Higher leasing activity in Tier 1 cities in China, Manila, and Bengalaru sent the Asia-Pacific region’s absorption rate to rise 20% this year, according to Cushman & Wakefield. The tightest vacancy rate was noted in Gurgaon’s central business district in India at 2.9%. Tokyo followed at 3.5% and Manila at 5.3%. In its Q3 Asia Pacific Office overview, Cushman & Wakefield noted that available supply continues to impact rental growth in the region, with rental gains in Manila and Tokyo moderated by upcoming projects in 2018. In terms of upcoming construction completions able to respond to growing demand for office space, Manila recorded the largest area at 3.58 million sq ft followed by Kolkata at 1.9 million sq ft and Shanghai at 1.46 million sq ft.
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