思想領導

主要研究結果包括：

• 85% of investors expect to increase Living investment over the next five years.
• Investors are increasingly favouring stabilised, income-producing and defensive Living assets. Recent volatility has prompted half of respondents to report a greater preference for stabilised, income-producing assets, yet only 17% expect stabilised acquisitions to be their most likely deal structure over the next one to three years, reflecting the limited availability of institutional-grade stock outside Japan. The resulting imbalance, combined with a challenging development environment, is pushing capital towards alternative routes to market, with 73% actively considering repositioning or change-of-use strategies.
• Australia/New Zealand 和 日本 rank clearly ahead of other APAC markets for prospective investment, reflecting the combination of institutional scale in Japan and housing undersupply underpinning growth potential in Australia.
• Market opacity remains a constraint on investment. The buyer-seller pricing gap is the leading investment challenge, identified by 44% of respondents, followed by development viability (29%). Limited transaction evidence and inconsistent transparency are making it harder for investors to price assets and deploy capital.

Data centres have become a core pillar of infrastructure investment across Asia Pacific.

Driven by AI adoption, cloud expansion, enterprise digital transformation, and digital sovereignty initiatives, the sector continues to attract significant capital. At the same time, constraints around power, land, and development capacity are reshaping how investors, operators, and developers identify and secure growth opportunities.

As competition intensifies across the digital infrastructure sector, access to reliable market intelligence and robust investment benchmarks remains limited in many Asia Pacific markets. Understanding the forces shaping performance, risk, and long-term value creation has never been more important.

The latest edition of the Asia Pacific Data Centre Investment Landscape 2026 provides a comprehensive analysis of the trends transforming the region’s data centre sector, with insights spanning 14 key markets.

Download the report to gain insights into:

• Where capital is flowing across Asia Pacific’s data centre markets
• Which locations are emerging as the region’s next digital infrastructure hubs
• The key drivers shaping investment decisions and market performance
• Trends that will define future growth and value creation opportunities

重點總結

• Living sectors are going mainstream: Institutional capital is increasingly flowing into co-living, BTR, student accommodation and senior housing across APAC.
• Significant growth runway remains: APAC accounts for around 60% of the world’s population but attracted only 12% of global living-sector capital in 2025, highlighting a substantial allocation gap.
• Demand continues to outpace supply: Major markets across the region face shortages of professionally managed rental housing, creating long-term opportunities for investors.
• Market-specific opportunities are emerging: The report highlights strong growth potential in Singapore co-living, Australia BTR, Hong Kong student housing and India’s rapidly expanding PBSA sector.
• Operational expertise is becoming a key differentiator: Investors are increasingly combining capital with local partnerships, platform strategies and operating capabilities to create scale and drive performance.

主要心得

• Strong demand for premium office space, coupled with the limited supply of new office developments, has led to a two-tier leasing market. While premium office buildings continue to enjoy healthy occupancy levels and rental growth, lower-quality buildings face greater challenges in attracting and retaining tenants
• Based on data compiled by Savills, the vacancy rate for CBD Grade A offices declined for the third consecutive quarter by 1.0 percentage point (ppt) quarteron-quarter (QoQ) to 5.6% in Q2/2026. This was the lowest since Q3/2022 when vacancy rate was at 5.2%.
• With vacancy rates remaining tight, particularly in premium grade office buildings, and with limited upcoming supply, landlords have maintained a firm stance on both asking and renewal rents. This has led to average CBD Grade A office rents to increase further by 2.8% QoQ to S$10.42 per sq ft in the quarter.
• Barring a significant deterioration in the political-economic sphere, even a marginal increase in office demand could result in disproportionately strong rental growth given the current supply constraints. Accordingly, we are revising our 2026 rental growth forecast upward from 3%–5% to 5%, while projecting a further 5%–7% year-on-year (YoY) increase in 2027.

