房地产 -2026年亚太投资者意向调查 2026 Asia Pacific Investor Intentions Survey

IntelligentInvestment

2026

Executive

summary

CBRE's2026AsiapacificInvestorIntentionssurveyuncoveredafurtherimprovementinbuyingintentionsacrossmostmarketsinAsiapacificthisyear,withover57%of

respondentsindicatingtheirpreferencetobuymorerealestatein2026.

Netbuyingintentionsinkorea,Australiaandsingaporestrengthened,whilethosein

Japanremainedstable.whiletheirintentionsremainednegative,investorsinboth

mainlandchinaandHongkongsARexhibitedimprovednetbuyingintentionsin2026comparedtolastyear.

sectorpreferenceshiftedinthisyear'ssurvey.officesrosetobecomethemost

preferredsectorforthefirsttimeinsixyears,withindustrial&logisticsandthelivingsectorroundingoutthetopthree.Datacentrescontinuetoclimbupthelistofinvestorpreferences,placingfourththisyear.

Thisyear'ssurveywasconductedinNovemberandDecember2025.over420responseswerereceivedfromparticipantswhowereaskedarangeofquestionsrelatedtotheir

buyingintentions,perceivedchallengesandpreferredstrategies,sectors,andmarketsforthecomingyear.Thisreportsummarisestheirresponsesandexplainswhatthey

meanfortheAsiapacificcommercialrealestatemarketin2026.

Adachoi,CFA

HeadofResearch,Asiapacific

GregHyland

HeadofcapitalMarkets,Asiapacific

InvestorBuyingandsellingIntentions

Netbuyingintentionsincreaseto17%,withREITsandinstitutionalinvestorsdisplayingstrongestintentions

AsiapacificInvestmentsentiment

preferredstrategiesandsectors

core-plusandvalue-addstrategiesgainmorepopularityin2026

TopsectorsforInvestment

officeovertakesindustrialastopsectorin2026

TOPTailwinds(selecttopthree)

occupierdemandandreducedsupplypipelineseenastoptailwindsforinvestmentin2026

CBRE

Topcitiesforcross-BorderInvestment

TOKYO

keystrategy:

HongkongsAR

keystrategy:

value-addtoopportunistic

Bangkok

keystrategy:

value-addtoopportunistic

singapore

keystrategy:

core-plustovalueadd

sydney

keystrategy:core-plustovalueadd

Melbourne

keystrategy:

core-plustovalue-add

keystrategy:value-addtoopportunistic

core-plustovalueadd●T3

Hanoi

keystrategy:coretocore-plus

keystrategy:opportunistic

NewDelhi

seoul

Logisticsbuildbuildsell)

CBRERESEARCHrent)

ThisreportwaspreparedbythecBREAsiapacificResearchTeam,whichformspartofcBREResearch-anetworkofpreeminentresearcherswhocollaboratetoproviderealestatemarketresearchandeconometricforecastingtorealestateinvestorsandoccupiersaroundtheglobe.

.whilewedonotdoubtitsaccuracy,wehavenotverifieditandmakenoguarantee,warrantyorrepresentationaboutit.Itisyourresponsibilitytoconfirmindependentlyitsaccuracyandcompleteness.

IntelligentInvestment2026InvestorIntentionsSurveyAS|IAPACIFIC

4CBRERESEARCH©2026CBRE,INC.

contents

01InvestorBuyingandsellingIntentions

02preferredInvestmentstrategiesandsectors

03lInvestmentDestinations

04ESGandcommercialRealEstateInvestment

05Respondentprofile

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SENTIMENT

themaintailwindsforinvestmentin2026.

STRATEGY

Thesurveyrevealedthatcore-plusandvalue-addedinvestmentstrategiesgainedfurthertractionamonginvestorsin2026.Investorsbelievetheycanachievecore-plusandpossiblyvalue-addreturnsfromcoreproductastheirrentalgrowthconvictiongrowsstronger.Interestinopportunisticstrategiescontinuestoweaken.

ASSETCLASS

ALTERNATIVES

retirementlivingandstudentaccommodationcontinuestogrow.Interestininfrastructurerosemodestlythisyear.

