Office: A single Grade A completion in Q4 contributed to annual new office supply of just 96,000 sq m, a ten-year low. Leasing activity was sluggish throughout the year, with annual net absorption down 69.9% y-o-y.
Retail: Citywide annual supply of prime retail space reached 431,000 sq m in 2019, surpassing the 10-year average supply level. The outer submarkets were the main source of new supply. Mall operators introduced initiatives – such as first stores, pop-up stores, and themed exhibitions – to drive customer traffic throughout the year.
Capital markets: Reduced asset supply has contributed to the fall back in total transaction volume. In 2019, the permitted presale area of office and retail properties dropped 50.6% y-o-y.
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