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India’s flex space market has undergone one of the most dramatic transformations in the country’s commercial real estate history. From a niche category accounting for just 2.2 mn sq ft of transactions in 2017, the segment has expanded to 18.6 mn sq ft in 2025, representing an 8.4× increase over eight years and a CAGR of 30%, significantly outpacing the broader office market, which grew at 9% during the same period. This structural outperformance reflects a fundamental realignment in how occupiers from global enterprises to early-stage startups conceive of, consume, and contract for workspace.

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Market Overview
The outbreak of conflict in Iran has introduced a new layer of uncertainty for Asian real estate markets, with the primary transmission channel being higher oil prices and their impact on inflation expectations and central bank policy across the region. While the US appears intent on keeping the conflict limited, equity market weakness and rising bond yields may prompt the Trump administration to seek an early resolution — a dynamic that could cap the downside for risk assets.

Japan
In Japan, J-REITs have held up relatively well and present an attractive entry point as fiscal year-end selling pressure from financial institutions abates. Developers continue to deliver strong earnings, and while NAV discounts have largely closed, historical precedent and the prospect of strong May results suggest it is too early to exit.

Australia
A-REIT weakness predates the conflict, with rate hike fears weighing on residential names despite solid fundamentals and management confidence on demand. Goodman Group remains a key watch with guidance upgrades and data centre leasing announcements expected by mid-year. The May federal election is likely to bring housing supply policy into focus, a medium-term positive for Stockland and Mirvac.

Singapore & Hong Kong
Singapore developers have significantly outperformed SREITs over the past year, underpinned by resilient residential demand — as illustrated by GuocoLand’s strong weekend launch — though the sector has already re-rated considerably. In Hong Kong, developers had reached multi-year highs prior to the conflict and have since corrected; REITs may offer near-term defensiveness as profits rotate out of developers. Accommodative monetary conditions and the prospect of policy support under China’s 15th Five-Year Plan, including a potential inclusion of REITs in Stock Connect, provide a constructive medium-term backdrop for Hong Kong.

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Japan’s next real estate cycle is opening up compelling opportunities across data centres, urban rental housing, energy-secure assets, hotels, and modern logistics, supported by political stability, policy continuity, and strong structural demand drivers.

Rising rents, a weaker yen, tourism recovery, and corporate reform are also creating attractive entry points for investors seeking value-add, repositioning, and long-term income growth, particularly in well-located and under-managed assets.

For investors able to execute actively, Japan offers a rare combination of transparency, liquidity, income resilience, and structural upside in one of the world’s most established core markets.

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Asia Pacific Investment Insights – March 2026 report finds investment volumes reached US$162billion in 2025, an 8% year‑on‑year lift, supported by improving market clarity, easing financial conditions and renewed buyer confidence.

Key highlights include:

  • Domestic capital remains the region’s anchor, with cross‑border investors re‑engaging in Hong Kong, Singapore and India.
  • South Korea, Japan and Singapore led volumes, while Singapore (35%) and India (29%) posted the strongest annual growth.
  • Offices continue to dominate, logistics hit US$30.1billion, and retail rose 15% as sentiment improved. Alternatives remain the fastest‑growing segment.
  • Investors are shifting “from caution to conviction”, with a more selective, quality‑driven approach shaping activity.

With stabilising interest rates and gradually recovering cross‑border capital flows, momentum is set to strengthen further in 2026.

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Now in its fourth edition, Cushman & Wakefield’s Southeast Asia Outlook 2026 explores economic and real estate trends across Singapore, Malaysia, Indonesia, Thailand, Vietnam and the Philippines, with a focused view on the Singapore property market.

Despite global trade uncertainty, Southeast Asia remains one of the world’s fastest-growing regions, expanding by 4.8% in 2025 and projected to grow 4.3% in 2026.

Resilient domestic consumption, easing inflation and moderating interest rates continue to support regional growth. Structural drivers — including supply chain diversification, rising urbanisation and sustained foreign direct investment — reinforce Southeast Asia’s long-term real estate potential.

Within this regional context, Singapore remains Southeast Asia’s most transparent and institutional real estate market, benefiting from its safe-haven status, stable currency and global connectivity.

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2026 is shaping up as a year of steady momentum for Asia Pacific’s office markets. Across the region’s key markets, including Australia, Mainland China, Hong Kong, India, Indonesia, Japan, New Zealand, Philippines, Singapore, South Korea and Taiwan, demand and supply are largely moving in tandem, with occupiers re-engaging and competition beginning to sharpen, particularly in prime assets. As vacancy tightens in select locations, the focus is increasingly shifting to quality.

