2026-08-25
The Vacancy Rise Is a Demand Story, Not a Supply Story
New stock delivered fell 60.65% YoY to 671,000 m² in Q2 2026, yet vacancy still rose 1.06pp — proof the market is absorbing less, not building more. Occupiers should not expect a wave of new speculative product to force landlord concessions; leverage will come from weak demand, which is slower and less predictable to negotiate against.
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GCA analysis and point of view. Underlying market data: SiiLA (licensed subscription), presented with attribution.