Ten of 22 cities recorded stable or increased rents in the past quarter.
Hong Kong declined by 17.1% YoY in 2020 in Knight Frank Research’s Asia-Pacific Prime Office Rents index, the largest drop in the region.
The index also recorded a decrease of 4.1% QoQ.
KF also predicts that office rents will not be recovering anytime soon in the next 12 months. The property research firm said the overall outlook for 2021 in the whole APAC region remains cautions with the index for the region down by 4.9% YoY.
Overall, KF predicts office rents in APAC to continue to decline by 3% in 2021
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