R E S E T T I N G A S I A PA C I F I C O F F I C E S T R AT E G Y

Most cities in Asia Pacific are now well on the path to recovery from the impact of lockdown and
other restrictions introduced at the onset of the COVID-19 pandemic in early 2020.

However, with cross-border business travel remaining near impossible, most client and team
meetings being conducted virtually, and many employees still working remotely, business activity is
set to experience disruption for some time to come.

This has prompted companies to undertake comprehensive reviews of their real estate portfolios
and future office space requirements as they look to adapt to a very different world to the one that
existed just 12 months ago.

This report by CBRE Asia Pacific Research serves as a primer for occupiers conducting reviews of
their short to medium term office portfolio strategy. It examines how office strategy will evolve in the
coming years, from labour to location, and from occupancy to design, and explains how these and
other elements are increasingly interconnected.

The report is based on the findings of CBRE’s recent “The Future of the Office” survey, which was
conducted in early October 2020. The survey interviewed senior representatives of more than 100
multinational and large domestic companies in Asia Pacific.

Readers may also be interested in an upcoming CBRE Global Research campaign on the future of
work, beginning with the “The Real Estate Reset”, which elaborates on how office strategy will
evolve in the coming years with regards to workforce, location, design and use of office space.

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 Figure 1: Leadership attitudes towards working location

While many companies have provided employees with the option to continue working from home
for an extended period, CBRE’s survey found that 72% of senior leaders would like to, or are
REQUIRED TO WORK AT OFFICE
encouraging, employees to work from the office. Just 11% are instructing or encouraging staff to
stay at home.

The steady decline in COVID-19 cases in most markets across the region is enabling occupiers to
11% Bring everyone back to the
office; no changes needed

bring employees back to the office. However, office utilisation varies by market and is largely
correlated by the severity of the pandemic. In Greater China, offices are now back to 70% capacity,
while in India, the figure is just 20%. 27% Bring everyone back to the
office; rethink workplace design

35%
Office utilisation will likely remain fluid until vaccination programmes are well underway. While Encourage employees to work in the office;
Auckland, Ho Chi Minh, Seoul, Tokyo and Hong Kong appeared to have succeeded in containing allow them to work from home if they wish
the virus by mid-2020, a resurgence in cases led to the reintroduction of tight restrictions in August.

More recently, companies in Hong Kong and Seoul introduced flexible working arrangements REQUIRED TO WORK FROM HOME
following an uptick in cases in late-2020, while in early January Tokyo declared another state of
emergency after new cases reached the highest level since last year. Elsewhere, workers are
gradually returning to the office in Singapore, Auckland and several Australian cities.

With the pandemic having lasted for most of 2020 and set to continue well into this year, it is clear
11% Encourage employees to work from
home; work in the office when needed

that society must learn to coexist with the virus and balance lockdowns and other restrictions without
incurring significant economic damage. Companies must therefore stay agile by permitting a range
of working styles and locations enabling employees to adapt to what could be frequent office NO UNIVERSAL ANSWER
closures and openings.

17% No universal answer

N = 106 respondents, Asia Pacific The Future of the Office survey

Source: CBRE Research, January 2021

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 Figure 2: Asia Pacific office utilisation rates

Closed Open Median

Office utilisation rate No one has access <25% 25% - 50% 51% - 75% >75% utilisation rate
(APAC: 44%)

Greater China 4% 17% 27% 52% 69%

North Asia 3% 20% 47% 17% 13% 42%

(Japan and Korea)

South East Asia 3% 33% 36% 9% 19% 40%

Australia / New Zealand 48% 52% 26%

India 21% 74% 5% 14%

N = 106 respondents, Asia Pacific The Future of the Office survey

Note: The utilisation rate is based on the number of workstations used vs maximum capacity allowed before the pandemic
Source: CBRE Research, January 2021

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 Corporate real estate demand and locational preference have traditionally been dependent upon These issues require companies to overhaul their office portfolio strategies by evaluating the
business growth, which directly correlates with changes to headcount. This made for a following key considerations, all of which are more interconnected and dependent upon one
straightforward and linear decision-making process in the pre-pandemic world. another than ever before:

However, the business disruption wrought by the pandemic and the uncertain albeit improving
outlook are making it far more complicated for companies to ascertain future business and staffing
requirements.

