EXCERPT

Net take-up, which is the change in occupied space between two periods, was recorded at 26,000 square meters (sq.m.) for the first quarter of 2022 and is forecasted to reach 350,000 sq.m. by the end of the year, a significant improvement from the annual net take-up of -274,000 sq.m. recorded in 2021.

This means that the occupancy level has stabilized overall as some companies continue to surrender spaces, right size and downsize while the vacancy is expected to rise due to the supply overhang.

At the onset of the COVID-19 pandemic when nobody knew yet the gravity of the problem, Colliers’ Office Services — Tenant Representation initiated The New Normal Paper Series hoping to guide the office market stakeholders how to survive the challenges of the pandemic.

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