Key Highlights:

• The market is expected to be static in the second half of 2023 due to the inflationary pressure and lack of catalysts.
• Demand for office space remained steady while the demand for flexible/co-working spaces improved during the quarter and is expected to grow throughout the year.
• Despite an uptick in the retail leasing market, we expect mixed performances in the sub-sectors.
• The price and rental of high-end condominiums remain unfazed. Cost-of-living continues to be an outgrowing issue, with developers actively looking for ways to launch their products targeting first-time homebuyers.