The widespread adoption of remote working is transforming how companies calculate the number
The volatile macro environment Occupiers must introduce new working
of office-based employees and related workspace demand. The pandemic has also prompted many
means businesses must stay agile and styles and provide staff with freedom and
employees to re-evaluate the time and cost of commuting to work and strengthened the appeal of
align growth with the interests and options about where to work. Along with
living outside city centres.
expectations of employees and their productivity, employee engagement and
preferred ways of working wellness now carry more weight

Reassess the usage and allocation of Increase optionality and agility to

space for meetings, collaboration and
concentration. Adopt a responsive
approach towards office and space
design to create an enhanced
experience that supports both office-
based and remote working
mitigate the impact of short-term
demand volatility. Re-evaluate the
balance between core and
decentralised locations. Assess
requirements for the consolidation
and dispersal of the workforce

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 Figure 3: Traditional real estate strategy decision-making processes Figure 4: New metrics informing office strategy
and changes resulting from the pandemic

BUSINESS
Labour STRATEGY Design & Experience
Consideration Consolidation
BUSINESS HEADCOUNT WORKSPACE LOCATIONAL
GROWTH GROWTH DEMAND STRATEGY

A mobile Change in the Agglomeration WORKFORCE THE FUTURE WORKPLACE

Disruption to workforce effect; benefits of OF WORK
business activity type of activity STRATEGY STRATEGY
aligned with in office; the having industrial
and uncertain flexible clusters could be
outlook need to work at
working the office challenged

CHANGE IN CONSIDERATIONS SINCE PANDEMIC

Location PORTFOLIO Occupancy
Consideration STRATEGY Consideration

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 The imposition of citywide lockdown measures and social distancing protocols have led to the Figure 5: Percentage of total workforce permitted to work remotely, Asia Pacific
widespread adoption of home-working across Asia Pacific. Many companies have announced the
extension of these policies until mid-2021, even though their offices have already reopened.
60%
Post-COVID Pre-COVID
Multinational tech firms have been among the most enthusiastic adopters of remote working, with 50%
some firms announcing that they intend to let all staff work from home indefinitely. Others expect
that up to 50% of their staff could work remotely on a full-time basis within the next 10 years. While 40%
global banks and financial firms also embraced home working at the onset of the pandemic, most
30%
have now commenced the phased return of employees to the workplace.
20%
Although adoption of remote working varies among Asian companies, most plan to adopt a more
flexible attitude towards remote working in future. However, a sizable number of Chinese and 10%
Korean tech firms, along with Japanese companies across a range of sectors, are eager to see their 0%
staff return to the office once the pandemic is contained.
All can >75% 51-75% 26-50% 10-25% <10% Unsure
work
Despite the gradual return to the office, the shift to increased levels of remote working will become
a permanent feature of the corporate landscape in many Asia Pacific markets. CBRE’s survey found
remotely % of workforce able to work remotely
that prior to the pandemic, most companies restricted remote working to no more than 10% of their
workforce; a figure set to rise as high as 50% in the coming years. A quarter of respondents expect Figure 6: Frequency at which employees can work remotely in the future, Asia Pacific
at least half of their employees to work remotely by 2025. This will require staff to work seamlessly
across a range of remote locations and a physical office provided by their employer, creating a
hybrid workforce. 37%

While most companies intend to provide employees with the option to work remotely, they do not
expect staff to do so on a full-time basis. Around 66% of survey respondents intend to allow remote
working for no more than one or two days per week. With an average of just 7% of the total 18% 17%
workforce allowed to work remotely full-time, a physical office will remain essential. About 37% of
11%
employees still prefer to work from the office all the time, even when they are given the option of 9% 9%
remote working.
Work in office About 1 or 2 1 day per Up to 3 days 4 or 5 days Work
all the time days per week or less per week per week remotely all
month the time
N = 106 respondents, Asia Pacific The Future of the Office survey
Source: CBRE Research, January 2021

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 There are several significant obstacles to the effective implementation of remote working in Asia. Figure 7: Average residential space per capita in Asia Pacific versus the U.S., 2017
These include small residential spaces, the absence of dedicated areas for work and homes that are
shared with numerous other family members. This problem is especially acute in Hong Kong SAR,
which has just 160 sq. ft. of residential space per capita. Several emerging Asian markets also have
issues around inadequate infrastructure such as unreliable power supply and poor internet access. Hong Kong SAR

