CBRE APAC Investor Intentions Real Estate Survey 2024: Top 5 Countries Net Buying Intentions are South Korea +15%, Japan +8%, Singapore +8%, Australia +7%, Mainland China +7%, Top 3 Sectors for Investments are Industrial & Logistics, Office, Residential, Top 3 Preferred Alternative Asset are Healthcare-Related Assets, Real Estate Debt & Data Centres

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CBRE APAC Investor Intentions Real Estate Survey 2024: Top 5 Countries Net Buying Intentions are South Korea +15%, Japan +8%, Singapore +8%, Australia +7%, Mainland China +7%, Top 3 Sectors for Investments are Industrial & Logistics, Office, Residential, Top 3 Preferred Alternative Asset are Healthcare-Related Assets, Real Estate Debt & Data Centres

23rd February 2024 | Hong Kong

CBRE, the world’s largest commercial real estate services & investment firm, has released the CBRE APAC Investor Intentions Real Estate Survey 2024, providing key insights from 510 APAC investors on investing in real estate (Investors: Real Estate Fund, Developer, Owner, Operator, REIT, Insurance Company, Private Equity Fund, HNWI,  & Family Office).  For 2024, the Net Buying intentions remain largely unchanged, +6% 2023 vs +5% 2024.  2024 Selling intentions is High.  The Top 6 Countries Net Buying Intentions are South Korea +15%, Japan +8%, Singapore +8%, Australia +7%, Mainland China +7%, Hong Kong -11%.  Top 5 Most Active Investors Type – Family Offices & HNWIs, Institutions, Equity Fund Managers, Developers & REITs, Debt Providers.  Top 5 Investors by Country to increase real estate allocation in 2024 – Australia, South Korea, Mainland China, Singapore, Japan.  Top 6 Reasons to increase allocations to real estate in 2024 – Reasonable price adjustment, More distressed opportunities, Stabilizing interest rates & potential for decreasing debt costs, Mandate to deploy capital, Improved expected total return, Capitalise on potential income return growth.  Top 9 Major Challenges for Real Estate Investment in 2024 – Central bank policy rates remain higher for longer, Fear of a recession & economic uncertainty, Mismatch in buyer & seller expectations, Escalating labour & construction cost, Uncertain geo-political landscape, Weak tenant demand, Shift in credit availability & loan terms, Higher &/or more persistent inflation, Impact of currency fluctuation.  Top 7 Sectors for Investments – Industrial & Logistics, Office, Residential (Multifamily / build-to-rent), Residential (build-to-sell), Hotels / Resorts, Retail, Alternatives.  Top 9 Preferred Alternative Asset for 2024 – Healthcare-related assets, Real Estate Debt, Data Centres, Retirement living & Senior housing, Student living, Cold storage, Infrastructure (social & economic infrastructure), Self-storage.  Top 3 Real Estate Investors Price Expectation for Discount- Grade A Office, Shopping Mall, High Street Retail.  Top 5 Preferred Developed Markets for Cross-Border Investment – Japan, Singapore, Australia, South Korea, Hong Kong.  Top 3 Preferred Emerging Markets for Cross-Border Investment – India, Vietnam, Thailand.  Price premium of ESG assets vs non-ESG asset – 74% (No price premium: 26%).  See below for key findings & summary | View report here

“ Top 5 Countries Net Buying Intentions are South Korea +15%, Japan +8%, Singapore +8%, Australia +7%, Mainland China +7%, Top 3 Sectors for Investments are Industrial & Logistics, Office, Residential, Top 3 Preferred Alternative Asset are Healthcare-Related Assets, Real Estate Debt & Data Centres “

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CBRE APAC Investor Intentions Real Estate Survey 2024

CBRE, the world’s largest commercial real estate services & investment firm, has released the CBRE APAC Investor Intentions Real Estate Survey 2024, providing key insights from 510 APAC investors on investing in real estate (Investors: Real Estate Fund, Developer, Owner, Operator, REIT, Insurance Company, Private Equity Fund, HNWI,  & Family Office).  View report here

