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2026 APAC Living Sector Report

要点

Living sectors are going mainstream: Institutional capital is increasingly flowing into co-living, BTR, student accommodation and senior housing across APAC.
Significant growth runway remains: APAC accounts for around 60% of the world’s population but attracted only 12% of global living-sector capital in 2025, highlighting a substantial allocation gap.
Demand continues to outpace supply: Major markets across the region face shortages of professionally managed rental housing, creating long-term opportunities for investors.
Market-specific opportunities are emerging: The report highlights strong growth potential in Singapore co-living, Australia BTR, Hong Kong student housing and India’s rapidly expanding PBSA sector.
Operational expertise is becoming a key differentiator: Investors are increasingly combining capital with local partnerships, platform strategies and operating capabilities to create scale and drive performance.

Singapore Office Briefing Q2 2026 (Savills)

キーポイント

Strong demand for premium office space, coupled with the limited supply of new office developments, has led to a two-tier leasing market. While premium office buildings continue to enjoy healthy occupancy levels and rental growth, lower-quality buildings face greater challenges in attracting and retaining tenants
Based on data compiled by Savills, the vacancy rate for CBD Grade A offices declined for the third consecutive quarter by 1.0 percentage point (ppt) quarteron-quarter (QoQ) to 5.6% in Q2/2026. This was the lowest since Q3/2022 when vacancy rate was at 5.2%.
With vacancy rates remaining tight, particularly in premium grade office buildings, and with limited upcoming supply, landlords have maintained a firm stance on both asking and renewal rents. This has led to average CBD Grade A office rents to increase further by 2.8% QoQ to S$10.42 per sq ft in the quarter.
Barring a significant deterioration in the political-economic sphere, even a marginal increase in office demand could result in disproportionately strong rental growth given the current supply constraints. Accordingly, we are revising our 2026 rental growth forecast upward from 3%–5% to 5%, while projecting a further 5%–7% year-on-year (YoY) increase in 2027.

India in Focus: GCC Boom and Institutional Capital Drive Real Estate’s Next Growth Chapter

India’s real estate market is broadening beyond office leasing, with economic growth, digitalisation, manufacturing, and infrastructure investment supporting sustained institutional interest across logistics, data centres, industrial parks, retail, and residential assets.

Record demand from Global Capability Centres (GCCs) is reshaping office requirements, driving occupiers toward high-quality, technology-enabled campuses and reinforcing demand for institutional-grade properties.

India’s REIT market is also maturing, where investors are placing greater emphasis on governance, asset quality, and capital allocation. Overall, resilient occupier demand, expanding domestic capital pools, and selective institutional investment continue to support a constructive long-term outlook for India’s real assets market.

APAC Flexible Living: Achieving Scalable Growth From Structural Demand (CapitaLand Investment)

KEY HIGHLIGHTS

Living has been APAC’s most resilient real estate sector in recent years

It was the only sector to record investment volume growth during both the COVID-19 pandemic and the global rate-hiking cycle, at 51% and 18%, respectively.
Rental growth has also consistently outpaced both inflation and interest rates, preserving real income while maintaining a positive spread over financing costs.
Together, these characteristics reinforce APAC living as a compelling, income-oriented allocation within a diversified real estate portfolio.

Structural demand is no longer the differentiator, execution is

Demographic shifts in APAC, particularly shrinking household sizes, the growth of single-person households, continued urbanisation and cross-border mobility, are increasing demand for housing and heightening affordability pressures.
This is unfolding alongside persistent housing shortages and elevated homeownership barriers, further shifting demand towards rental solutions.
Government policy has emerged as a key growth catalyst, boosting demand through immigration and labour mobility while creating a more supportive environment for institutional rental housing through planning and regulatory reforms.
The combination of policy-supported population growth and persistent housing supply strengthens demand visibility, supports high occupancy and creates favourable conditions for sustainable rental growth and long-term income resilience.
Demographic tailwinds and policy reforms underpin demand and expand the investable universe, but excess returns will increasingly depend on how investors enter, operate and scale assets.

There is no single APAC living strategy

While the APAC living opportunity set is expanding, it is not a homogeneous asset class. Each market-subsector follows a different institutionalisation path, offering distinct risk-return profiles and entry strategies.
で日本, direct acquisition of stabilised multifamily assets remains the dominant strategy given the market’s established depth and liquidity.
Australia’s PBSA and coliving sectors feature a mix of ground-up development and conversion opportunities.
で シンガポール, entry strategy into the coliving sector largely revolves around adaptive reuse and conversion of existing assets.
香港 PBSA is likely the most conversion-led living market in APAC, driven by policy reforms.
韓国’s living market is in an early stage of institutionalisation, creating opportunities for investors to establish operating capabilities and sourcing networks ahead of broader market development.

Operational capability and scale are becoming core sources of alpha

Revenue management, product positioning, active asset management and local expertise are increasingly driving performance.
Regional platforms can enhance sourcing, standardise design and procurement, optimise pricing and operations, and create multiple capital recycling and exit pathways.

India Real Estate – Office and Residential Market Report, H1 2026 (Knight Frank)

Knight Frank’s ultimate guide to real estate market performance and opportunities in the world’s most promising economy.

