• Office leasing momentum remained weak under the impact of the COVID-19 pandemic. Transactions were limited, with most new leases involving relocations.
  • Rising vacancy led some major landlords to soften their stance towards lease negotiations. On top of rental discounts, some landlords are offering fit-out subsidies to prospective tenants.
  • More creative leasing packages ensured the pace of rental decline slowed on a q-o-q basis.