Savills

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Office Brief - May 2022

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Contacts & Related Research

Average rents hit NT$3,000 per ping in Q1

Leasing inquiries rebounded at the end of Q4/2021, but corporates remain cautious about spending.

  • Given the completion of three new offi ce buildings, total take-up reached 16,371 ping in Q4/2021 versus 24,700 ping over 2021 as a whole.
  • Ninety percent of take-up in 2021 came from pre-lettings and pre-sale activity.
  • The overall vacancy rate increased slightly by 0.2 percentage points (ppts) to 2.9% in Q4/2022 and rents stood at NT$2,999/ping, up 0.3% QoQ and 1.3% YoY.
  • Corporates remain cautious on spending which meant thatoffi ces ranging between NT$2,000 and NT$3,000 per ping have been popular, despite the fact that broader economic growth has been outstanding.
  • International coworking brands have adjusted their strategies to set up new co-working spaces in tech clusters tocatch demand from the fast-growing sector.

The supply shortage is unlikely to ease over the next six months with no new projects scheduled to be handed over and this should push rents higher, especially for prime offi ce buildings.”

Erin Ting, Savills Research
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