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Cushman & Wakefield predicts that the office sector in Asia-Pacific (Apac) is entering a new phase of strategic maturity. In its latest report, “Asia Pacific Office Demand – Navigating Expansionary Markets”, the firm points out that while the Apac office market has experienced rapid growth in the past decade, there is now a fundamental shift in how occupiers approach office space.

According to Anshul Jain, Cushman & Wakefield’s chief executive for India, Southeast Asia, Middle East and Africa, and Apac head for offices and retail, the office is no longer solely seen as a tool for expansion. It has become a platform for brand expression, cultural alignment, and performance.

The report shows that the supply of top-quality office buildings in the region, known as Grade A office stock, has doubled from 1.2 billion sq ft in 2015 to 2.33 billion sq ft in 2Q2025. Over the same period, 900 million sq ft of Grade A office space has been occupied, with most of it located in cities across India, Southeast Asia, and mainland China.

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However, this increase in supply has also led to a rise in vacancy rates, from 13% to 18% region-wide. This reflects a broader shift in the market, with occupiers becoming more selective. Jain explains that companies are now prioritising spaces that foster talent, support ESG commitments, and enable long-term resilience.

The growing demand for future-ready workspaces in Apac is primarily driven by office markets in mainland China, India, and Southeast Asia. In China, sustained demand from the technology, media and telecommunications, professional services, and finance industries have resulted in occupied Grade A office stock doubling to 640 million sq ft. These sectors, together with emerging industries such as artificial intelligence, biomanufacturing, and quantum computing, are expected to continue driving demand while also fueling the current trend of occupiers seeking high-quality spaces.

In India, cities such as Bengaluru, Mumbai, and Hyderabad, which have become hubs for global capability centers, are driving office leasing activity. The country witnessed an annual net absorption of 40 million sq ft across its top cities from 2023 to 2024, with the demand increasingly focused on Grade A+ buildings as India positions itself as a leading destination for digital transformation and R&D.

In Southeast Asia, the occupied Grade A stock has grown by 10% over the last five years, reaching 235 million sq ft in 2024. Despite the higher vacancy rates in cities like Manila, Bangkok, and Ho Chi Minh City, top-tier developments are achieving record-high rents, with prime Grade A offices fetching rents over 20% above the overall market benchmarks, according to Cushman & Wakefield. While the demand in key Southeast Asian markets is led by the banking and finance industry, tech companies, information technology, business process management providers, and healthcare firms are also expanding across the region. This, in turn, has resulted in increasing sophistication in tenant requirements, highlighting the need for higher-quality spaces.

Singapore stands out as having the lowest office vacancy rates among the markets studied in the report, at 5%. This is despite having the highest office rental cost of US$103.1 ($132.3) per sq ft per year. Singapore maintains strong demand, reflecting its position as a regional financial and tech hub, while neighbouring markets face higher vacancy rates (such as Kuala Lumpur at 28% and Bangkok at 27%).

According to Dominic Brown, Cushman & Wakefield’s head of international research, as the Apac office market matures, office spaces will see more strategic reinvention. “We are witnessing a shift from volume to value, where the quality of space, its alignment with ESG goals, and its ability to support innovation are becoming the new benchmarks,” he comments.