Companies seeking to introduce long-term and large-scale work-from-home policies will need to Vietnam
invest in digital solutions to support remote working and ideally bear some or all of the costs
incurred by employees working from home. India

Existing support primarily consists of the provision of electronic devices or hardware to employees. Thailand
With higher levels of remote-working set to become the new norm, companies will need to take
responsibility for their employees’ physical and mental health outside traditional workplaces. Singapore
Subsidies or reimbursement programmes for occupancy and utility costs for employees working
from home remain limited at present. However, several global tech giants, banks and business Mainland China
services firms, along with a few Asia Pacific-based companies, recently announced the provision of
allowances ranging from a few hundred to several thousand USD for employees to purchase Korea
necessary equipment.
Taiwan
Concerns about maintaining corporate culture, mentoring junior staff and building team spirit have
Japan
largely subsided along with the relatively successful introduction of mass remote working. However,
risks related to cybersecurity and business confidentiality will need to be addressed.
New Zealand

United States

Australia

0 200 400 600 800 1,000

(sq.ft.)

Source: Valuation and Property Services Departments, UNCHS and the World Bank; CBRE’s Global Living Report 2020

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 Figure 8: Key steps adopted by survey respondents to support remote working

53%
41%
31% 30%
20%
13% 11%

Provide electronic devices Community apps to support Wellness programmes for Allow employees to use their Financial subsidies for Reimburse utility costs Set physical standards
communication and social employees own electronic devices employees (e.g. electricity, internet and (e.g. proper desks and
networking mobile data) quality chairs)
N = 106 respondents, Asia Pacific The Future of the Office survey
Source: CBRE Research, January 2021

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 The shift to more agile and experience-oriented workplaces commenced several years ago. With
the pandemic accelerating these trends while spurring the adoption of remote working, companies
will need to reconsider workplace design to meet future requirements.

CBRE’s survey found that leadership believe offices possess considerable advantages over remote
working locations in terms of driving employee engagement, innovation and team productivity.

Employees largely share these views1, with many staff actively choosing to work from the office to
connect with teammates, collaborate face-to-face and access tools and technology.

Views regarding the impact of working location on individual productivity are more divided and
largely depend upon the nature of tasks being performed and the suitability of the home
environment.

However, as a typical working day generally includes both individual and collaborative work,
employers must provide sufficient workspace for individuals. To enhance workplace flexibility,
companies can also consider private offices that can be used for both individual work and small
meetings.

Survey responses indicate remote working is more cost effective than the office. However, the
implications for cost saving are not straightforward as office premises are generally under fixed
lease terms.

Companies will need to conduct rigorous analysis of new working patterns to be able to accurately
gauge future office demand. Alternatively, occupiers may also consider the use of flexible space so
they can recalibrate demand in a timelier manner.

These findings underline the fact that workplace designs of the future should focus on enhancing
collaboration, employee engagement and technology to improve productivity. Space usage also
needs to be more flexible and capable of accommodating individual work and team collaboration.

1. CBRE’s “Workforce Sentiment Survey?”, 2020.

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 Figure 9: Comparison of performance metrics between remote working and workplaces

Remote working is much better Workplaces are much better

1 - Remote working is much better 2 3 4 5 - Workplace is much better

Employee engagement 4% 20% 25% 31% 20%

Innovation 4% 13% 36% 31% 16%

Team productivity 2% 17% 36% 30% 15%

Cost effectiveness 15% 27% 29% 20% 8%

Individual productivity 9% 14% 53% 14% 9%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
N = 106 respondents, Asia Pacific The Future of the Office survey
Source: CBRE Research, January 2021

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 Changes to workplace design will involve a combination of relatively straightforward retrofitting initiatives to facilitate the re- Figure 10: Workplace space considerations
opening of offices in the short-term, along with more fundamental redesigns to create a post-pandemic office environment in
the long-term.
100%

Too soon
Occupiers must utilise tools and technology already at hand to efficiently adapt their workplaces to enhancing employee health and safety. A quick to tell
fix would involve reconfiguring space to ensure physical distancing while enabling the office to operate at optimal or reduced (30-50%)
occupancy. Specific measures include:
75%
• Entrances: Installation of thermal temperature scanning equipment and touchless entry doors and elevators.
• Workstations: Fewer desks and buffer zones of at least 1.5 m.; clear plastic screens or shields between workstations as needed.
• Communal areas: Fewer seating options; labels and physical dividers. Decrease
• Meeting rooms: Staggered seating and one-way signage to restrict movement along corridors; More online meetings

