：亚太地区-房地产行业-亚洲地产业：在家办公是一个新的挑战（英文版）

MMMapping the New NormalAsia Property: Working from Home, a New Challenge for Asia's Office Landlords WFH is a cost saving opportunity for businesses. We expect tenants across Asia to surrender 3-9% of existing office space permanently, resulting in a rent decline of 10-15% over the next three years. Prefer office stocks in Hong Kong and India over Australia and Japan. Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.For analyst certification and other important disclosures, refer to the Disclosure Section, located at the end of this report.+= Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated persons of the member and may not be subjec