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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.

主要见解:

  • 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 可投资 100 指数
  • GPR/APREA 可投资 REIT 100 指数
  • GPR/APREA综合指数
  • GPR/APREA综合REIT指数(标有星号)

GPR/APREA 可投资 100 指数

包含物

中国Poly Property Group Co Limited
日本日本物流基金
新加坡Lendlease Global Commercial REIT

除外条款

澳大利亚Centuria工业房地产投资信托基金
中国广州富力地产有限公司
日本Hoshino Resorts REIT Inc

GPR/APREA 可投资 REIT 100 指数

INCLUSIONS

日本三溪房地产公司.
新西兰Precinct Properties NZ Limited 和 Precinct Properties Investments Limited

除外条款

新西兰古德曼财产信托
菲律宾AREIT Inc.

GPR/APREA综合指数

包含物

国际化名PT Bakrieland Development Tbk

除外条款

中国China New City Group Limited
中国CIFI Holdings Group Company Limited
中国Shanghai Industrial Urban Development Group Limited
香港Langham Hospitality Investments Limited
国际化名PT Mega Manunggal 房地产 Tbk
泰国Ally Leasehold REIT *
泰国CPN商业增长租赁物业基金

亚太地区商业地产市场有望在 2026 年继续保持稳健增长,在区域经济韧性的支撑下,投资和租赁活动预计都将增强。.

尽管前景光明,但仍存在一些不利因素,贸易波动和地缘政治紧张局势等挑战将在未来一年对房地产决策产生重大影响。.

房地产市场格局正在发生变化,尤其是在前景光明的办公楼领域,以及在经历了长期强劲增长后表现有所降温的物流领域。预计所有领域的中期供应量都将收缩,这将标志着当前供应过剩局面的重大转变。这些市场基本面的变化将对投资者在各个领域的资产配置产生重大影响,而收益率压缩空间的缩小将迫使业主更加关注收入增长潜力。.

在此背景下,租户和投资者必须重新评估当前的战略、投资组合和需求,同时拥抱新的行业、技术和方法,因此我们今年的报告主题定为“重新调整和创新”。.

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.

2026年,亚太地区房地产市场将进入一个更具选择性但机遇也更为丰富的阶段,资本将果断地转向那些收益前景清晰、供应受限且具有结构性需求驱动因素的市场和行业。在基本面支撑回报的领域,投资机会最具吸引力,尤其是在日本的办公楼和多户住宅、澳大利亚的租赁型住宅和优质零售物业、新加坡具有韧性的房地产投资信托基金(REIT)相关资产,以及在不断扩张的全球能力中心(GCC)和数字化浪潮的推动下,印度的办公楼和数据中心领域。.

在整个区域内,价格纪律和新增供应受限为租金增长创造了有利条件,而技术应用和能源转型则为数据中心和基础设施开辟了新的发展道路。2026年为投资兼具韧性、增长性和长期主题相关性的资产提供了契机。.

作者:Shai Greenberg;高桥博;太田晃

目的

本研究考察了 2014 年至 2023 年日本房地产投资信托基金(REITs)外资持股比例的变化趋势。通过面板回归分析,探讨了公司特征、宏观经济因素和政策干预如何影响外国投资模式,为管理者、投资者和政策制定者提供了参考。.

设计/方法/途径

本研究利用面板回归(固定效应和随机效应)对 33 家日本房地产投资信托基金 (J-REITs) 进行分析,探讨了公司层面、资产类型、发起人和宏观金融因素,以及纳入 FTSE EPRA/NAREIT 全球指数对外国所有权的影响。.

发现

市值、日元升值、酒店业敞口和全球指数纳入与外国所有权呈正相关,而较高的杠杆率、日本银行购买 J-REIT、更强的 ROA、较高的政策利率和物流业敞口则与外国所有权呈负相关。.

实际意义

研究结果提供了可操作的见解:对于投资者而言,市场规模、行业和指数纳入情况表明了流动性和可及性;对于日本房地产投资信托基金而言,资产风险收益特征、行业选择和杠杆纪律很重要;对于政策制定者而言,指数纳入和货币政策会影响外国资本流动。.

原创性/价值

据我们所知,这是第一项将面板回归应用于日本房地产投资信托基金(J-REITs)外国所有权的研究,重点关注行业和宏观金融驱动因素,并提供来自世界第三大房地产投资信托基金市场的证据。.

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.

投资者纷纷行动以把握市场动能

我们的《亚太洞察报告》取材于《2026 年高力国际全球投资者展望》,汇集了高力国际亚太地区高级专家的观点,以及对约 1150 名房地产投资者(其中近 400 名来自亚太地区)的调查结果,分析了他们对未来一年的优先事项、策略和展望。. 

这些报告全面展现了推动房地产投资的趋势,并着重指出全球资本配置正明显转向亚太地区,因为投资者越来越希望实现多元化投资并利用该地区的机遇。. 

亚太地区洞察 | 主要亮点

  • 工业、物流和办公楼仍然是投资者的首选;对零售、酒店和多户住宅/租赁型住宅的偏好正在上升。.
  • 数据中心是重点发展领域,新加坡、澳大利亚和印度都投入了大量资金。.
  • 东京、新加坡和悉尼占据了投资者近 40% 的偏好。.
  • 日本国内投资者有望提升投资量。印度正崛起为高回报和可扩展部署的关键市场。.  
  • 64% 的区域投资者预计明年亚太地区的经济增长,其中近 60% 的投资者看好资本市场流动性和租金增长。. 
  • 2026 年展望:随着时间的推移,更多资产将进入市场,竞争将加剧,交易量将稳步增长。.