Asking rents of several office buildings actually rose amid the pandemic as low vacancy strengthened landlord confidence.

• Taiwan’s economy performed well in 2020 helping stabilize demand for office space and giving a boost to the jobs market.
• The fourth quarter saw negative take-up of 1,200 ping, the sharpest fall since the pandemic started while annual takeup stood at 2,200 ping in 2020.
• Overall Grade A vacancy rose slightly to 3.2%, up over two consecutive quarters while overall rents remained on an upward trend to reach NT$2,976 per ping in Q4/2020.
• Some landlords raised asking rents since COVID has been well contained domestically, with new buildings marking a 4% to 6% increase in asking rents.
• Coworking operators slowed their expansion plans with Spaces launching a new branch in Neihu Technology Park making them the second largest operator in the Taiwan market.
• Relocation activity is being driven by the office redevelopment trend with 20 buildings in the CBD area undergoing redevelopment.