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Summary: Colliers’ Global Capital Flows Report (September 2025) highlights cautious but steady growth in real estate investment activity worldwide, with Asia Pacific maintaining a leading role despite global headwinds.

Key highlights include:

  • Singapore, Japan, and Hong Kong ranked among the top 10 global sources of cross-border capital.
  • Japan and Australia remain top global capital destinations, reflecting sustained investor confidence.
  • Office and retail sectors are leading the regional recovery, with office assets reclaiming the top spot in transaction volumes.
  • Land-led development continues to dominate, with seven of the top 10 global destinations located in APAC.

Don’t miss our exclusive interview with Martin Siah, Singapore Country Executive, Head of Southeast Asia Global Corporate and Investment Banking, Head of Asia Pacific Real Estate, Gaming and Leisure at Bank of America.

In our latest issue of APREA Investor Compass, the Deputy Chairman of APREA’s Singapore Chapter shares his story, his inspiration, and why he believes that there are currently significant dislocations and opportunities abounding in the real assets industry.

This issue also takes a look at investment opportunities in infrastructure and how regional ESG Trends in real estate are driving global integration.

Please find below the rebalancing results (effective 22 September 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

CHNCountry Garden Holdings Co
CHNLogan Group Co Ltd
HKGHysan Development Co.
HKGWharf Holdings
JPNAEON REIT Investment Corp
JPNJapan Logistics Fund
SGPCapitaLand Investment Limited

EXCLUSIONS

CHNCIFI Holdings Group
JPNMIRARTH HOLDINGS INC
THAAP Thailand PCL
TWNDa-Li Development Co Ltd
TWNWe & Win Development Co Ltd

GPR/APREA Investable REIT 100 Index

INCLUSIONS

AUSCromwell Property Group
KORESR Kendall Square REIT
MYSSunway REIT
SGPAIMS APAC REIT

EXCLUSIONS

AUSGrowthpoint Properties Australia
AUSHealthCo Healthcare and Wellness REIT
JPNStarts Proceed Investment Company
THACPN Retail Growth Leasehold REIT

GPR/APREA Composite Index

INCLUSIONS

CHNGuangdong – Hong Kong Greater Bay Area Holdings Limited
CHNMidea Real Estate Holding Ltd.
HKGCSI Properties Ltd
PAKDolmen City REIT *
SGPSing Holdings Ltd

EXCLUSIONS

AUSAustralian Unity Office Fund *
AUSNextdc Limited
TWNFull Wang International Development Co Ltd

Real estate investments during H1 2025 were largely driven by domestic investors in most Asia Pacific markets, while offshore interest persisted in key hubs such as Australia, India, Singapore and Hong Kong.

The region’s investment outlook is expected to remain steady and resilient through 2025 and into 2026, supported by a lower interest rate environment, moderating inflation and sustained economic growth across key markets.

Key insights:

  • Office remains the asset class of choice, with retail gaining pace.
  • South Korea, Japan and Australia drove nearly two-thirds of investment volumes.
  • Growing appetite for alternative asset classes such as data centres, life sciences and student housing.
  • Growing confidence of local investors, underscoring resilience across the region.

As workplace patterns continue to change, occupiers in Asia Pacific are accelerating the return to office and elevating the workplace experience.

CBRE’s 2025 Asia Pacific Office Occupier Survey, with insights from nearly 300 corporate real estate executives, highlights:

  • Workplace effectiveness: Insufficient small rooms (48%) and lack of vibrancy (35%) remain top challenges. Adjusting workstation sizes and desk-sharing ratios can help improve efficiency.
  • Tighter attendance protocols: 82% of occupiers now impose consequences for non-compliance (+16 percentage points y-o-y), with office utilisation improving in 2025.
  • Core and quality preference: Smaller companies display the strongest appetite for growth. 65% of occupiers planning to move prefer CBD cores, but most availability is in non-core areas.

Asia faces a USD 1.7 trillion annual infrastructure funding gap through 2030, creating a massive opportunity for global investors. Demand is being driven by rapid urbanisation, digitalisation, and aggressive decarbonisation goals, with investor interest converging around data centres, renewable energy, storage, and logistics hubs.

In our latest issue of APREA TrendWatch, we explore opportunities in Asia’s infrastructure landscape as the region builds the backbone of its future growth.

Infrastructure investment trusts (InvITs) have emerged as a transformative instrument in India’s infrastructure financing landscape, bridging the gap between large-scale project funding requirements and investor appetite for stable, long-term returns.

This research report delves deep into the Indian InvIT ecosystem, providing a detailed examination of existing structures, operational frameworks, governance models, and revenue streams. It analyses the diversity of operational and maintenance models adopted across leading InvITs and evaluates their implications for scalability, investor confidence, and creditworthiness.

In addition, the report identifies the challenges that the sector faces, including regulatory bottlenecks, limited awareness among retail investors, and the need for standardized frameworks to enhance transparency and comparability. By highlighting successful case studies and emerging trends, it aims to provide actionable insights for policymakers, developers, financiers, and investors to strengthen and expand the InvIT ecosystem in India.

Asia Pacific maintained strong momentum in data centre expansion throughout the first half of 2025, adding nearly 2,300MW to its development pipeline. The region’s operational capacity now stands at around 12.7GW, with 3.2GW under construction and a further 13.3GW in planning stages.

Artificial Intelligence (AI), cloud services, and capital investment stood out as dominant themes across Asia Pacific. Governments and leading technology firms accelerated AI infrastructure, aligning policy and innovation to meet rising demand for cloud computing and large language models (LLMs). Data centre operators are increasingly building facilities designed for AI workloads, reinforcing the region’s ambitions to lead in global AI infrastructure despite regulatory and geopolitical headwinds.

Capital markets remained robust, signalling continued investor confidence in Asia Pacific’s digital infrastructure. A surge in private equity acquisitions highlighted the sector’s appeal as a long-term investment and growing demand for AI-ready and hyperscale platforms.

Despite some hyperscalers slowdowns, cloud service providers continued expanding, launching new regions and AI-focused developments, and the region continues to attract significant investment and innovation in digital infrastructure.

Office demand across key markets in Asia Pacific rose by 9.6% year-on-year in H1 2025, reflecting a broader recalibration of workplace strategies and renewed activity.

With moderating inflation and stability in monetary policy, the region presents a promising outlook for occupiers seeking growth.

  • Evolving priorities are driving demand for flexible, sustainable office spaces.
  • India, Mainland China and Japan accounted for more than 90 percent of leasing demand.
  • Singapore, the Philippines and Japan led regional leasing activity.
  • Strong supply pipeline in 8 of 11 key markets, led by Australia, New Zealand and Japan.

  • C-REITs returns fell marginally by 0.3% M-o-M in July to underperform the region’s REITs, as well as the SSE Composite, which rose 3.7% in the same period. Offshore listed Chinese REITs also rose by over 6% for a second consecutive month.
  • Chinese stocks have bounced off their April lows, with ample domestic liquidity sustaining the rally. Markets are reacting positively to recent government moves to curb excessive price wars and overcapacity in some sectors, which could ease deflation and boost corporate earnings. The increase in risk appetite have likely prompted a rotation out of more defensive stocks, like REITs.
  • The major REIT sectors corrected, with rental housing suffering the largest drop of over 3%. Industrial parks and logistics sectors remained relatively resilient.