KEY HIGHLIGHTS

0. Living has been APAC’s most resilient real estate sector in recent years

• It was the only sector to record investment volume growth during both the COVID-19 pandemic and the global rate-hiking cycle, at 51% and 18%, respectively.
• Rental growth has also consistently outpaced both inflation and interest rates, preserving real income while maintaining a positive spread over financing costs.
• Together, these characteristics reinforce APAC living as a compelling, income-oriented allocation within a diversified real estate portfolio.

1. Structural demand is no longer the differentiator, execution is

• Demographic shifts in APAC, particularly shrinking household sizes, the growth of single-person households, continued urbanisation and cross-border mobility, are increasing demand for housing and heightening affordability pressures.
• This is unfolding alongside persistent housing shortages and elevated homeownership barriers, further shifting demand towards rental solutions.
• Government policy has emerged as a key growth catalyst, boosting demand through immigration and labour mobility while creating a more supportive environment for institutional rental housing through planning and regulatory reforms.
• The combination of policy-supported population growth and persistent housing supply strengthens demand visibility, supports high occupancy and creates favourable conditions for sustainable rental growth and long-term income resilience.
• Demographic tailwinds and policy reforms underpin demand and expand the investable universe, but excess returns will increasingly depend on how investors enter, operate and scale assets.

2. There is no single APAC living strategy

• While the APAC living opportunity set is expanding, it is not a homogeneous asset class. Each market-subsector follows a different institutionalisation path, offering distinct risk-return profiles and entry strategies.
• 在 日本, direct acquisition of stabilised multifamily assets remains the dominant strategy given the market’s established depth and liquidity.
• Australia’s PBSA and coliving sectors feature a mix of ground-up development and conversion opportunities.
• 在 新加坡, entry strategy into the coliving sector largely revolves around adaptive reuse and conversion of existing assets.
• 香港 PBSA is likely the most conversion-led living market in APAC, driven by policy reforms.
• 韓國’s living market is in an early stage of institutionalisation, creating opportunities for investors to establish operating capabilities and sourcing networks ahead of broader market development.

3. Operational capability and scale are becoming core sources of alpha

• Revenue management, product positioning, active asset management and local expertise are increasingly driving performance.
• Regional platforms can enhance sourcing, standardise design and procurement, optimise pricing and operations, and create multiple capital recycling and exit pathways.

Takeaways from the APREA Japan REIT Forum

• Improving market fundamentals and expanding capital market initiatives are creating opportunities to broaden investor participation, deepen liquidity, and strengthen the long-term competitiveness of Japan’s REIT sector.

• Active asset management, portfolio optimisation, and operational excellence are becoming increasingly important sources of value creation, with investors placing greater emphasis on growth alongside stable income.

• Private REITs continue to gain scale and institutional support, while opportunities are emerging across alternative sectors—including logistics, residential, healthcare, data centres and social infrastructure—as the investable universe expands.

• Structural changes in Japan’s real estate market, together with greater collaboration across industry stakeholders and continued product innovation, are positioning both listed and private REITs for the next phase of sustainable growth.

Across the APAC region, living sector supply is increasingly being created by dislocation in other asset classes. Hotel impairment, office obsolescence, serviced apartment oversupply and selective regulatory reform are reshaping the playbook. Ground-up development still works selectively but is often not the dominant entry path.

The APREA Malaysia Conference brought together industry leaders and experts to explore opportunities shaping Malaysia’s real assets market. Key discussions focused on the growing appeal of industrial, logistics, and data centre assets; the importance of ESG and climate resilience in value creation; and strategies to attract foreign capital into sectors such as semiconductors, renewable energy, and education.

主要亮點：

• ESG has become a core driver of long-term asset value, with climate resilience, technology integration and operational excellence increasingly influencing investment performance, asset competitiveness and institutional capital allocation.
• Industrial real estate in Malaysia is evolving into critical digital infrastructure, with AI-driven demand, power availability, connectivity and future-ready design becoming the defining factors for asset selection and long-term value creation.
• Attracting cross-border capital requires a combination of transparent regulation, strong local partnerships, disciplined market fundamentals and policy support that enhances liquidity and investor confidence.