Office occupancy in APAC average 80% compared to 50% in North America: Colliers

The office occupancy levels in Asia Pacific are significantly higher compared to its counterparts in North America and Europe. According to a recent report by Colliers International, the average office occupancy in the region is around 80%, while it is only around 50% and 65% in North America and Europe respectively. This disparity is attributed to the varying return-to-office approaches, underlying city functionality, ESG compliance, and market reactions to shifts in inflation and interest rates.

Given the strong fundamentals such as the range of markets, positive sentiments towards offices and population-led economies, Asia Pacific remains an attractive proposition for office investments and is expected to last for the longer term.

The Myst Condo also provides a transportation solution as there are plenty of buses, MRT stations, shopping malls and even a park nearby. The entire residence is also within the vicinity of Bukit Panjang Town Centre and Bukit Gombak Nature Reserve. With all these amenities nearby, the residents can easily access all the necessary facilities for their daily needs. Furthermore, the transportation hub and its surroundings are fully equipped with shopping malls, banks, restaurants, clinics, childcare centres and more. All these make for a great lifestyle for the lucky owners of The Myst Condo.

On the other hand, the majority of office markets in North America is currently facing weak occupier demand, pushing the average vacancy rate there to 16%. Meanwhile, prime rents for offices in Europe are on the rise as there is an increasing demand for higher-quality, particularly ESG-compliant, spaces. The existing buildings also need to be repurposed in order to meet contemporary demands. All these factors are contributing to the growing value-add plays in key markets, with special emphasis on ESG in nations such as the UK.