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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.

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

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.

China’s REIT market is entering a new growth phase as commercial property assets such as offices, hotels, retail, and mixed-use developments are incorporated into the public REIT framework. Regulatory enhancements and a more supportive interest rate environment are improving the relative appeal of C-REITs, creating compelling income-driven opportunities for both domestic and international investors. As the eligible asset base broadens and market depth increases, the C-REITs sector presents significant long-term potential.

CBRE’s 2026 Asia Pacific Investor Intentions Survey uncovered a further improvement in buying intentions across most markets in Asia Pacific this year, with over 57% of respondents indicating their preference to buy more real estate in 2026.

Net buying intentions in Korea, Australia and Singapore strengthened while those in Japan remained stable. While their intentions remained negative, investors in both mainland China and Hong Kong SAR exhibited improved net buying intentions in 2026 compared to last year.

Sector preference shifted in this year’s survey. Offices rose to become the most preferred sector for the first time in six years, with industrial & logistics and the living sector rounding out the top three. Data centres continue to climb up the list of investor preferences, placing fourth this year.

Asia Pacific’s commercial real estate market is entering a critical phase in 2026, showing strong resilience after challenges in 2025. With interest rates steady and capital markets improving, optimism is rising among investors and occupiers.

Based on our APAC Outlook 2026 and other reports, Six for 2026 spotlights the major trends influencing the region. These include changes in office supply and increased investment in AI-powered data centres, highlighting where growth and strategic opportunities are emerging.

Asia Pacific real assets are entering a more selective but opportunity-rich phase in 2026, as capital shifts decisively toward markets and sectors with clear income visibility, supply constraints, and structural demand drivers. Opportunities are most compelling where fundamentals underpin returns, particularly in Japan offices and multifamily, Australia build-to-rent and prime retail, Singapore’s resilient REIT-linked assets, and India’s offices and data centres supported by expanding global capability centres (GCCs) and digitalisation.

Across the region, pricing discipline and constrained new supply are creating favourable conditions for rental growth, while technological adoption and the energy transition are opening new avenues in data centres and infrastructure. 2026 presents a window to deploy capital into assets combining resilience, growth, and long-term thematic relevance.

By Shai Greenberg; Hiroshi Takahashi; Akira Ota

Purpose

This study examines trends in the foreign ownership ratio of Japanese real estate investment trusts (REITs) from 2014 to 2023. Using panel regressions, it explores how firm characteristics, macroeconomic factors and policy interventions shape foreign investment patterns, offering insights for managers, investors and policymakers.

Design/methodology/approach

Using panel regression (fixed and random effects) on 33 J-REITs, this study analyses firm-level, asset type, sponsorship and macro-financial factors as well as the impact of inclusion in the FTSE EPRA/NAREIT Global Index effect on foreign ownership.

Findings

Market capitalization, yen appreciation, hotel sector exposure and global index inclusion are positively associated with foreign ownership, whereas higher leverage, Bank of Japan J-REIT purchases, stronger ROA, higher policy rates and logistics sector exposure are negatively associated.

Practical implications

The findings provide actionable insights: for investors, market size, sector and index inclusion signal liquidity and accessibility; for J-REITs, asset risk–return characteristics, sector choice and leverage discipline matter; for policymakers, index engagement and monetary policy influence foreign capital flows.

Originality/value

To the best of our knowledge, this is the first study to apply panel regression to foreign ownership of J-REITs, highlighting sectoral and macro-financial drivers and providing evidence from the world’s third-largest REIT market.

The new office equation: Singapore’s workplace shifts for a hybrid, sustainable, multi-generational future

In Singapore and across Asia Pacific, organisations are rethinking workplace strategies and creating environments that drive performance and impact.

Our Workplace Survey of more than 800 corporate occupiers in the region, offers a unique view of how workplaces are taking shape.

Key Insights

  • 48% of organisations have invested or plan to invest to drive workplace quality and employee experiences.
  • 47% of organisations have hybrid models; most maintain attendance mandates and assigned seating.
  • 15% are already considering, and 40% are starting to explore, the needs of five generations in the workplace by 2030.
  • Sustainability is a bold ambition, with 52% collaborating with their landlord.
  • 20% use AI tools to enhance employee experience; 6% use desk booking data; 3% have occupancy sensors.

Read the full report to explore how you can shape an adaptive, high-performing and next-generation workplace.

Investors move to capture momentum

Our Asia Pacific Insights report, drawn from the 2026 Colliers Global Investor Outlook, captures the views of senior Colliers experts across the region, along with the results of a survey of around 1,150 property investors – nearly 400 of whom were from Asia Pacific, analysing their priorities, strategies, and outlook for the year ahead. 

The reports provide a comprehensive view of the trends driving real estate investment and highlight a noticeable shift in global capital allocations toward Asia Pacific, as investors increasingly seek to diversify and capitalise on the region’s opportunities. 

Asia Pacific Insights | Key Highlights

  • Industrial and logistics and office remain top investor choices.; preferences for retail, hotels and multifamily/build-to-rent is rising.
  • Data centres are a major focus with strong capital deployment in Singapore, Australia and India.
  • Tokyo, Singapore and Sydney account for nearly 40% of investor preferences.
  • Japan’s domestic investors are set to boost volumes. India is emerging as a key market for higher returns and scalable deployment.  
  • 64% of regional investors anticipate economic growth in APAC next year, with nearly 60% positive on capital market liquidity and rental growth. 
  • Outlook 2026: More assets coming to the market, increased competition and steadily higher transaction volumes as the year progresses.