1Q22 Taipei Office Market Report

Strong demand for office space. The average rent of Prime Office reached a historical high.

April 05, 2022
  • Zac Li
2022 Q1 Office Leasing Market Summary:

In the first quarter of 2022, the office market continued the trend of short supply in 2021. The average monthly rent of prime office reached $2,932 per ping, an 1.3% increasement compared to the fourth quarter of 2021. Among them, the rent of Xinyi District has grown into the main force driving up the overall average rent. The overall vacancy rate is below 2%, reaching a record low of 1.9%.

At present, WFH and hybrid working have not caused structural changes to the demand for offices, and the demand for high-quality commercial office space is still stable. Rents continued to grow because of the strong demand for quality office space and insufficient market supply.

Global Market Overview Summary:

As countries loosen the COVID-19-related restrictions and move towards a post-pandemic era of coexistence with the virus, business activities has gradually recovered. Jones Lang LaSalle research shows that the office leasing market has gradually recovered, with leasing volumes remaining stable and returning to pre-pandemic levels this quarter after a strong surge after the fourth quarter of last year.

Investment Market Summary:

Investment in 1Q22 of the commercial real estate reached NT$41.2 billion. In addition, Taichung was the most favored market by investors, with an investment amount of NT$14.1 billion . The investment amount this quarter continued the boom of the previous quarter, and the market was prosperous.

  • The age of the prime office in Taipei is high, and the potential demand for new house is strong.

  • The total amount of investment exceeded NT$40 billion.

  • The capital flow to Taichung has surpassed Taipei as the most popular investment destination.

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