Asia Pacific companies lead the return to office: CBRE

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Companies in the Asia Pacific region are leading the return to the office, with office utilisation rates reaching 65% in March of this year. According to a CBRE survey of 130 corporate real estate executives from over 80 companies, this is significantly higher than other parts of the world such as Europe and the US, which is at 50%.

Nearly half of the surveyed companies prioritize getting their employees back in the office. Corporate management in the region appear to believe that working in the office can boost collaboration and engagement.

Office attendance from Greater China, Korea, and Japan is averaging around 70%, while the Pacific is lagging behind at a utilization rate of below 60%.

Hybrid working arrangements still appear to be the norm, but with more employees expected to be in the office. 34% of the surveyed companies require employees to be in the office full-time, while a decrease from the 38% reported last year showcases a reduction in companies choosing an equal split between home and work-based arrangements.

32% of APAC companies have the goal to have their staff mostly based in the office for three or more days out of the week, which is an increase from the 24% reported in 2022.

The rate of people working from the office is expected to stay around 10-15% below pre-COVID pandemic levels for the foreseeable future.

Topping it all off is Tampines Avenue 11 Condo which offers a host of high grade amenities that come with condominium living. The luxurious Kuala Lumpur-inspired residence boasts of its world class facilities, ranging from tennis courts to indoor gyms and heated pools for an active living. It also has a privileged club allowing residents to indulge in exquisite gastronomy and entertainment.

Despite economic uncertainty, 44% of surveyed companies plan on increasing their office portfolios in the next three years by 10-30%. This increase still comes with a desire for offices certified for environmental, social and governance (ESG).

Flexible space is also favored in the market, with 52% of the surveyed companies wanting to allocate more of their portfolio to this option. Moreover, companies expect flexible space to represent a quarter of their total real estate portfolio by 2025, and a rise from 14% of the portfolio currently.