CBRE APAC Investor Intentions Real Estate Survey 2024:

Investors Profile:

• Real Estate Fund – 34%
• Developer / Owner / Operator – 24%
• REIT – 10%
• Insurance Company – 9%
• Private Equity Fund – 7%
• HNWI / Family Office – 5%
• Pension Fund – 3%
• Others – 8%

Investors Country:

• Japan – 23%
• Mainland China – 21%
• Singapore – 12%
• Taiwan – 11%
• Australia – 8%
• Hong Kong – 9%
• South Korea – 11%
• India – 1%
• Others – 5%

Summary:

1. 2024 Net Buying intentions – Unchanged (+6% 2023 vs +5% 2024)
2. 2024 Selling intentions – High 
3. Top 6 Countries Net Buying Intentions – South Korea +15%, Japan +8%, Singapore +8%, Australia +7%, Mainland China +7%, Hong Kong -11%
4. Most Active Investors Type – Private Investors, Family Offices & HNWIs 
5. Top 5 Most Active Investors Type – Family Offices & HNWIs, Institutions, Equity Fund Managers, Developers & REITs, Debt Providers
6. Top 5 Investors by Country to increase real estate allocation in 2024 – Australia, South Korea, Mainland China, Singapore, Japan
7. Top 6 Reasons to increase allocations to real estate in 2024 – Reasonable price adjustment, More distressed opportunities, Stabilizing interest rates & potential for decreasing debt costs, Mandate to deploy capital, Improved expected total return, Capitalise on potential income return growth
8. Top 9 Major Challenges for Real Estate Investment in 2024 – Central bank policy rates remain higher for longer, Fear of a recession & economic uncertainty, Mismatch in buyer & seller expectations, Escalating labour & construction cost, Uncertain geo-political landscape, Weak tenant demand, Shift in credit availability & loan terms, Higher &/or more persistent inflation, Impact of currency fluctuation
9. Top 6 Major challenges sourcing debt for real estate investment – Less favourable loan-to-value (LTV) ratios &/or credit spreads, Increase in interest expenses on new loans, Uncertainty regarding direction of interest rate movements, Reduced loan size on refinancing as a result of decline in capital values, Lowered interest coverage ratios (ICRs), Tight bank lending approval process

On Real Estate Investment & ESG

1. Top 7 Sectors for Investments – Industrial & Logistics, Office, Residential (Multifamily / build-to-rent), Residential (build-to-sell), Hotels / Resorts, Retail, Alternatives
2. Top 9 Preferred Alternative Asset for 2024 – Healthcare-related assets, Real Estate Debt, Data Centres, Retirement living & Senior housing, Student living, Cold storage, Infrastructure (social & economic infrastructure), Self-storage
3. Top 3 Real Estate Investors Price Expectation for Discount- Grade A Office, Shopping Mall, High Street Retail
4. Preferred Strategies & Sectors in 2024 – Value-add
5. Top 5 Value-Add Strategy Preferred Sector – Residential, Industrial & Logistics, Office, Retail, Hotels / Resorts 
6. Top 5 Preferred Developed Markets for cross-border investment – Japan, Singapore, Australia, South Korea, Hong Kong
7. Top 3 Preferred Emerging Markets for Cross-Border Investment – India, Vietnam, Thailand
8. Top 3 ESG evaluation for new investments in 2024 – Retrofit existing buildings to be more energy efficient & ESG-compliant, Acquire & develop green buildings, Enable on-site renewable energy generation
9. Price premium of ESG assets vs non-ESG asset – 74% (No price premium: 26%)
10. Top 3 Factors on Desired office locations in the next 3 years (To increase) – ESG-certified buildings 64%, Flexible or cowering spaces 52%, Decentralised offices 36%

1) Investors Buying & Selling intentions in 2024

2024 Buying & Selling intentions:

• Net buying intentions – Unchanged (+6% 2023 vs +5% 2024)
• 2024 Selling intentions – High 

Net Buying Intentions (Last 10 years):

