The completion of new buildings meant that average Grade A office rents increased by 2.9% in 2023.

• AI applications and the demand for tech goods have driven Taiwan’s exports to turn positive since November. A stable job market and strong business activity levels are supporting demand for office space.
• Recently, companies have begun to restart their office relocation assessment plans. With a cautious approach to space expansion, increased demand for a better working environment is leading to higher rental budgets.
• In Q4, the overall office vacancy rate in the Grade A office market was 5.3%, declining 0.2 ppts. Xinyi district recorded a vacancy rate of 6.8%, the highest among districts while Dunhua S. district witnessed a surge.
• The average rent in Taipei City was NT$3,130 per ping, up 0.5% QoQ and 2.9% YoY, slightly higher than the annual inflation rate in 2023.
• In 2024, five office buildings are going to be completed providing a total office area of 39,000 ping with 55% of that released onto the leasing market.