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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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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.

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KEY TAKEAWAYS

  • Retail sales (excluding motor vehicles) rose in both October and November, while food and beverage (F&B) sales returned to growth in October.
  • Although conditions improved in 2H/2025, softer demand in 1H/2025 weighed on overall performance, leaving islandwide retail vacancy broadly unchanged in Q4/2025.
  • According to Savills’ basket of retail properties, average monthly rents in both the Orchard and Suburban areas registered modest year-on-year (YoY) growth.
  • Supported by a tight supply pipeline and sustained tourism recovery, occupancy and rents—particularly in prime shopping districts—are expected to post modest gains of 1% to 2% this year. For the suburban malls, rents are still forecast to increase by the same amount as vacancies in prime malls remain low
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KEY TAKEAWAYS

  • Total leasing activity for factory and warehouse space increased modestly in 2025, with Savills’ basket of prime warehouse and logistics rents recording stronger growth. In contrast, rental growth for prime multiple-user factory space continued to moderate.
  • Cautious investor sentiment persisted, weighing on strata industrial sales and leading to a decline in total industrial investment sales in 2025.
  • Stronger demand for industrial assets with shorter remaining land tenures supported accelerated price growth for 30-year leasehold industrial properties within Savills’ basket. Conversely, price growth for freehold and 60-year leasehold industrial properties slowed.
  • Rental growth in the business park segment strengthened slightly, while high-spec industrial space experienced subdued rental growth in 2025.
  • Regional supply chains continue to be reshaped by recent US tariffs and by companies seeking cost advantages in neighbouring countries. Against this backdrop, rental growth for general warehousing space is expected to moderate in 2026, while rents for multiple-user factory space are projected to rise due to their cost-effectiveness.
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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.

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