4Q23 Taipei Commercial Real Estate Market Report

2023 Recap and 2024 Outlook

January 31, 2024
  • Jessy Yang
Office Leasing Market Summary
  • The esteemed Xinyi, long favored for its plethora of Grade A office spaces, has traditionally been the prefered choice for MNCs. However, in 4Q23, due to limited new supply and budget considerations, tenants are increasingly exploring alternative commercial districts, leading to a deceleration of rent growth.

  • In the 'Others' district, where a significant surge in new supply is anticipated, the trajectory of leasing activity over the next 3 years will be intricately tied to the appeal of lease terms and incentives extended to prospective tenants.

  • The leasing market in Nangang is swiftly maturing, characterized by the presence of expansive, new-generation buildings strategically positioned with excellent transportation connectivity. This positioning is expected to allure a growing number of technology industry tenants seeking modern and spacious office spaces.

Market Summary
  • In 2024, geopolitical conflicts, political uncertainty, and inflation management will shape the real estate market landscape.

  • The resurgence of international tourism is anticipated to drive transactions in the hotel sector, elevating occupancy rates and average room prices.

  • The maturation of AI product services is expected to increase global demand, potentially impacting transaction volumes in the technology industry and driving demand for office spaces and factories.

  • Land transactions remain subject to policy influences, with developers showing a preference for redevelopment methods like urban renewal.

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