# Constrained supply creates focused opportunities in Tokyo, Singapore and other Apac real estate markets: Hines

- **Source:** EdgeProp Singapore
- **Published:** 2026-07-30T03:00:00.000Z
- **Author:** Atiqah Mokhtar
- **Original:** https://www.edgeprop.sg/property-news/constrained-supply-creates-focused-opportunities-tokyo-singapore-and-other-apac-real-estate-markets
- **Topics:** Government & Policy, Investment & Capital Markets, Regional Markets

## Featured rationale

Structural supply barriers alongside durable demand may support rental growth and pricing power, favouring selective investment in specific Tokyo, Singapore, Seoul and Sydney property segments.

## AI summary

Hines identified scarcity-driven opportunities across developed Asia, with Tokyo offices scoring a globally leading 88 and its industrial and residential sectors scoring 91 and 89 respectively.

## Original article

Selected real estate markets across Asia Pacific (Apac), including Tokyo, Singapore, Seoul and Sydney, are offering compelling investment opportunities as supply constraints reshape the global economy, according to research by Hines.

In its 2026 mid-year outlook published in July, the US-headquartered real estate investment manager highlighted that drivers such as advances in AI, rising power needs, evolving supply chains and changing demographics have steadily increased demand for land, infrastructure, power, materials and development capacity.

However, new supply has become increasingly difficult to deliver, amid labour shortages, rising costs and other structural obstacles. This has resulted in “scarcity advantage” in selected real estate markets across developed Asia, where long-term demand, coupled with structural supply constraints, are supporting stronger pricing power and rental growth over time, says Hines.

Read also: Apac real estate investment market gearing up for growth: Colliers

Standout performer: Tokyo

In its report, Hines assesses opportunities across global real estate sectors using its Leasing Environment Health Score (LEHS), a composite measure of market fundamentals comprising vacancy, and rent and demand growth. Scores ranged from 0 to 100, with higher scores indicating stronger leasing conditions relative to a market’s own history.

In Apac, Tokyo emerged as a standout performer, with its office sector scoring 88 — the highest globally. The Tokyo office market remains one of the strongest around the world, supported by tight supply and strong rental growth, says Hines.

Tokyo’s industrial sector also had a high score: 91. This comes as the market rides a recovery from a brief period of overbuilding. Over the past year, vacancy rates have declined from record peaks, while rental growth has accelerated.

Meanwhile, Tokyo’s residential market had an LEHS of 89, supported by resilient household demand, strong wage growth and tight supply, even as high occupancy leaves less room for further absorption.

Retail property opportunities in Singapore and Sydney

Hines’ report also highlights opportunities in Singapore and Australia’s retail real estate sectors. “Defensive retail in Singapore and grocery-anchored retail in Australia continue to show resilience, supported by strengthening fundamentals, population growth and limited new supply,” the company says.

While the Singapore retail sector had an LEHS of 24 due to softened demand for the past year, Hines notes that vacancy remained low at less than 2%. Limited new construction and below-trend rents should support growth moving forward, it adds.

Read also: In the saddle: Asia Pacific real estate in the Year of the Horse

In Australia, strong demographics and negligible new supply have helped propel the retail property sector, with the average LEHS rebounding from a pandemic low of 8 to 58 as of 1Q2026 — the highest since 2010.

For Hines, Sydney stands out among the various Australian retail submarkets. “Sydney regional shopping centres remain our preferred subsector, supported by accelerating rental growth,” the report states.

Seoul’s living sector momentum

In South Korea, opportunities are arising in Seoul’s residential property market, amid a structural shift in the rental housing sector.

The city is moving away from a traditional jeonse system, which relies on lump-sum deposits, to monthly rents — a shift Hines believes will support leasing demand. Additionally, limited rental housing supply, a rise in single-person households and high housing purchase costs are expected to continue supporting rental growth.

The picture is more mixed elsewhere in Seoul’s market. The office sector has softened after a strong run, with four consecutive quarters of negative net absorption, even as prime submarkets like Gangnam have outperformed on limited supply. Industrial property demand also remains muted, with warehouse vacancy rates still in the mid-teens due to a previous supply wave.

Selectivity over broader bets

For David Steinbach, global chief investment officer at Hines, investment opportunities have become increasingly concentrated in markets where long-term demand remains durable, but future supply is difficult to deliver. “Across Apac, broad regional trends have become less important than local market dynamics,” he adds.

Read also: CICT sells Bukit Panjang Plaza to Hines in $428 mil deal

Against this backdrop, investors stand to benefit from recognising markets where demand is reinforced by “meaningful barriers to future supply”, observes Ng Chiang Ling, global co-head of investment management at Hines. “While demand identifies where opportunities may emerge, it is the ability of supply to respond that often determines the durability of returns,” she says.