DESTINATIONS

Tokyoretainedtopspotasthepreferredmarketforcross-borderinvestmentforaseventhconsecutiveyear,followedbysydney,thensingaporeandseoul(tied).HongkongsARreturnedtothetopfivefollowingabriefhiatus.

SUSTAINABILITY

2026.Althoughprogressremainsgradual,investorscontinuetoplaceahighergreenpremiumonESG-certifiedassets.

remainspopular,withbuild-to-rentopportunitiesattractingstronginterest.Datacentresclimbedtofourthplace.

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Netbuyingintentions

improveacrosstheboard

Netbuyingintentionsreached17%inthisyear'ssurvey,drivenbyimprovementsinkorea,Australiaandsingapore,andstablebuyingintentionsinJapan.whilestillnegative,bothmainlandchinaandHongkongsARinvestorsshowedimprovednetbuyingintentionsin2026comparedto2025.

RegionalinvestorsinsingaporeandHongkongsAR,alongsidelandlordswithsignificantAUMinAustraliaandkorea,displayedthebiggestchangeinnetbuyingintentionsthis

year.Thiscohortidentifiedthestrongerrentaloutlookandimprovingoccupieractivityastheprimaryreasonbehindtheirstrongerwillingnesstobuy.

ThisyearcBREexpectsinvestorstoplaceaparticularlystrongfocusoncore-plusassets,whicharesettoexperiencestrongrentalgrowthascapratecompressionslows.Japaneseinvestorswillremainnetbuyersin2026,showingstrongernetbuyingintentionsthisyear,withdomesticinvestmentactivityexpectedtoremainrobust.

Investmentsentimentamongdomesticmainlandchineseinvestors,whilestillnegative,

improvedin2026.Anincreasinglydiversedomesticinvestorbase,whichincludesstate-

backedinsurancecompanies,shoreduptransactionactivityin2025,offsettingadeclineinforeigninvestment.

Figure1:purchasingandsellingIntentions

source:2026AsiapacificInvestorIntentionssurvey,CBREResearch,January2026.

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investorsandfundsmore

activebuyersin2026;

privates/developerstobenetsellers

AsiapacificREITshaddeliveredtotalreturnsofover22%forthefullyear2025,accordingtotheGlobalpropertyResearchandAsiapacific

RealAssetsAssociation(APREA)REITcompositeIndex.ThisisprovidingastrongfoundationforREITstobenetbuyersin2026,withnetbuyingintentionsfromthiscohortreaching+30%inthisyear'ssurvey.

Investmentbyprivateequityfunds,realestatefundsandinstitutionalinvestorsincludinginsurancecompanies,pensionfundsandsovereignwealthfundspickedupin2025,withexpectationsthatpositivemomentumwillcontinuein2026.

ontheflipside,privateinvestorscouldturnfromnetbuyerstonetsellersin2026astheylooktorecycleassetsacquiredduringtheperiodofpricedislocationthatoccurred24monthsago.Netintentionsforthiscohortstoodat-3%in2026,downfrom+6%in2025.

significantincreasesinconstructioncostsandenduringdebtcostsfor

developmentinmarketssuchasAustraliaandkorearesultedinadeclinein

developers'netbuyingintentionsin2026.onebrightspotiscorporateowner-

occupiersinGreaterchinaturningmoreactiveinbuyingofficeassetsforself-use,particularlyinHongkongsAR.

Figure2:NetBuyingIntentionsbyInvestorType

aBuymoreasellmoreNetintentionsLastyear'snetintentions

80%

60%

40%

20%

-20%

-40%

-60%

source:2026AsiapacificInvestorIntentionssurvey,CBREResearch,January2026.

