The expansion of the tech industry has led to demand for I/O in northern Taiwan.

• • In Q4/2023, the central bank kept interest rates unchanged and did not further tighten credit controls. The next wave of housing market reforms shifted towards building taxes, which had a greater impact on the housing rental market.
• Momentum in the commercial real estate market recovered in Q4/2023, with annual transactions for the year reaching NT$139.3 billion, declining slightly by 4% YoY.
• The technology industry was the main buyer in 2023, with total purchases reaching NT$43.3 billion, a 170% increase from the previous year, followed by developers, investing NT$26.7 billion and focusing on redevelopment opportunities.
• Insurance companies have stayed on the sidelines since 2H/2022, except for Cathay Life Insurance. Some insurance companies even decided to dispose of their properties to strengthen their financial structure.
• Offices and I/O spaces were the most popular transaction categories in 2023, with total transactions reaching NT$36.5 billion and NT$36.3 billion, respectively. 80% of the I/O buyers came from the technology industry, indicating strong demand for office upgrades.
• Land transactions were sluggish in the first half of 2023, resulting in a total transaction value of NT$122.4 billion for the year as a whole, dropping by 33% from 2022.