Joshua Scoville, Hines’ global head of research, notes that investors should remain selective and avoid broad risk-taking. Instead, they should focus on specific opportunities where pricing, capital structure and long-term demand drivers are aligned. “That means leaning into assets and markets where fundamentals are supported by scarcity, income durability, operational upside or long-term structural demand,” he explains.

## Chinese translation

> Translation model: grok_cli

### 供应受限在东京、新加坡及其他亚太房地产市场创造聚焦机会：Hines

Hines表示，投资者应聚焦供应受限、租金具韧性且需求可持续的市场。

根据Hines的研究，亚太（Apac）部分精选房地产市场，包括东京、新加坡、首尔与悉尼，正因供应约束重塑全球经济而提供具吸引力的投资机会。

这家总部位于美国的房地产投资管理机构在7月发布的2026年年中展望中指出，人工智能进步、电力需求上升、供应链演变以及人口结构变化等因素，正持续推高对土地、基础设施、电力、建材与开发能力的需求。

然而，在劳动力短缺、成本上升及其他结构性障碍下，新增供应越来越难落地。这使发达亚洲部分精选房地产市场形成“稀缺优势”——长期需求叠加结构性供应约束，正逐步支撑更强的定价能力与租金增长，Hines表示。

延伸阅读：亚太房地产投资市场蓄势待发：高力国际

亮眼表现者：东京

在报告中，Hines以租赁环境健康评分（Leasing Environment Health Score，LEHS）评估全球各房地产板块机会。该指标综合空置率、租金与需求增长等市场基本面，分数介于0至100，分数越高表示相对该市场自身历史的租赁状况越强。

在亚太地区，东京表现突出，写字楼板块得分88——为全球最高。Hines表示，东京写字楼市场仍是全球最强之一，受益于供应紧张与强劲租金增长。

东京工业板块得分亦高，达91。该市场正从短暂过度建设期中复苏。过去一年，空置率已从纪录高位回落，租金增长加速。

与此同时，东京住宅市场LEHS为89，受家庭需求韧性、薪资强劲增长与供应紧张支撑，尽管高入住率使进一步吸纳空间有限。

新加坡与悉尼的零售物业机会

Hines报告也强调新加坡与澳大利亚零售房地产板块的机会。“新加坡的防御型零售与澳大利亚以超市为锚的零售持续展现韧性，受益于基本面走强、人口增长及新增供应有限，”该公司表示。

尽管新加坡零售板块因过去一年需求放缓，LEHS仅为24，但Hines指出空置率仍低，不足2%。新增建设有限、租金低于趋势水平，应有助于未来增长，其补充道。

延伸阅读：马年驾驭亚太房地产

在澳大利亚，强劲的人口结构与几乎可以忽略的新增供应推动零售物业板块，平均LEHS从疫情低点的8回升至2026年第一季的58——为2010年以来最高。

对Hines而言，悉尼在澳大利亚各零售子市场中脱颖而出。“悉尼区域型购物中心仍是我们首选子板块，受租金增长加速支撑，”报告称。

首尔居住板块动能

在韩国，首尔住宅物业市场正出现机会，租赁住房板块正经历结构性转变。

该市正从依赖一次性大额押金的传统全税（jeonse）制度转向月租——Hines认为这一转变将支撑租赁需求。此外，租赁住房供应有限、单身家庭增加以及高昂购房成本，预计将继续支撑租金增长。

首尔其他市场板块则更为分化。写字楼板块在强劲表现后有所走软，已连续四个季度净吸纳量为负，尽管如江南等优质子市场因供应有限表现更佳。工业物业需求也仍偏弱，因此前供应浪潮，仓库空置率仍处于百分之十几的中段水平。

精选布局优于广泛押注

对Hines全球首席投资官David Steinbach而言，投资机会日益集中于长期需求仍具韧性、但未来供应难以落地的市场。“在整个亚太，宽泛的区域趋势已不如本地市场动态重要，”他补充道。

延伸阅读：CICT以4.28亿新元将武吉班让广场售予Hines

在此背景下，投资者若能识别需求受“未来供应的实质性壁垒”强化的市场，将从中受益，Hines全球投资管理联席主管Ng Chiang Ling观察道。“需求决定机会可能出现在何处，但往往是供应能否响应，决定了回报的可持续性，”她说。

Hines全球研究主管Joshua Scoville指出，投资者应保持精选，避免广泛承担风险。相反，应聚焦定价、资本结构与长期需求驱动因素相一致的具体机会。“这意味着加码基本面由稀缺性、收入韧性、运营上行空间或长期结构性需求支撑的资产与市场，”他解释道。