Rents continue to nudge up even as vacancy rises.

• The Directorate-General of Budget, Accounting, and Statistics revised Taiwan's GDP growth rate for 2023 to 2.12%, due to the global economic slowdown.
• The wave of layoff s from international tech giants has had a negative impact on the leasing market, and job opportunities and recruitment expansion plans in Taiwan are becoming more limited.
• The net absorption of office space showed a negative number in Q1/2023, and the overall vacancy rate increased to 2.84%, marking the highest point in nearly five quarters.
• Foreign enterprises are more sensitive to the global economy, causing newer office buildings with higher rental levels to face the possibility of an increase in vacancy rates.
• Even though the market momentum has weakened, rental prices continue to rise, and prime office buildings continue to challenge new rental highs.