CBRE Asia Pacific Investor Intentions Real Estate Survey 2025: 2025 Net Buying Intentions +13%, Top 3 Investors Net Buying Intentions are REIT +22%, Institutional +12% & Property Funds +10%, Top 5 Sectors for Investments are Industrial & Logistics, Office, Residential (Multifamily / Build-to-Rent), Alternatives, Hotels / Resorts, Top 5 Preferred Alternative Asset for 2025 – Healthcare-Related Assets, Data Centres, Real Estate Debt, Retirement Living / Senior housing & Student Living, Top 3 Price Expectation for Discount are Grade A Office, Shopping Mall & High Street Retail
23rd January 2025 | Hong Kong
CBRE, the world’s largest commercial real estate services & investment firm, has released the CBRE APAC Investor Intentions Real Estate Survey 2025, providing key insights from 468 APAC investors on investing in real estate (Investors: Real Estate Fund, Developer, Owner, Operator, REIT, Insurance Company, Private Equity Fund, HNWI, Private Investor, Bank, Sovereign Wealth Fund & Pension Fund). 2025 Net Buying intentions is +13%. Top 5 Investors Net Buying Intentions – REIT +22%, Institutional +12%, Property Funds +10%, Private Investor / HNW +6%, Developer / Owner / Operator +1%. Top 6 Reasons to increase allocations to real estate in 2025 – Potential for decreasing debt costs, Reasonable price adjustment, Improved expected total return, Need / mandate to deploy capital, More distressed opportunities, Capitalise on potential income return growth. Top 10 Major Challenges for Real Estate Investment in 2024 – Uncertain geopolitical landscape, Escalating labour & construction cost, Fear of a recession & economic uncertainty, Mismatch in buyer & seller expectations, Central bank policy rates remain higher for longer, Weak tenant demand, Higher &/or more persistent inflation, Shift in credit availability & loan terms, Impact of currency fluctuation, Weaker than expected economic performance in Mainland China. Top 7 Sectors for Investments – Industrial & Logistics, Office, Residential (Multifamily / build-to-rent), Alternatives, Hotels / Resorts, Retail, Residential (build-to-sell). Top 8 Preferred Alternative Asset for 2025 – Healthcare-related assets (including life sciences & medical offices), Data Centres, Real Estate Debt, 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 7 Preferred Cities for cross-border investment – Tokyo, Sydney, Singapore, Ho Chi Minh City, Mumbai, Bangkok, Melbourne. Top 3 ESG evaluation for new investments in 2025 – Retrofit existing buildings to be more energy efficient & ESG-compliant, Acquire & develop green buildings, Enable on-site renewable energy generation. Price premium of ESG assets vs non-ESG asset – 52% (No price premium: 48%). Top 3 Impacts of ESG Features in Building Selection (Priority, Will Pay Premium, Reject or Discount if absent) – Pedestrian & transit friendly facilities, Advanced green rating, Green building certified. See below for key findings & summary | View report here
“ CBRE Asia Pacific Investor Intentions Real Estate Survey 2025: 2025 Net Buying Intentions +13%, Top 3 Investors Net Buying Intentions are REIT +22%, Institutional +12% & Property Funds +10%, Top 5 Sectors for Investments are Industrial & Logistics, Office, Residential (Multifamily / Build-to-Rent), Alternatives, Hotels / Resorts, Top 5 Preferred Alternative Asset for 2025 – Healthcare-Related Assets, Data Centres, Real Estate Debt, Retirement Living / Senior housing & Student Living, Top 3 Price Expectation for Discount are Grade A Office, Shopping Mall & High Street Retail “
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CBRE Asia Pacific Investor Intentions Real Estate Survey 2025: 2025 Net Buying Intentions +13%, Top 3 Investors Net Buying Intentions are REIT +22%, Institutional +12% & Property Funds +10%, Top 5 Sectors for Investments are Industrial & Logistics, Office, Residential (Multifamily / Build-to-Rent), Alternatives, Hotels / Resorts, Top 5 Preferred Alternative Asset for 2025 – Healthcare-Related Assets, Data Centres, Real Estate Debt, Retirement Living / Senior housing & Student Living, Top 3 Price Expectation for Discount are Grade A Office, Shopping Mall & High Street Retail
CBRE, the world’s largest commercial real estate services & investment firm, has released the CBRE APAC Investor Intentions Real Estate Survey 2025, providing key insights from 468 APAC investors on investing in real estate (Investors: Real Estate Fund, Developer, Owner, Operator, REIT, Insurance Company, Private Equity Fund, HNWI, Private Investor, Bank, Sovereign Wealth Fund & Pension Fund). See below for key findings & summary | View report here
Summary:
- 2025 Net Buying intentions – +13%
- Top 5 Investors Net Buying Intentions – REIT +22%, Institutional +12%, Property Funds +10%, Private Investor / HNW +6%, Developer / Owner / Operator +1%
