Thought Leadership

In Singapore, investment remains buoyant despite operating performance normalising along with new supply; Indonesia hotel performance mixed as investment liquidity remains a challenge; Strong tourism growth in Vietnam boosts hotel performance and lures new investors.

Sentiment remains positive in Singapore but conditions diverge across eastern and western markets; Solid regional demand and domestic consumption underpin firm leasing demand in Japan; In Australia, transaction activity remains stable as Sydney continues to outperform.

Leasing demand in Vietnam remains strong amid influx of new entrants from mainland China; Demand holds firm in Singapore as retailers expand cautiously in anticipation of slower consumption; Leasing market in India improves after slow start to year, backed by positive domestic consumption.

Continued investment momentum in India driven by large private equity deals; Investment activity strengthens in Hong Kong SAR, driven by key transactions and distressed asset sales; Driven by industrial transactions, investment activity in Taiwan picks up as sentiment improves.

Competition between landlords intensifies in Mainland China as leasing demand remains under pressure; Centralisation and flight-to-quality drives leasing demand in Australia; diminishing high quality options spurs higher renewal rates; Tight office availability in the Middle East prompts occupiers to proactively review real estate strategies, generating more pre-leasing demand.

This exclusive report analyses the five largest REIT markets in Asia – Japan; Singapore; the Chinese mainland; Hong Kong, China; and India – covering financial performances, regulatory frameworks and future developments.

KEY HIGHLIGHTS:

• Emerging Market Growth: The Chinese mainland REIT (C-REIT) market joined the top three largest REIT markets in Asia for the first time with an 85% increase in market value in 2024. Other emerging markets of Thailand, Malaysia, and India reported market value rises of 41%, 21%, and 13%, respectively.
• Sectoral Trends: Data center and hospitality REITs are expected to remain prominent due to advancements in AI and a recovery in tourism. Sustainability and consumer infrastructure REITs are also gaining traction, reflecting growing ESG awareness and demand for technology-driven assets.
• Performance Metrics: Dividend yields varied across markets, with Hong Kong REITs offering the highest average yield (8.3%), followed by Singapore (6.9%) and Japan (5.4%). However, stock price declines in 2024 impacted total returns.
• Regulatory and Structural Changes: Singapore has streamlined leverage ratio requirements for all REITs, providing flexibility for growth while promoting financial prudence. India launched regulations for small and medium REITs (SM-REITs), opening new avenues for smaller investment

Stay ahead of the curve with our insights into these dynamic markets.

The 2025 CBRE Asia Pacific Logistics Occupier Survey reveals a landscape of cautious optimism among occupiers, shaped by ongoing geopolitical tensions and shifting global trade dynamics. While short-term business confidence has dipped—particularly due to tariff uncertainties and regulatory challenges—long-term expansion plans remain intact.

Key findings highlight a growing trend toward diversification of supply chains, an increase in outsourcing, and a pivot toward asset-light strategies to mitigate risk and manage costs. Occupiers are showing strong interest in emerging economies, with India standing out for its robust occupier sentiment, while mainland China continues to grapple with oversupply despite signs of stabilisation.

Cushman & Wakefield’s What Occupiers Want 2025, in collaboration with CoreNet Global, presents findings from over 235 global CRE leaders, offering a timely perspective on evolving workplace strategies, investment priorities, and the future of office space.

Key insights include:

• Cost remains king, continuing to drive real estate decisions across regions.
• Reporting lines are shifting, with nearly 30% of CRE teams now reporting into HR—reflecting growing alignment with people and culture agendas.
• Flexible hiring takes hold, as 61% of occupiers adopt geographically flexible recruitment strategies.
• Portfolios are stabilizing, with a decline in planned reductions and rising occupancy levels.
• Expectations from landlords are growing, with 85% of occupiers seeking enhanced amenities—and 46% willing to pay a premium.
• A call for better metrics: CRE leaders are urged to adopt holistic frameworks that link workplace decisions to business performance.

The global hotel industry is in a period of brand consolidation, with the world’s leading operators continuing to expand their footprint through new developments and brand strategies.

With hotel brand penetration still relatively low compared to the U.S. and Europe, Asia Pacific has become a key growth market.

CBRE Research estimates that 74% of Asia Pacific hotel supply between now and 2030 is aligned with one of the top 8 listed hotel companies – a significant increase over the currently operational market share of 18%.

Our latest report analyses the current state of the hotel brand landscape, and explores the brand strategies that owners and operators are pursuing to adapt to ever-changing market dynamics.

Singapore’s flexible workspace market has matured into a dynamic and diverse ecosystem, offering a broad range of solutions—from on-demand access for startups to fully managed suites for enterprises. This evolution reflects both the rising sophistication of occupier needs and the agility of operators in responding to them.

Today, with about 5% market penetration rate, the flex workspace market features a healthy mix of brand positions, ranging from premium hospitality-driven environments to value-oriented, efficiency-focused models. Our findings show that the top 10 brands (by market size) now command 80% of the market, with varied pricing and positioning offerings to meet the needs of businesses across all sizes and sectors. This ensures that companies can find workspaces aligned with their identity, culture, and operational goals.

Notably, flex space is increasingly integrated into asset strategies, with landlords and operators collaborating to enhance both building value and tenant experience. As the market continues to evolve, innovation and adaptability will be key to shaping the future of work. This report further explores what occupiers seek and how landlords and operators can continue to strengthen the value proposition of flexible workplaces in Singapore.