Taipei Office Figures Q4 2023

February 6, 2024 10 Minute Read

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- Total office net absorption in Taipei’s CBD increased to 7,726 ping in Q4 2023, mainly thanks to stronger relocation demand for Grade A office space.
- Average Grade A office vacancy fell to 6.4% as a steady flow of new leases were signed for space in a newly built Grade A office. Meanwhile, average Grade B office vacancy rose marginally to 3.7% due to negative net absorption.
- While most landlords kept asking rents unchanged, average Grade A office rents grew by 0.4% q-o-q to NT$3,036 per ping this quarter, largely driven by flight-to-quality moves.
- Three new office buildings are scheduled for completion in H1 2024, providing a total new GFA of 27,400 ping to the Taipei office market. While landlords are expected to retain the upper hand in negotiations over 2024, CBRE expects office rental growth to be subdued.