# A more selective second half looms for Asia Pacific property markets

- **Source:** Real Estate Asia
- **Published:** 2026-09-07T23:15:00.000Z
- **Author:** Staff Reporter
- **Original:** https://realestateasia.com/commercial-other/news/more-selective-second-half-looms-asia-pacific-property-markets
- **Topics:** Commercial & Industrial, Transactions & Deals, Investment & Capital Markets

## Featured rationale

Higher rates and geopolitical uncertainty may concentrate capital in prime assets and markets with limited supply and stronger rental growth, widening performance gaps elsewhere.

## AI summary

Asia Pacific commercial real estate investment rose 27% year on year in H1 2026, but CBRE expects transaction momentum to moderate in H2.

## Original article

Find out why real estate investment is expected to moderate.

Asia Pacific's economic growth outlook has been upgraded, but commercial real estate investment is expected to become more selective in the second half of 2026 as higher interest rates and geopolitical uncertainty reshape investor priorities, according to CBRE's 2026 Asia Pacific Real Estate Market Outlook Mid-Year Review.

CBRE has raised its full-year Asia Pacific economic growth forecast from 3.9% to 4.3%, citing robust demand for artificial intelligence-related products and semiconductors. Australia is an exception, with its growth forecast downgraded amid rising interest rates. Several markets, including Australia, South Korea and India, moved into rate-hike cycles in the first half, with the potential for another increase in H2.

Commercial real estate investment across Asia Pacific rose 27% year on year in H1 2026. CBRE expects transaction momentum to moderate in H2, with investors concentrating on markets offering stronger rental growth prospects, including Tokyo, Sydney and Brisbane. Yield expansion is now expected across most major sectors in Australia and Hong Kong SAR, as well as Greater Seoul logistics.

Singapore is a notable exception, with CBRE upgrading its outlook on the back of stronger capital market conditions and sustained investor demand.

Office demand remains concentrated on prime space

Office markets across major gateway cities continued to experience tight supply and persistent flight-to-quality demand in H1. CBRE said most mature markets delivered stronger-than-expected rental growth, prompting upward revisions to full-year forecasts, although growth is expected to moderate in H2.

Tokyo is forecast to deliver another year of double-digit rental growth, while Hong Kong SAR's office recovery has exceeded expectations as financial-sector demand strengthens. In Shanghai's core districts, rental declines are expected to stabilise as new supply tightens.

Logistics market favours modern assets

Logistics demand remained resilient, but CBRE identified a widening performance gap between prime and secondary properties. Occupiers are expected to continue favouring modern, well-located facilities in supply-heavy markets such as mainland China, Australia and India.

A shrinking regional supply pipeline from 2027 should provide further rental support. CBRE upgraded the rental outlook for Greater Tokyo on the back of broad-based domestic demand, while maintaining a mixed view for India and Australia due to softer expansion demand and supply pressure respectively. Rental forecasts for mainland China and Hong Kong SAR were downgraded amid elevated vacancy and more cautious occupier sentiment.

Retail and hotels offer selective opportunities

Limited new retail supply and strong demand for prime space supported rental growth across most markets in H1, a trend CBRE expects to continue. New-to-market Asian brands and experiential concepts are expected to support demand, with Tokyo Ginza's rental outlook upgraded because of tight availability.

India's core markets are still recording rental growth, although at a modest pace, while uneven labour market conditions are expected to weigh on Australia. Hong Kong SAR and Taiwan face weaker rental prospects because of softer non-core leasing demand and pressure on retailer profitability.

In hotels, rising average daily rates helped lift RevPAR across Asia Pacific during H1, although occupancy remained uneven because of lower flight capacity and higher fuel costs. Vietnam and South Korea outperformed on strong visitor arrivals, while the Maldives was affected by disruptions to Middle East aviation routes.

CBRE expects hotel ADRs to continue rising as higher construction costs constrain new supply. Events and concerts are also expected to become increasingly important in generating demand spikes and supporting hotel performance during traditionally weaker periods.

Overall, CBRE's mid-year outlook points to a more selective second half, with investors and occupiers likely to favour markets and assets backed by structural demand, limited supply and stronger rental growth prospects.

## Chinese translation

> Translation model: grok_cli

### 亚太物业市场下半年料将更趋精挑细选

亚太经济增长前景已获上调，但商业房地产投资预计将在2026年下半年更趋精挑细选

了解房地产投资为何预计将放缓。

亚太经济增长前景已获上调，但随着利率走高和地缘政治不确定性重塑投资者优先事项，商业房地产投资预计将在2026年下半年更趋精挑细选，这是CBRE《2026年亚太房地产市场展望年中回顾》的结论。

CBRE将亚太全年经济增长预测从3.9%上调至4.3%，理由是人工智能相关产品和半导体需求强劲。澳大利亚是例外，其增长预测因利率上升而被下调。包括澳大利亚、韩国和印度在内的多个市场在上半年进入加息周期，下半年仍有再次加息的可能。

2026年上半年，亚太商业房地产投资同比增长27%。CBRE预计下半年成交动能将放缓，投资者将集中于租金增长前景更强的市场，包括东京、悉尼和布里斯班。目前预计澳大利亚和香港特别行政区的大多数主要业态，以及大首尔物流，收益率将走阔。

新加坡是显著例外，CBRE基于资本市场状况走强和投资者需求持续，上调了该市场展望。

写字楼需求仍集中于优质空间

上半年，主要门户城市的写字楼市场继续面临供应紧张和持续的优质化需求。CBRE表示，多数成熟市场的租金增长强于预期，促使全年预测上调，不过下半年增速预计将放缓。

东京预计将再录得两位数租金增长，而随着金融业需求走强，香港特别行政区写字楼市场的复苏超出预期。在上海核心区，随着新增供应收紧，租金跌势预计将趋于企稳。

物流市场青睐现代化资产

物流需求保持韧性，但CBRE指出优质物业与次级物业之间的表现差距正在扩大。在中国内地、澳大利亚和印度等供应充裕的市场，租户预计将继续青睐位置优越的现代化设施。

从2027年起区域供应管道收缩，应会进一步支撑租金。CBRE基于广泛的内需上调了大东京的租金展望，同时因扩张需求偏软和供应压力，分别对印度和澳大利亚维持喜忧参半的看法。由于空置率偏高、租户情绪更为谨慎，中国内地和香港特别行政区的租金预测被下调。

零售与酒店提供精选机会

新增零售供应有限、优质空间需求强劲，支撑了上半年多数市场的租金增长，CBRE预计这一趋势将持续。新进入市场的亚洲品牌和体验式业态预计将支撑需求；由于可供租用空间紧张，东京银座的租金展望获上调。

印度核心市场仍在录得租金增长，尽管增速温和；劳动力市场状况不均衡预计将拖累澳大利亚。香港特别行政区和台湾因非核心租赁需求偏软、零售商盈利承压，租金前景较弱。

酒店方面，平均每日房价上升推动亚太地区上半年RevPAR走高，但由于航班运力下降和燃油成本上升，入住率仍不均衡。越南和韩国因访客到访强劲而表现领先，马尔代夫则受到中东航线中断影响。

CBRE预计，随着建设成本上升制约新增供应，酒店平均每日房价将继续上升。活动和演唱会预计也将越来越重要，以在传统淡季催生需求高峰并支撑酒店表现。

总体而言，CBRE的年中展望指向一个更趋精挑细选的下半年，投资者和租户可能更青睐具备结构性需求、供应有限且租金增长前景更强的市场与资产。