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Taiwan Office Brief - Feb 2025

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Contacts & Related Research

Annual take-up reaches 30,000 ping

Several new buildings were completed in 2024, with over 60% owner occupied and 40% released to the market.

  • Taiwan’s economy showed stable growth and the unemployment rate reached a recent low of 3.32%. Listed companies posted a strong performance in 2024 with total revenue expected to be up 12.8% YoY.
  • The vacancy rate for Grade A offices in Q4/2024 declined slightly to 6.6%, driven by newly completed buildings occupied by the owner.
  • Office take-up in Q4/2024 increased to 13,000 ping, bringing the annual take-up in the Grade A office market to approximately 30,000 ping, representing a 50% increase YoY.
  • The momentum for Grade A office leasing this year was primarily driven by foreign companies, accounting for about 80% of market leasing activity, with American and Japanese fi rms particularly active.
  • The average Grade A office rent in Q4/2024 reached NT$3,206 per ping per month, up 0.4% QoQ and 2.4% YoY, slightly higher than the inflation rate.

In the coming year, new buildings will drive up vacancy rates. As vacant space will be concentrated in specific locations, negotiating power will vary widely across different buildings. It is recommended that a more flexible relocation approach be adopted in location selection and work model planning.

Erin Ting, Savills Research
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