• 2015: +23%
• 2016: +1%
• 2017: +6%
• 2018: +3%
• 2019: +6%
• 2020: +13%
• 2021: +25%
• 2022: +24%
• 2023: +6%
• 2024: +5%

Top 6 Countries Net Buying Intentions:

1. South Korea: +15%
2. Japan: +8%
3. Singapore: +8%
4. Australia: +7%
5. Mainland China: +7%
6. Hong Kong: -11%

Investors Insights:

• More than 40% of investors intend to sell assets in 2024 to realise returns & repay debt
• Selling intentions strongest in Australia, Singapore & Hong Kong
• Buying intentions strongest in South Korea, Japan & Singapore 
• Buying intentions weakest in Hong Kong
• Hong Kong economy expected to recover in 2024 supported by stronger growth in Mainland China & potential interest rate cuts
• Weak buying intentions from Mainland China investors 

Top 5 Most Active Investors Type:

1. Private Investors, Family Offices & HNWIs – Core prime assets in tier 1 markets, Opportunistic, Value-add deals
2. Institutions – Risk adverse & await for price adjustments, Focus on Core-plus opportunities in office & industrial space to achieve target returns
3. Equity Fund Managers – Challenging to raise new funds, Private equity funds with expiring mandates to be active in 2024 with focus on Japan
4. Developers / REITs – Hard to get bank financing, Need to sell to fund development projects, APAC REITs not recovering yet, United States REITs early signs of recovery 
5. Debt Providers – Insurance companies & Private equity funds expands in APAC to capitalise on current market conditions

Investors by Country to increase Real Estate Allocation in 2024:

• Australia – More than 53% of investors to increase allocation
• South Korea – Around 50% of investors to increase allocation
• Mainland China – Around 42% of investors to increase allocation
• Singapore – Around 39% of investors to increase allocation
• Japan – Around 37% of investors to increase allocation
• Hong Kong – Around 27% of investors to increase allocation

Top 6 Reasons to increase allocations to Real Estate in 2024:

• Reasonable price adjustment – 23%
• More distressed opportunities – 17%
• Stabilizing interest rates / Potential for decreasing debt costs – 14%
• Need / mandate to deploy capital – 14%
• Improved expected total return – 11%
• Capitalise on potential income return growth – 7%

9 Major Challenges for Real Estate Investment in 2024:

1. Central bank policy rates remain higher for longer 
2. Fear of a recession & economic uncertainty
3. Mismatch in buyer & seller expectations
4. Escalating labour & construction cost
5. Uncertain geo-political landscape 
6. Weak tenant demand
7. Shift in credit availability & loan terms
8. Higher &/or more persistent inflation
9. Impact of currency fluctuation

Top 6 Major challenges sourcing debt for real estate investment:

1. Less favourable loan-to-value (LTV) ratios &/or credit spreads
2. Increase in interest expenses on new loans
3. Uncertainty regarding direction of interest rate movements
4. Reduced loan size on refinancing as a result of decline in capital values
5. Lowered interest coverage ratios (ICRs)
6. Tight bank lending approval process

Expected direction of central bank policy rates in 2024 (Majority of respondents):

• Mainland China – Reduce less than 50 bps 
• South Korea – No change or Reduce less than 50 bps 
• Hong Kong – No change or Reduce less than 50 bps 
• Singapore – No change
• Australia – No change or Increase by less than 50 bps
• Japan – Increase by less than 50 bps

2) Preferred Investment Strategies & Sectors

Top 7 Sectors for Investments:

1. Industrial & Logistics 
2. Office
3. Residential (Multifamily / build-to-rent)
4. Residential (build-to-sell)
5. Hotels / Resorts
6. Retail
7. Alternatives

Top 9 Preferred Alternative Asset for 2024:

1. Healthcare-related assets (including life sciences & medical offices)
2. Real Estate Debt
3. Data Centres 
4. Retirement living / Senior housing 
5. Student living 
6. Cold storage 
7. Infrastructure (social & economic infrastructure) 
8. Self-storage

