2026年亚太地区房地产市场展望报告

2026Asia PacificReal EstateMarket Outlook REPORT CBRE RESEARCHJANUARY 2026 Contents Executive Summary3Economy5Capital Markets9Office/Occupier13Logistics17Retail21Hotels25 Introduction by ExecutiveSummary Ada Choi, CFA Head of Research, Asia Pacific andMiddle East & North AfricaCBRE Recalibrate & Innovate The Asia Pacific commercial real estate market is poised for another solid year in2026, with both investment and leasing activity forecasted to strengthen, backedby the region's resilient economy. —On theeconomicfront, Asia Pacific GDP growth is forecasted to slow to 3.9% in 2026 from the relatively robust 4.3% in 2025,driven by softer growth in mainland China, India and Japan. With interest rates in most Asia Pacific marketscontinuing to declinein 2025, the rate cutting cycle is forecasted to slow further or finally come to an end this year. Despite the bright outlook, there remain headwinds, withtrade related volatilityand geopolitical tension among the challenges set to exert a strong influenceover real estate decision-making in the coming year. —Investmentis set to increase this year as net buying intentions continue to rise. With office leasing activity in many CBDs pickingup,CBRE expects investor appetite for offices to strengthen significantly this year.Limited yield compression will shift investors'focus towards rental growth as a driver of returns. The real estate landscape is shifting, especially in the office sector, whereprospects are brightening, and in the logistics sector, where performance iscooling after a prolonged period of robust growth. Across all sectors, medium-term supply is projected to contract, marking a significant shift from the currentoversupply situation. These changes to market fundamentals will exert a strongbearing on investors' allocations to individual sectors, while more limited roomfor yield compression will compel property owners to place a stronger focus onincome growth potential. —Officeleasing demand is forecasted to strengthen in 2026 as occupiers' strong desire to be in core locations with high-qualitybuildings drives activity in mature markets. Expansionary demand will be seen from tech firms, wealth management andprofessional services companies. Supply is expected to peak while rents will remain on an upward track in most markets. —While mostlogisticsmarkets will still see rising rents, momentum will slow as occupiers turn more selective towards expansionamid softer regional economic growth. New stock is set to fall sharply from 2027 as developers adjust to slower rental growth.3PLs and e-commerce operators will remain key drivers of demand, with automation-ready warehouses keenly sought after. —With sales picking up and clarity around trade policy improving,retailleasing activity in most markets is expected to strengthenfrom 2025. Fashion & apparel along with sports & athleisure will drive demand. Rents are expected to sustain steady upwardmomentum across most markets, supported by tight vacancy in prime locations and limited future supply. Against this backdrop, occupiers and investors must reassess current strategies,portfolios and requirements, while embracing new sectors, technologies andapproaches, leading us to adopt the theme of "Recalibrate & Innovate" for thisyear's report. —In thehotelsector, tourism arrivals are close to recovering to pre-pandemic levels, meaning that growth this year is expected toslow from last year. Event-driven tourism will remain a key growth driver in 2026. While RevPAR growth across most marketsshould continue, the rate of growth will be more limited as ADRs continue tonormalise. We hope you find the 2026 Asia Pacific Real Estate Market Outlook insightfuland wish you and yourorganisationa happy and prosperous year. 2026 Asia PacificReal EstateMarket Outlook Recalibrate Innovate Economy Tailwinds from new regulationsand urban planning AI investment and adoptionsupporting growth Resilient but slowerGDP growth Rate cut cyclenearingan end Tradefriction extendingto tech and services Investment Offices reappearingon investors' radar Growing appetite fordata centres Focus on living sub-sectors(e.g. student housing & co-living) Limited room foryield compression Stronger focus onincome growth potential Leasing High constructioncost limiting supplyin mature markets Flexible space planningamid economicuncertainty Stronger demand forcore locations overnon-core Expansion of experiential realestate to include services,wellness and ESG Rental growth inmost markets exceptmainlandChina Trends & Takeaways Recalibrate —Prepare for slower economic growth:GDP growth in Asia Pacific is expected to slow in 2026 after ayear in which the region’s economy displayed resilience amid tariff volatility and global economicuncertainty. India, mainland China and Southeast Asia are forecasted to exhibit the fastest growth in theregion although the rate of GDP expansion will be slower compared to 2025. Markets with st