News

This is due to an influx of new supply.

Vacancy rates are expected to be within range.

A total of 22,500sqm of new retail space entered the market in Q3.

And rents are expected to decline gradually.

New supply won’t rise again until 2028.

The market’s absorption capacity will be tested next year.

Prices are expected to increase in the coming quarters.

Space rationalisation is likely to continue.

Rents in Osaka grew by 2.2% HoH.

Nearly 25,000sqm of new supply will enter the market in 2025 alone.

Positive absorption is expected to persist in the near term.

Supply will be 50% higher than the 10-year average.

Investor interest is still robust in Japan’s office sector.

Only four centres were completed in Q3 2024.Seoul’s challenging project financing market remained prominent. According to a JLL report, in Q3 2024, only four centres were completed, which was fewer than initially speculated. In terms of area, this represented the lowest level in nine quarters, and in terms of number, the fewest in three years.

Newly turned-over units pushed vacancy upwards.

Six new facilities entered the market during the quarter.