Knight Frank Asia-Pacific Q1 2025 Office Highlights

Southeast Asia angle:
Southeast Asia's emerging office markets have shown steady growth in the first quarter of 2025, with average prime office rents rising 1.3% quarter-on-quarter.
This positive momentum was primarily led by notable increases in Jakarta, Kuala Lumpur, and Bangkok, signalling improving regional conditions in the face of shifting regional dynamics.
While the ongoing uncertainty complicates long-term decision-making that will likely weigh on occupier sentiment in the near term, India and emerging Southeast Asia will remain resilient, as occupiers diversify their operations to navigate the new landscape.

APAC angle:
Prime office rents in broader Asia-Pacific fell 0.9% quarter-on-quarter, with conditions in the Chinese mainland's tier-one cities remaining challenging and rental growth cooling in Australia.
While the ongoing uncertainty complicates long-term decision-making that will likely weigh on occupier sentiment in the near term, markets like India, Seoul, and emerging Southeast Asia remain resilient.