Facilities management practices must be enhanced to reduce the risk of virus transmission. These may include providing additional sanitation
equipment, installing high quality air filtration systems, and introducing a compulsory facemask policy. 50%

No change
Workplace design will have to respond to changes to working styles. Offices must become more experience-oriented, sharpen their focus on
wellness and environmental stability2 and play a more prominent role in enhancing company culture, connectivity and community.
25%
CBRE’s survey found that 47% of respondents expect offices to feature more collaborative space in future. Furniture in these areas will need to be
customisable for ease of mobility and increased flexibility.

Survey participants displayed divergent views on the volume of space per desk required in future. While it would be logical to assume that social Increase
distancing measures will require larger workstations, 40% of respondents said they anticipate no change in space per desk, while 26% expect
smaller desks given ongoing CapEx constraints and the focus on space efficiency.
0%
Rather than increasing desk size, some office furniture providers believe that social distancing can be achieved by rotating workstations into a Collaborative Meeting space Space per desk
honeycomb or pinwheel shaped format to ensure employees do not directly face each other 3. Transparent shields can also be installed to ensure space inside the outside the office
social distancing while maintaining open space layouts. workplace
In addition to increasing the volume of space per desk, companies may also consider adding more enclosed modular furniture that can
accommodate multiple functions including individual focused work, small meetings or teleconferences. N = 106 respondents, Asia Pacific The Future of the Office survey
2. CBRE’s “Asia Pacific Viewpoint: Workplace Wellness in 2020” Source: CBRE Research, January 2021
3. CBRE’s “The Future of Furniture - How Will Office Furniture Adapt to Move Forward?”, 2020.

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 Figure 11: The future of office furniture and workplace design

Current Future Current Future

Current Future Current Future

CBRE’s “The Future of Furniture - How Will Office Furniture Adapt to Move Forward?”, 2020.
Source: CBRE Research, November 2020

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 Many companies in Asia Pacific introduced Activity- Figure 12: The evolving workplace
Based Working (ABW) several years ago to provide a
more mobile workforce with an office environment
capable of accommodating both individual and ACTIVITY-BASED WORKING EVENT-BASED WORKING
collaborative activity.

Reflecting pre-pandemic working patterns, ABW

workplaces still allocate more space for staff to perform
individual or “ME” work. However, CBRE believes these
formats need to be re-considered to allow for a larger TEAM-BASED WORKING
volume of team and event-based collaborative work set
to take place in the office in future.

Office design will need to consider Team-Based

Working (TBW), with groups of employees in same
business functions or working on the same project
sitting in a single neighbourhood. This will increase
connectivity, collaboration and bonding. Collaborative
space will be brought closer to a team’s domain to 50% 10% 25% 10%
facilitate quick discussions and meetings. 15%
10% 50% SUPPORT
25% SUPPORT
Workplaces that involve frequent meetings and events ME ME
can be designed as Event-Based Working (EBW). Many AMENITY AMENITY
team members may work remotely on individual tasks WE WE
but will come to the office specifically to participate in
meetings. This will necessitate the creation of meeting
36% 10%
rooms of varying sizes to accommodate different 36% 18%
numbers of people. Data show that since the pandemic, SUPPORT
office employees have tended to have more frequent ME
AMENITY
but shorter meetings4. Offices configured to support
WE
EBW can also help reduce noise in open-plan
environments.

4. https://www.economist.com/graphic-detail/2020/08/20/how-has-the-pandemic-changed-working-lives

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 The transformative changes currently taking place within the Asia Pacific workforce and the workplace will Figure 13: Respondents’ attitudes towards components of portfolio agility
require a fundamental reassessment of corporate real estate strategy.

