As of Q2 2020, the world is still trying to comprehend the economic consequences of COVID-19. With business taking a cautious approach to return to the workplace, the impact on the office sector will take time to fully emerge.
- The average asking rent rate remains stable at $14.39 PSF and is expected to remain relatively stable going forward.
- No new office space was delivered to the market in the second quarter, but construction activity has resumed. New space is expected to come to the market in the second half of the year, impacting the availability rate.