思想引领

概括：

As occupiers rethink their workplace strategies, the region is seeing a clear shift towards quality, innovation, and flexibility. From the rise of ESG-aligned buildings to the emergence of specialized demand clusters, tenants are no longer just leasing space, they are shaping it. 

KEY TAKEAWAYS:

• Grade-A Growth: Grade-A office stock in APAC has nearly doubled to 2.3 billion sq ft. over the past decade.
• Core Market Drivers: 2/3rd of demand has been driven by 17 cities across India, SEA and China mainland.
• Top 3 drivers of demand across SEA: IT-BPM, Engineering & manufacturing and BFSI are the top 3 driver of demand for office space across South-East Asia.

概括： The co-living landscape has evolved significantly since our initial publication, transitioning from a niche accommodation solution to a recognised asset class that attracts diverse investors and serves an expanding resident base.

As the sector matures, we address emerging considerations around sustainable growth, regulatory frameworks and market resilience. Our expanded 2025 survey engaged over 30 domestic and international stakeholders to capture current sentiment and develop forward-looking insights into this rapidly developing market.

This report synthesises anonymous feedback from across the industry to deliver a comprehensive view of Singapore’s transforming co-living sector, offering valuable context for both established players and those exploring new opportunities in this dynamic space.

概括： CBRE’s latest Asia Pacific Leasing Market Sentiment Index reveals that overall leasing sentiment improved across most markets and sectors in Q3 2025:

办公室： Occupier sentiment is strengthening as trade tensions ease and office attendance mandates tighten. All markets except for mainland China are reporting an increase in tenant enquiries and inspections. Overall expansionary sentiment is being driven by India and North Asia markets. Aligning with CBRE’s 2025 APAC Office Occupier Survey, more tenants are demanding well-located offices with a superior amenity offering.

Retail: Improving clarity around global trade policy is instilling retailers with greater confidence, triggering more enquiries and site inspections across most markets, except for Singapore. Stronger demand in India and Korea is providing a foundation for landlords to raise rental expectations. However, rising operating costs are prompting retailers to review portfolios and assess whether to relocate underperforming stores.

工业与物流： Enquiries and site inspections are gaining traction amid the stabilising trade outlook, setting the stage for a potential recovery. Growth markets including India and Southeast Asia remain resilient, while sentiment in Japan and Korea is strengthening on the back of easing supply-side pressure. Despite the uptick in demand, prospects for rental growth remain limited as tenants retain stronger leverage than landlords in negotiations.

Co-produced by Vistra Fund Solutions and APREA

The APAC real assets market is full of potential, but also operational, tax, and regulatory friction. This exclusive report reveals where the biggest opportunities lie, what’s holding investors back, and how leading firms are navigating the complexity.

Inside the Friction Index 2025:

• Which APAC markets and asset classes are attracting institutional capital
• Where investors face the highest levels of friction and why
• How leaders use outsourcing, AI, and tech to gain a competitive edge
• The trends redefining real assets: ESG, AI, and regulatory shifts

印度正经历着剧烈的人口结构转变，这为养老行业带来了前所未有的机遇和严峻的挑战。预计到2050年，印度老年人口将从2024年的1.567亿增长至3.47亿，增幅超过一倍，占总人口的211万亿至3万亿。这一转变正推动养老市场蓬勃发展，目前该市场规模为1550亿印度卢比（约合18亿美元），预计到2030年将增长至6450亿印度卢比（约合77亿美元）。.

尽管增长势头良好，但印度养老市场仍严重供不应求，尚处于发展初期。与美国和澳大利亚等成熟市场超过6100万户的渗透率相比，印度养老市场渗透率仅为1.31万户，这意味着其市场潜力巨大，尚未得到充分开发。目前约2万套的供应量远低于预计到2030年227万户家庭的需求，凸显了这一快速发展行业对开发商、运营商和投资者而言蕴藏的巨大机遇。.

概括： 高力国际发布的《全球资本流动报告》（2025 年 9 月）强调，全球房地产投资活动保持谨慎但稳定的增长，尽管面临全球逆风，亚太地区仍保持领先地位。.

主要亮点包括：

• 新加坡、日本和香港位列全球十大跨境资本来源地之列。.
• 日本和澳大利亚仍然是全球主要资本目的地，反映出投资者持续的信心。.
• 办公和零售业引领着区域经济复苏，其中办公资产在交易量方面重新占据榜首。.
• 土地开发仍然占据主导地位，全球十大旅游目的地中有七个位于亚太地区。.

2025 年上半年，亚太地区大部分市场的房地产投资主要由国内投资者推动，而海外投资者对澳大利亚、印度、新加坡和香港等主要枢纽市场的兴趣依然浓厚。.

在较低的利率环境、温和的通胀和主要市场持续的经济增长的支持下，该地区的投资前景预计将在 2025 年及 2026 年保持稳定和韧性。.

主要见解：

• 办公楼仍然是首选资产类别，零售物业的增长速度正在加快。.
• 韩国、日本和澳大利亚贡献了近三分之二的投资额。.
• 投资者对数据中心、生命科学和学生公寓等另类资产类别的需求日益增长。.
• 本地投资者信心日益增强，凸显了整个地区的韧性。.

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.