CBRE has identified three major areas of focus for occupiers: Portfolio agility, locational diversity and space 100%
efficiency. Too soon to
tell
With occupiers looking to enhance real estate portfolio agility to align with higher business volatility, 50% of
survey respondents expect this to translate into stronger demand for flexible office space.
75% Decrease
The past few months have seen a range of companies including global technology giants, financial sector
firms and life sciences companies commit to large numbers of seats with flexible office providers across the
region.
No change
Flexible space provides occupiers with a range of benefits including lower capital expenses, shorter lease
terms, the ability to create a network of locations at scale to accommodate a more mobile workforce, 50%
manage headcount volatility, and test new markets. With flexible space offerings evolving rapidly and
becoming more readily available, they are more suitable for enterprise requirements than before.
Increase
Greater portfolio agility will also require companies to maintain an attractive experience for employees
switching between virtual and physical environments. Technology will play a crucial role in facilitating the 25%
new phygital working experience. 78% of survey respondents said workplace technology and digital
solutions have a key role to play in enabling portfolio agility. While Asian companies have traditionally been
relatively less receptive to remote working, respondents from Chinese companies in particular are
demonstrating a new willingness to invest in supporting technology.

Touchless technologies such as door sensors to measure space utilisation and motion-detecting lighting and 0%
temperature controls will become more prominent in the physical workplace. Data gathered from these Workplace technology Hybrid of remote and Use of flexible space
technologies can be used to generate insights into how employees are interacting with the office and digital solutions office-based work
environment and inform occupiers’ workspace planning and employee engagement strategies.

N = 106 respondents, Asia Pacific The Future of the Office survey

Source: CBRE Research, January 2021

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 There is undoubtedly a shift underway in occupier thinking around location selection, but this trend is less Figure 14: Respondents’ attitudes towards components of locational diversity
clearly linked to the pandemic. In western cities such as New York and London, people are relocating from
inner city accommodation to suburban areas in search of lower costs and better living standards. This trend
is also being driven by a desire to reduce the time and cost spent commuting and perhaps a reluctance to 100%
use public transport. However, such a shift has yet to be seen in Asia. Instead, the rapid urban sprawl in
Too soon to
mega cities such as Shanghai and New Delhi has spurred the development of multi-nodal business hubs.
tell
More companies are therefore establishing hub-and-spoke models and setting up decentralised offices to
control costs and cater to employees’ needs. CBRE understands that several large occupiers in Sydney and 75% Decrease
major Indian cities are currently evaluating the feasibility of these strategies, partly to enhance Business
Continuity Planning (BCP) through dispersing staff across different offices.

Cities in Asia Pacific with mature infrastructure and business clusters often see some expansionary new No change
demand occurring outside CBDs. CBRE’s analysis of office leasing demand shows that take-up in major 50%
business districts and decentralised locations has been steadily increasing and has surpassed that in CBDs
for the past few years.
Increase
The need for a centralised large-scale headquarters in the CBD may also come under closer scrutiny in the
coming years as companies’ workforces are dispersed across multiple locations. The relative ease at which 25%
meetings have been held virtually since the pandemic has led some companies to question the need for
maintaining expensive offices in core locations to host face-to-face meetings.

However, CBRE believes that the value CBD headquarters bring in terms of image and reputation building,
proximity to clients and business partners, and the availability of supporting amenities cannot be
0%
underestimated. Large occupiers with en-bloc CBD headquarters can consider releasing some of the space
for lease.
Hub and spoke model Offices in decentralised Large headquarter in
areas core locations
Providing employees with a choice of locations to work from will be crucial. A hub-and-spoke model
featuring a large office in a core location supported by a network of satellite offices may be more suitable
for large corporations, but this situation will vary across different companies and cities. N = 106 respondents, Asia Pacific The Future of the Office survey
Source: CBRE Research, January 2021

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 The anticipated reduction of office space due to the impact of higher levels of remote working is expected to Figure 15: Respondents’ attitudes towards space requirements
be counterbalanced by growing requirements for collaboration and meeting space. Asia Pacific’s
strengthening fundamentals, including the structural shift to tertiary industry in emerging Asia, quick
economic recovery and higher long-term growth, will also underpin office demand.
43%
Significant decrease in office space
Attitudes towards future office space requirements therefore differ significantly among survey respondents 21%
managing global portfolios compared to those responsible for Asia Pacific portfolios. While a large majority
of the former intend to significantly or modestly reduce office portfolios over the next three to five years, only
a minority of the latter are planning to do so. In fact, more than 20% of Asia Pacific respondents anticipate 44%
a modest or significant increase in office space requirements in the years to 2025. Modest decrease in office space
25%
Services sector employment in emerging Asia has registered a cumulative growth rate of 15%-30% over the
past ten years. While the sector currently accounts for under 50% of total employment, there is significant
9%
room for growth, with the corresponding figure in the U.S standing at around 80%. No change
20%
With Asia expected to see a relatively quick economic recovery from the pandemic, supported by
megatrends such as urbanisation, a rising middle class and large young population, these factors together
with strong service sector employment growth will provide a solid foundation for long-term office demand. 4%
Modest increase in office space
14%
In addition to the diversification of office demand, major office-based industries have largely proven to be
resilient during the pandemic. Revenue growth of banking and insurance firms – the region’s major office
occupying industries – was not severely impacted by the abrupt economic downturn, while companies in the 0%
technology and life sciences reported robust financial performance in 2020. CBRE also expects a strong Significant increase in office space
rebound in domestic consumption to support a quick resumption of leasing demand from companies in the 8%
retail and consumer products industries.