H1 2026 opened against a broadly supportive macroeconomic backdrop, though conditions grew more complex as the period progressed. The Reserve Bank of India’s repo rate stood at 5.25% through H1 2026, reflecting a cumulative 125 basis points of easing since the start of the rate-cutting cycle. With the last reduction having taken effect in December 2025, the Monetary Policy Committee held at both its February and June 2026 meetings, citing West Asia conflict-related energy risks and a potentially deficient monsoon. FY 2026 GDP growth was estimated at 7.6%, affirming underlying domestic resilience. However, the RBI revised its FY 2027 GDP growth projection to 6.6% and raised its FY 2027 CPI inflation forecast to 5.1%, reflecting uncertainty around energy prices and food supply conditions. For the residential market, cumulative rate easing continues to support home loan affordability, but with further cuts on hold and global uncertainties mounting, the monetary tailwind that sustained demand through 2025 has largely run its course.

B&I Capital Asian Market Outlook – July 2026

Asian Real Estate Securities — July 2026 Outlook

Asian real estate securities are seeing a modest bounce at the start of July, supported by falling oil prices, softer US labor data, and some rotation away from outperforming technology and semiconductor stocks. Start-of-second-half portfolio rebalancing may also provide technical support for neglected sectors such as real estate. The key question is whether lower crude prices and weaker US jobs data are enough to shift fixed-income sentiment and reduce concern that the Fed’s next move could be further tightening. Central banks remain data dependent, but a less hawkish shift would be the clearest catalyst for a more sustained recovery in Asian REITs and real estate equities.

日本だ： the long-awaited sale of Fuji Media’s real estate business should be a positive catalyst given its scale and pricing. Developers and J-REITs have been weak since Q1 as JGB yields rose, but transaction markets remain strong and J-REIT valuations have drifted back to around 0.85x P/NAV. We expect asset sales and unit repurchases to continue and potentially accelerate. The BOJ meets July 30-31 and is expected to hold after raising short-term rates to 1% in June, with further hikes more likely in Q4 or next year.

オーストラリア we remain very constructive following the share price correction that began in late 2025 as rate-cut expectations reversed into three RBA hikes. Consensus may again be too hawkish, and a long pause now appears more likely as housing softens and the labor market slows. August results will be important, particularly 2027 guidance. The key issue is top-line growth, where we are optimistic on retail, industrial, and CBD office in Sydney and Brisbane. Residential earnings remain under pressure, but valuations appear to discount weaker 2027 volumes.

香港 real estate securities have corrected sharply over the past two months after strong prior outperformance. Near-term catalysts are limited, and tighter scrutiny of Chinese outbound direct investment remains an overhang for residential demand, with property launches already slowing. A drop in HIBOR would help, but that would likely require Fed easing, which is not the current base case. Central office rents and luxury retail trends continue to improve, which should support landlords with exposure to Central office and high-end retail.

シンガポール we do not expect a major near-term catalyst for the S-REIT sector. Rates remain low but have crept higher, with 3-month SORA rising to 1.10% from its April low of 1.01%. Overall conditions remain supportive, but S-REITs are still range-bound due to a lack of fresh catalysts and limited rotational buying from generalist investors, who continue to favor financials over REITs.

Takeaways from the APREA Japan REIT Forum

Takeaways from the APREA Japan REIT Forum

Improving market fundamentals and expanding capital market initiatives are creating opportunities to broaden investor participation, deepen liquidity, and strengthen the long-term competitiveness of Japan’s REIT sector.

Active asset management, portfolio optimisation, and operational excellence are becoming increasingly important sources of value creation, with investors placing greater emphasis on growth alongside stable income.

Private REITs continue to gain scale and institutional support, while opportunities are emerging across alternative sectors—including logistics, residential, healthcare, data centres and social infrastructure—as the investable universe expands.

Structural changes in Japan’s real estate market, together with greater collaboration across industry stakeholders and continued product innovation, are positioning both listed and private REITs for the next phase of sustainable growth.

APAC Living Sector Report Q2 2026 (Savills)

Across the APAC region, living sector supply is increasingly being created by dislocation in other asset classes. Hotel impairment, office obsolescence, serviced apartment oversupply and selective regulatory reform are reshaping the playbook. Ground-up development still works selectively but is often not the dominant entry path.

2025 Global Sustainability Report (Colliers)

The built environment sits at the intersection of global megatrends such as climate change, energy security and artificial intelligence. Our efforts are guided by Built to Last, our sustainability strategy that keeps us focused on issues that matter most to our stakeholders and where we can have the greatest positive impact.

In 2025, we continued to reduce our emissions. Against our 2021 baseline, we have lowered Scope 1 and 2 emissions per square foot by 32.2%, a 6.4% improvement over the last year – evidence that our strategic changes are delivering results and that we understand how to navigate the complex challenges facing our clients and communities.

Takeaways from the APREA Malaysia Conference

The APREA Malaysia Conference brought together industry leaders and experts to explore opportunities shaping Malaysia’s real assets market. Key discussions focused on the growing appeal of industrial, logistics, and data centre assets; the importance of ESG and climate resilience in value creation; and strategies to attract foreign capital into sectors such as semiconductors, renewable energy, and education.

主なハイライト

ESG has become a core driver of long-term asset value, with climate resilience, technology integration and operational excellence increasingly influencing investment performance, asset competitiveness and institutional capital allocation.
Industrial real estate in Malaysia is evolving into critical digital infrastructure, with AI-driven demand, power availability, connectivity and future-ready design becoming the defining factors for asset selection and long-term value creation.
Attracting cross-border capital requires a combination of transparent regulation, strong local partnerships, disciplined market fundamentals and policy support that enhances liquidity and investor confidence.