Key insights:

  • 11% growth in office leasing demand across 11 APAC markets in 2025, with 90% led by India, Mainland China and Japan.
  • 19% increase in office supply, with eight of 11 key markets reporting growth and 82% of it driven by India, Mainland China and Singapore.
  • 21% increase in office investment activity year-on-year across nine APAC markets, led by South Korea and Japan.
  • Steady demand momentum is expected in the first half of 2026, leading to potential vacancy tightening in prime assets and rental uplift in select markets.

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Please find below the rebalancing results (effective 24 March 2025 start of trading) for the:

  • GPR/APREA Investable 100 Index
  • GPR/APREA Investable REIT 100 Index
  • GPR/APREA Composite Index
  • GPR/APREA Composite REIT Index (indicated with an asterisk)

GPR/APREA Investable 100 Index

INCLUSIONS

CHNPoly Property Group Co Limited
JPNJapan Logistics Fund
SGPLendlease Global Commercial REIT

EXCLUSIONS

AUSCenturia Industrial REIT
CHNGuangzhou R&F Properties Company Limited
JPNHoshino Resorts REIT Inc

GPR/APREA Investable REIT 100 Index

INCLUSIONS

JPNSankei Real Estate Inc.
NZLPrecinct Properties NZ Limited & Precinct Properties Investments Limited

EXCLUSIONS

NZLGoodman Property Trust
PHLAREIT Inc.

GPR/APREA Composite Index

INCLUSIONS

IDNPT Bakrieland Development Tbk

EXCLUSIONS

CHNChina New City Group Limited
CHNCIFI Holdings Group Company Limited
CHNShanghai Industrial Urban Development Group Limited
HKGLangham Hospitality Investments Limited
IDNPT Mega Manunggal Property Tbk
THAAlly Leasehold REIT *
THACPN Commercial Growth Leasehold Property Fund
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KEY TAKEAWAYS

  • The number of launches fell by 37.2% quarter-on-quarter (QoQ) to 2,632 units in Q4/2025, while new home sales declined by 10.6% QoQ to 2,940 units.
  • After two consecutive quarters of growth, secondary sales eased by 8.7% QoQ to 3,759 units in Q4/2025.
  • Total non-landed residential sales by Singaporeans fell 15.5% QoQ to 4,900 units, while sales to Singapore permanent residents (PRs) contracted moderately by 1.5% QoQ to 929 units.
  • In Savills’ basket of luxury nonlanded private residential projects, prices continued to rise 0.5% QoQ to S$2,640 per sq ft in Q4/2025.
  • Following the significant islandwide price resetting that began around mid-2022, it may take another one to two years before a broader, marketwide repricing reoccurs. In 2026, we are likely to see some repricing within the Rest of Central Region (RCR) and Core Central Region (CCR), as selected RCR launches are expected to see prices overlap into CCR territory. Overall, we project private residential prices to rise by about 3% in 2026.

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KEY TAKEAWAYS

  • Seasonal factors, including the year-end festive period and a slower inflow of expatriates and international students, contributed to a sharp 27.4% quarter-on-quarter decline in islandwide leasing contracts in Q4/2025. The pullback was broadbased across segments and regions.
  • In tandem with the subdued leasing activity, islandwide rents for nonlanded private residential properties came under downward pressure, reflecting a sizeable stock of vacant leasable units.
  • The modest year-on-year gains in 2025 provide a baseline for 2026. With new completions expected to remain steady at around 6,083 units—broadly in line with 2025’s relatively low supply—rents are likely to hold broadly firm in the first half of 2026, particularly if vacancy rates stay below 6.5%. Local and permanent resident demand for interim rental accommodation, mainly those awaiting completion of their private homes may help offset softer leasing demand from a lower inflow of expatriates. Overall, rents for non-landed private residential properties are forecast to remain broadly flat in 2026
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The Asia Pacific commercial real estate market is poised for another solid year in 2026, with both investment and leasing activity forecasted to strengthen, backed by the region’s resilient economy.

Despite the bright outlook, there remain headwinds, with trade related volatility and geopolitical tension among the challenges set to exert a strong influence over real estate decision-making in the coming year.

The real estate landscape is shifting, especially in the office sector where prospects are brightening, and in the logistics sector, where performance is cooling after a prolonged period of robust growth. Across all sectors, medium-term supply is projected to contract, marking a significant shift from the current oversupply situation. These changes to market fundamentals will exert a strong bearing on investors’ allocations to individual sectors, while more limited room for yield compression will compel property owners to place a stronger focus on income growth potential.

Against this backdrop, occupiers and investors must reassess current strategies, portfolios and requirements, while embracing new sectors, technologies and approaches, leading us to adopt the theme of “Recalibrate & Innovate” for this year’s report.

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