With the impact of higher levels of remote working still uncertain, companies are advised to conduct regular 0% Global
assessments of office requirements to ensure alignment with space utilisation and business development. Unsure*
11%
APAC

N = 106 respondents, Asia Pacific The Future of the Office survey

N = 77 respondents, 2020 Global Occupier Sentiment Survey: Fall Update – The Future of the Office
Source: CBRE Research, January 2021

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 With business, workforce and workplace strategy increasingly interconnected and dependent upon
one another, companies will need to create real estate portfolio strategies that look beyond their
traditional sole focus on the physical office.

Portfolio agility will become more prominent in the coming years as occupiers assemble a hybrid
offering of traditional leased space along with a combination of flexible space and remote working.

This will require investment in technology to support operational efficiency and facilitate a shift from
office-based workplaces to a phygital environment that enables employees to easily switch between
onsite and remote locations.

Office decentralisation and hub-and-spoke models will be increasingly considered by occupiers

looking to reduce costs and provide a more mobile workforce with a range of working locations to
choose from. The need for CBD headquarters and a centralised office footprint will come under
closer scrutiny.

High quality office space will remain keenly sought after. Workplace design will have to be more
responsive, agile and experience-oriented and factor in requirements for more meeting and
collaboration space.

As the new normal takes shape, occupiers mist fundamentally rethink and reset their portfolio
priorities to support enterprise recovery and future business growth. The successful transformation of
these strategies will play an essential role in helping companies achieve strategic business goals in
the coming years.

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 Collaboration DESIGN &
LABOUR Collaborative space
EXPERIENCE
CONSIDERATION BUSINESS CONSIDERATION
Flexible working STRATEGY Meeting space

Desire to commute Desk size

THE FUTURE
WORKFORCE WORKPLACE
OF OFFICE
STRATEGY STRATEGY

Hub-and-spoke
Worktech
Decentralization to LOCATION PORTFOLIO OCCUPANCY
employee catchments CONSIDERATION STRATEGY CONSIDERATION Home / Office hybrid model

Headquarters in CBD
Flex space

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 Work from home

Headquarters Satellite office Project office

network

Headquarters
as a network
During commute Meeting
On-demand

Satellite Project Flexible

office office space
Café / Gym R&D Centre
membership / Lab
Flexible space

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 FOR MORE INFORMATION ABOUT THIS REGIONAL REPORT, PLEASE CONTACT

RESEARCH
Henry Chin, Ph.D. Ada Choi, CFA Cynthia Chan Felix Lee
Head of Global Investor Thought Head of Occupier Research, APAC Associate Director, Senior Analyst,
Leadership Head of Data Intelligence and APAC APAC
Head of Research, APAC Management, APAC cynthia.chan@cbre.com.hk felix.lee@cbre.com
henry.chin@cbre.com.hk ada.choi@cbre.com.hk

Julie Whelan
Vice President
Head of Global Occupier Thought
Leadership
Julie.Whelan@cbre.com

A DV I S O RY & T R A N S AC T I ON S E R V I C E S ( A & T )
Manish Kashyap Paul Hubbard-Brown Rohini Saluja Sidharth Dhawan
Head of A&T, APAC Managing Director, Managing Director, Head of Agile Real Estate,
Global Head of A&T – Agile APAC APAC APAC
manish.kashyap@cbre.com.sg paul.hubbardbrown@cbre.com.hk rohini.saluja@cbre.com.sg Sidharth.dhawan@cbre.com

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This report was prepared by the CBRE Asia Pacific Research Team, which forms part of CBRE Research—a network of preeminent researchers who collaborate to provide real estate market research and econometric forecasting to real estate.

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