Leasing volume fell 14.9% QoQ and 24.6% YoY in Q1’26, while asking rent slipped 1.3% QoQ and 5.2% YoY, and the construction pipeline contracted 11.6% QoQ and 69.3% YoY, signaling continued caution among landlords and developers. Weakening leasing demand points to a market still working through oversupply, with little sign yet of stabilization.

SALES TRENDS

Sales volume surged 111.5% QoQ and 44.9% YoY in Q1’26, while average sale pricing fell 22.9% QoQ and 23.2% YoY. Strong transaction activity alongside softer pricing suggests buyers are moving on discounted assets, with deal volume picking up as valuations reset.