Office market witnesses first positive take-up since Q3 2019

The market recorded a positive net absorption of 327,700 sq.ft in Q3 2021.

The office market recorded a positive net absorption of 327,700 sq.ft in Q3 2021 -- a first since 2019 of the same quarter.

Cushman & Wakefield reported a "resurgence" of leasing activity in Q3 with office space availability dipping to 13.9%.

Citywide rental decline also slowed down, recording a 1.2% q-o-q drop.

Banking & Finance (27%) ,Insurance (15%) and Business Centre / Co-working (12%) were the sectors which contributed to the pickup of leasing activity in Q3, according to analysts.

The deals made in the three sectors resulted to a 12% q-o-q drop or reduction of 62,000 sq. ft. in the amount of office space being surrendered.

While leasing activity is expected to remain stable in Q4, analysts said availability rates will "significantly increase" in 2022 with completion of new offices in decentralized submarket.