ReirInstitutionalpropertyFundsprivate/Highnetworthprivate/HighnetworthDeveloper/

owner/operator

22%

10%

12%

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Figure3:MajorTailwindsforRealEstateInvestment

strongoccupierdemandReducedsupplypipelineLoweringofdebtcosts

Improvingrentaloutlook Attractivepriceentrypoints BoominIndustrialanddigitalinfrastructure Need/mandatetodeploycapitalGreaterpricealignmentbetweenbuyersandsellers sectordemandduetodemographicshifts ImprovedexpectedtotalreturnsHigherlevelsofprivateequityfundraising

source:2026AsiapacificInvestorIntentionssurvey,CBREResearch,January2026.

Investorsidentifyleasing

demandandreduced

supplyasmajortailwinds

withoccupierdemandinAsiapacificremainingstrong,investorsidentifiedthisfactorasthebiggesttailwindforinvestmentin2026.Thiswasaparticularly

popularchoiceamonginvestorsinJapanandIndia,especiallyintheofficesector,wherefallingvacancyissupportingastrongrentaloutlookfor2026.

Duetotheongoingincreaseinconstructioncosts,theofficeandretailsupply

pipelineinmanymajormarkets,exceptformainlandchina,hasorisabouttopeakin2026/2027.RespondentsinAustraliaandHongkongsARinvestorsidentified

thecontractioninsupplyastheirtoptailwindforinvestmentin2026,withthe

beliefthatthereductioninthefuturesupplypipelinewillhelpboostinvestmentsentimentintheirmarkets.whilenewofficesupplyinHongkongsARpeakedin2025,citywideofficevacancyremainshigh,limitingrentalgrowthpotential.

whiletherateofdeclineintheoverallcostofdebtissettobemorelimitedin2026thanin2025,investorsinmarketsincludingkorea,Newzealandandsingaporestillregardtheloweringofdebtcostsasamajortailwindforinvestment.singaporeinparticularhasseenasignificantreductioninswaprates,withthe3MSORA

measuring1.2%inDecember2025.overallcommercialrealestatedebtcostsareapproachingthelow2%rangeasaresult.

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Figure4:MajorchallengesforRealEstateInvestment

0%10%20%30%40%50%

Escalatinglabourandconstructioncost uncertaingeopoliticallandscapeFearofarecessionandeconomicuncertainty Morehawkishcentralbankpolicy Mismatchinbuyerandsellerexpectationsweaktenantdemand

Higherand/ormorepersistentinflationshiftincreditavailabilityandloanterms

Higherthanepectedcapitalexpenditure/op-ex

weakerthanexpectedeconomicperformanceinmainlandchina

Risinglandprices

Impactofcurrencyfluctuation

source:2026AsiapacificInvestorIntentionssurvey,CBREResearch,January2026.

Japan,Australia

India,Mainlandchina,singaporeMainlandchina

korea,Australia

2026n

2025

constructioncosts

overtakegeopolitical

concernsasmainchallenge

Escalatingconstructionandlabourcostsrankedasthetopchallengeforinvestorsin2026forthefirsttimesincesurveysbegan.ThisissueisespeciallypertinentinAustralia,Japanandsingapore,wheredatashowoverall

constructioncostsforcommercialrealestatehaverisensignificantlysincethe

beginningofthe2020's,witheconomicrentsalsoincreasingsignificantlyinthesemarkets.

Investorsrankedtheuncertaingeopoliticallandscapeasthesecondtopchallengeforrealestateinvestmentin2025.whileuncertaintyaroundu.s.tariffpolicyhas

diminished,investors,particularlythosefrommainlandchinaandIndia,continuetodisplayconcernaboutgeopoliticaltension.Thesemarketsgenerallyexpectbelow-trendeconomicgrowthasaconsequence,withmainlandchineseinvestorsmost

concernedabouttheeconomy.

whilestillatopconcern,investorsarelessworriedaboutboththemismatchin

buyerandsellerexpectationsaswellascentralpolicyrates.However,following

recentstatementsfromgovernmententitiesandcentralpolicymakers,particularlyinJapanandAustralia,concernsaboutpotentialratehikesinthesemarketsin

2026haveresurfacedandwillbetopofmindforinvestorsasfurthereconomicdataisreleased.

