quality buildings in high-quality locations. Corporates are therefore well advised to prioritise decision making on high-priority sites to secure in-demand space.
Figure 2: Regional annual grade A office net absorption (msf) and vacancy rate by broad geography*
120
20%
Tier 1 Chinese mainland
India
Rest of APAC Vacancy rate (rhs)
18%
100
16%
14%
80
12%
60
10%
8%
40
6%
4%
20
2%
0
0%
* Tier 1 Chinese mainland = Beijing, Guangzhou, Shanghai, Shenzhen India = Ahmedabad, Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai, Pune Rest of APAC = Adelaide, Bangkok, Brisbane, Hanoi, Ho Chi Minh City, Hong Kong, Jakarta, Kuala Lumpur, Manila, Melbourne, Perth, Seoul, Singapore, Sydney, Tokyo.
Source: Cushman & Wakefield
6
7
Cushman & Wakefield
APAC Office Fit Out Cost Guide 2026
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