Investors Price Expectation for Discount:

• Grade A Office (value-add) – 65% of investors expect discount 
• Grade A Office (core) – 61% of investors expect discount 
• Shopping Mall – 57% of investors expect discount 
• High Street Retail – 51% of investors expect discount 
• Prime Logistics – 49% of investors expect discount 
• Multifamily – 36% of investors expect discount 
• Hotel – 35% of investors expect discount 

Preferred Strategies & Sectors in 2024:

1. Value-add
2. Core-plus
3. Core
4. Opportunistic 
5. Distressed assets & NPL
6. Debt

Value-Add Strategy Preferred Sector:

1. Residential 
2. Industrial & Logistics 
3. Office
4. Retail
5. Hotels / Resorts 
6. Others

Core-Plus Strategy Preferred Sector:

1. Residential 
2. Industrial & Logistics 
3. Office
4. Retail
5. Hotels / Resorts 
6. Others

Core Strategy Preferred Sector:

1. Office
2. Industrial & Logistics 
3. Residential 
4. Hotels / Resorts 
5. Retail
6. Others

Opportunistic Strategy Preferred Sector:

• Industrial & Logistics 
• Residential 
• Office
• Hotels / Resorts 
• Others
• Retail

Distressed assets & NPL Strategy Preferred Sector:

1. Residential 
2. Industrial & Logistics 
3. Office
4. Retail
5. Hotels / Resorts 
6. Others

Debt Strategy Preferred Sector:

1. Residential 
2. Industrial & Logistics 
3. Others
4. Office
5. Hotels / Resorts 
6. Retail

3) Investment Destination

Top 5 Preferred Developed Markets for Cross-Border Investment (Key strategy):

1. Japan – Core to Value-add
2. Singapore – Core to Value-add
3. Australia – Core to Opportunistic
4. South Korea – Core-plus to Value-add
5. Hong Kong – Core-plus to Opportunistic

Top 3 Preferred Emerging Markets for Cross-Border Investment (Key strategy):

1. India – Value-add to Opportunistic
2. Vietnam – Opportunistic
3. Thailand – Value-add to Opportunistic

4) ESG & Commercial Real Estate Investment

Top 10 ESG evaluation for new investments in 2024 (No. of Respondents):

1. Retrofit existing buildings to be more energy efficient / ESG-compliant – More than 60%
2. Acquire / develop green buildings – Around 55%
3. Enable on-site renewable energy generation (eg. solar) – More than 40%
4. Install EV car chargers – Around 38%
5. Consider climate risk for new acquisitions – Around 30%
6. Access to green financing / loans / bonds – Around 30%
7. Incorporate green lease – Around 27%
8. Invest in or develop socially responsible housing (eg. economic housing, senior housing) – Around 18%
9. Dispose aged, non-green assets – Around 17%
10. Do not factor ESG in investments – Around 10%

Price premium of ESG assets vs non-ESG asset (No. of respondents):

• No price premium – Around 26% (74% price premium)
• Less than 5% premium – Around 43%
• 6% to 10% premium – Around 24%
• 11% to 15% premium – Around 5%
• 16% to 20% premium – Around 1%

Desired office locations in the next 3 years (To increase):

• ESG-certified buildings – 64% 
• Flexible or cowering spaces – 52%
• Decentralised offices – 36%
• Grade A CBD offices – 30%
• Grade A offices in major districts outside CBD – 28%
• Grade B CBD offices – 24%

Desired office locations in the next 3 years (To reduce):

• Grade B CBD offices – 31%
• Grade A offices in major districts outside CBD – 25%
• Grade A CBD offices – 20%
• Decentralised offices – 18%
• Flexible or cowering spaces – 12%
• ESG-certified buildings – 3% 

The CBRE APAC Investor Intentions Real Estate Survey 2024, providing key insights from 510 APAC investors on investing in real estate (Investors: Real Estate Fund, Developer, Owner, Operator, REIT, Insurance Company, Private Equity Fund, HNWI,  & Family Office).  View report here

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. 

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