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Ratecutsexpectedin

somemarkets;albeitatalessermagnitude

MostcentralbanksinAsiapacificimplementedsignificantratecutsin2025,ledbythoseinsingapore,korea,HongkongsARandAustralia,whichannouncedtheir

firstinterestratecutsfollowingtheFed'smovetoreduceratesin2024.

Asexpected,theFedloweredthefederalfundsrateby25bpsinDecember2025toarangeof3.50%to3.75%,bringingthetotalmagnitudeofratecutsto175bps

duringthiscycle.TheFedprojectsonetothreefurtherratecutsin2026,

dependentonboththeunemploymentrateandinflation.undertheusDpeg,investorsbelieveHongkongsARwillfollowsuitinloweringborrowingfigures,althoughthebenchmarkHIBORhasbeenvolatile.

Investorsbelievethattherewillbefurtherratecutsinmainlandchinain2026asthepeople'SBankofchina(PBOC)lookstostimulatedomesticdemand.Althoughthiswillresultinafurtherwideningofpositivecapratespreadsinthecountry'scommercialrealestatemarket,thesupplysurplusremainsabiggerconcernfor

investors,andinmanycases,shorterremaininglandtenuresarebiggerconcernsamonginvestors.

Japanraiseditspolicyrateto0.75%inDecember2025andwillconductfurther

monetarytighteninginthecomingyearasinflationadjustedrealinterestratesarenegative.Asaresult,thisyear'ssurveyreflectspopularexpectationsofafurther

ratehike,withamajorityexpectinganysuchraisetobewithin50bpsin2026.

Figure5:ExpectedDirectionofcentralBankpolicyRatesin2026

0%20%40%60%80%100%

Up>(morethan)50bps

source:2026AsiapacificInvestorIntentionssurvey,CBREResearch,January2026.

Highertendencyforratecutsin2025

Highertendencyforratehikesin2025

HongkongsAR

Mainlandchina

singapore

Australia

Japan

korea

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ofceovertakesindustrial

astopsector

Respondentstothisyear'ssurveynamedofficesasthemostpreferredsectorforthefirsttimeinsixyears,withindustrial&logisticsandthelivingsectorroundingoutthetop

three.

withofficeleasingactivityinmanyAsiapacificcBDspickingup,investorsarereturningtothesectorafteraperiodofinactivity.Marketsprovidingstrongrentalgrowthsuchas

Australia,Japan,andkoreawerethemostpopularmarketsforofficeinvestmentin2025,withsingaporesettojointhemin2026.

2025sawindustrial&logisticsrentalgrowthmoderateorcorrectinsomemarkets

followingtheadditionoflargenewsupply,leadingtoadeclineininvestorappetiteforthisassetclass.However,demandforcore,modernlogisticsfacilitiesremainsstrong,with

mainlandchinese,NewzealandandTaiwaneseinvestorschoosingthissectorastheirtoppreference.Investinginkoreanlogisticsassetswillremainanattractiveoptionas

fundamentalsinthismarketcontinuetorebound.

Thelivingsectorremainspopular,withbuild-to-rentandbuild-to-sellopportunities

attractingstronginterest.However,alackofinvestablepropertiesandpolicyriskshasledtointerestinthisassetclassstabilisingafterstronggrowthindemandinrecentyears.

Hotelsandhospitalityassetshavecontinuedamodestclimbinpreferenceforinvestorsforfourstraightyearsfollowingstrongassetperformancesincetheendofthepandemic.InvestorsarestillkeenlyinterestedinstrongtourismmarketssuchasJapanandkorea,withopportunitiesinsEAmarketssuchasvietnamandsingaporealsoappealing.

Newlyclassifiedasamainstreamsectorinthissurvey,datacentreswerethefourthmostpopularassetclassforinvestorsin2026.Investorscontinuetoexploreopportunitiestobuildscaleinthissector,withbothjointventuresandM&Aactivityincreasing

substantiallyoverthepast24months.

Figure6:Investors'preferredsectorforInvestment(%ofrespondents)

officeIndustrialandlogistics

Note:Datacentreswerereclassifiedasamainstreampropertysectorforthisyear'ssurvey,source:2026AsiapacificInvestorIntentionssurvey,CBREResearch,January2026.

