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The Asia Pacific commercial real estate market will see a modest improvement this year on the back of a resilient regional economy and the downward interest rate cycle. However, the outlook by market and sector will vary, often significantly, leading us to adopt “Steady Growth, Split Performance: Navigating a Multispeed Recovery” as the central theme of our 2025 Asia Pacific Real Estate Market Outlook.

Economy: Asia Pacific GDP growth is forecasted to reach 4.1% in 2025. Although U.S. tariffs could weigh on regional growth, the precise implementation and impact of any new tariff regime remains uncertain. Policy rates across many Asia Pacific economies are forecasted to fall at relatively modest magnitudes, except for Japan, which is expected to implement further interest rate hikes this year.

Capital Markets: CBRE forecasts commercial real estate transaction volume to rise 5-10% y-o-y in 2025, driven by growth in Singapore, Korea, Australia and Hong Kong SAR, and continued investor interest in Japan and India. With individual Asia Pacific markets at different stages of the pricing cycle, yield movement will diverge across markets.

辦公室： Leasing activity and rents are expected to register modest growth, with flight to quality demand remaining prominent. This will drive additional requirements for high-quality office space in prime core locations, with properties in non-core areas set to become even less attractive.

工業與物流： Expansionary sentiment among logistics occupiers will gradually pick up this year, backed by a mild increase in requirements from manufacturers and e-commerce platforms. However, most occupiers will retain a cautious approach towards real estate portfolio planning amid high rental growth.

零售： Consumer sentiment is expected to improve in 2025 amid the solid employment market, leading to stronger retail sales growth. Regional retail rents will continue their slow but steady recovery as retailers retain a cautiously optimistic attitude towards real estate planning.

飯店: The outlook for the hotel sector is positive, with international tourism projected to complete its recovery in 2025. CBRE expects modest RevPAR growth in 2025, driven by further hotel occupancy gains as daily rates continue to moderate.