Residential

(development/

build-to-sell)

Residential

(multifamily/build-to-rent)

DatacentresHotels/Resorts

Retail

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core-plusandvalue-addmore

popular;lowerinterestin

opportunistic

Investors'growingpreferenceforcore-plusandvalue-addstrategieswillremain

prominentin2026,withover63%ofrespondentschoosingoneofthesestrategiesastheirpreferredoptionthisyear.withyieldcompressionacrossmostmarketssettobelimitedin2026,investorsbelievetheycanachievecore-plusandpossibly

valueaddreturnsfromcoreproductastheirrentalgrowthconvictiongrowsstronger.

opportunisticstrategiesattractedsignificantlyweakerinterestfrominvestorsinthisyear'ssurveyamiddecliningopportunitiesforhigherIRRsasdistressed

acquisitionsbecomemorelimitedandappetiteforspeculativedevelopment

declines.Developmentactivityalsoremainslimitedduetoelevatedconstructionandlabourcostsacrosstheregionandlaggingeconomicrents.

vintagecreditstrategiessuchasdistressedanddebtstrategieshavefallenoutoffavouramonginvestorsnowthattraditionalsourcesofdebtsuchasbanksare

moreaccommodative.However,creditstrategiesmaystillbeviableinmarkets

withelevatedinterestratessuchasAustralia,althoughthescaleofanysuchdealscomparedtopreviousyearswillbesmaller.

Figure7:preferredInvestmentstrategy

40%

2024n20252026

source:2026AsiapacificInvestorIntentionssurvey,CBREResearch,January2026.

DistressedassetsandNPL

opportunistic

core-plus

value-add

core

Debt

15CBRERESEARCH©2026CBRE,INC.

pricingexpectations

Figure8:Investors'pricingExpectationsbysectorin2026

improve,ledbyhotels,data

centresandcoreofces

Followingaperiodofadjustment,pricingexpectationsamonginvestorsinAsia

pacificfor2026haveimproved,indicatingthatpricingforprimeassetshas

bottomedout.only30%ofinvestorsstatedtheirintentiontocontinuetoseek

discountsforvalue-addofficeandshoppingmallacquisitions,asignificantdeclinefromthe50%whoplannedtodosolastyear.

comparedtothe2025survey,coreofficesexperiencedthemostsignificant

changeinsentimenttowardspricing.AImost50%ofrespondentsnowsaythat

theyexpectsomeformofpriceappreciationforcoreofficesin2026.Thiscomes

amidcontinuedinvestordemandforwelllocated,highquality,andESG-friendly

officepropertieswithhighoccupancyandstrongtenantrecruitmentandretentioncapability.

Afterperformingstronglyoverthepast36months,investorsanticipatefurtherincreasesinpricingforhotelandmultifamilyassetsoverthecourseofthisyear.However,CBREexpectsthistrendtoemergeonlyinafewselectlocationsandamonghighqualityassets.

Investorsexpectdatacentrestoexperiencethestrongestpriceappreciationin

Largediscount(30%+)

slightappreciation(upto10%)

Middiscount(1030%)

Moderateappreciation(10-30%)

usmalldiscount(lessthan10%)uNodiscount

significantappreciation(30%+)

2026.whilecapratesacrossmostmarketsforbothshell&coreandfittedproductremainstable,underlyingincomegrowthandincreasedbeliefintheoccupier

unsure

demandsideoftheequationwilldriveanymaterialcapratecompression

forstabilisedassets.

source:2026AsiapacificInvestorIntentionssurvey,CBREResearch,January2026.

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studentlivinggainstraction

butinterestinalternativesdropsslightlyfromlastyear

whenaskedtoselectthemostpopularalternativeassetforinvestmentin2026,investorsnamedhealthcarerelatedproperties,includinglifesciencesandmedicaloffices,infirstplaceforthefourthconsecutiveyear.However,investorscite

challengessuchasscalabilityandlackofgovernmentfundingasobstaclestoinvestmentinthissector.

Aswithmoremainstreambuild-to-rentandbuild-to-s