- Top 6 Reasons to increase allocations to real estate in 2025 – Potential for decreasing debt costs, Reasonable price adjustment, Improved expected total return, Need / mandate to deploy capital, More distressed opportunities, Capitalise on potential income return growth
- Top 10 Major Challenges for Real Estate Investment in 2024 – Uncertain geopolitical landscape, Escalating labour & construction cost, Fear of a recession & economic uncertainty, Mismatch in buyer & seller expectations, Central bank policy rates remain higher for longer, Weak tenant demand, Higher &/or more persistent inflation, Shift in credit availability & loan terms, Impact of currency fluctuation, Weaker than expected economic performance in Mainland China
- Top 7 Sectors for Investments – Industrial & Logistics, Office, Residential (Multifamily / build-to-rent), Alternatives, Hotels / Resorts, Retail, Residential (build-to-sell)
- Top 8 Preferred Alternative Asset for 2025 – Healthcare-related assets (including life sciences & medical offices), Data Centres, Real Estate Debt, 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 7 Preferred Cities for cross-border investment – Tokyo, Sydney, Singapore, Ho Chi Minh City, Mumbai, Bangkok, Melbourne
- Top 3 ESG evaluation for new investments in 2025 – Retrofit existing buildings to be more energy efficient & ESG-compliant, Acquire & develop green buildings, Enable on-site renewable energy generation
- Price premium of ESG assets vs non-ESG asset – 52% (No price premium: 48%)
- Top 3 Impacts of ESG Features in Building Selection (Priority, Will Pay Premium, Reject or Discount if absent) – Pedestrian & transit friendly facilities, Advanced green rating, Green building certified
CBRE Asia Pacific Investor Intentions Real Estate Survey 2025
Investors Profile:
- Real Estate Fund – 40%
- Developer / Owner / Operator – 24%
- REIT – 10%
- Insurance Company – 9%
- Private Equity Fund – 5%
- Bank / Sovereign Wealth Fund / Pension Fund – 5%
- HNWI / Family Office – 3%
- Others – 5%
Investors Country:
- Japan – 27%
- Mainland China – 19%
- South Korea – 13%
- Taiwan – 10%
- Singapore – 9%
- Australia – 9%
- India – 7%
- Hong Kong – 6%
- Others – 1%
1) Investors Buying & Selling intentions in 2025
2025 Buying & Selling intentions:
- Net buying intentions: +13%
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%
- 2025: +13%
Net Buying Intentions by Investors Type:
- REIT: +22%
- Institutional: +12%
- Property Funds: +10%
- Private Investor / HNW: +6%
- Developer / Owner / Operator: +1%
Top 6 Reasons to increase allocations to Real Estate in 2025:
- Potential for decreasing debt costs – 23%
- Reasonable price adjustment – 22%
- Improved expected total return – 15%
- Need / mandate to deploy capital – 15%
- More distressed opportunities – 12%
- Capitalise on potential income return growth – 10%
Top 10 Major Challenges for Real Estate Investment in 2024:
- Uncertain geopolitical landscape
- Escalating labour & construction cost
- Fear of a recession & economic uncertainty
- Mismatch in buyer & seller expectations
- Central bank policy rates remain higher for longer
- Weak tenant demand
- Higher &/or more persistent inflation
- Shift in credit availability & loan terms
- Impact of currency fluctuation
- Weaker than expected economic performance in Mainland China
Expected direction of central bank policy rates in 2025 (Majority of respondents):
- Mainland China – Decrease
- South Korea – Decrease less than 50 bps
- Hong Kong – Decrease
- Singapore – Decrease less than 50 bps
- Australia – Decrease less than 50 bps
- Japan – Increase by less than 50 bps
2) Preferred Investment Strategies & Sectors
Top 7 Sectors for Investments:
- Industrial & Logistics
- Office
- Residential (Multifamily / build-to-rent)
- Alternatives
- Hotels / Resorts
- Retail
- Residential (build-to-sell)
Top 8 Preferred Alternative Asset for 2024:
- Healthcare-related assets (including life sciences & medical offices)
- Data Centres
- Real Estate Debt
- Retirement living / Senior housing
- Student living
- Cold storage
- Infrastructure (social & economic infrastructure)
- Self-storage
Investors Price Expectation for Discount:
- Grade A Office (value-add) – 49% of investors expect discount
- Shopping Mall – 44% of investors expect discount
- High Street Retail – 40% of investors expect discount
- Prime Logistics – 36% of investors expect discount
- Grade A Office (core) – 35% of investors expect discount
- Hotel – 30% of investors expect discount
- Multifamily – 26% of investors expect discount
3) Investment Destination
Top 11 Preferred Cities for Cross-Border Investment (Key strategy):
- Tokyo – Core to Core-plus
- Sydney – Core-plus to Value-add
- Singapore – Core-plus to Value-add
- Ho Chi Minh City – Opportunistic
- Mumbai – Value-add to Opportunistic
- Bangkok– Value-add to Opportunistic
- Melbourne – Core-plus to Value-add
Joint 8:
- Osaka – Core-plus to Value-add
- Seoul – Core-plus to Value-add
- New Delhi – Value-add to Opportunistic
- Hanoi – Opportunistic
4) ESG & Commercial Real Estate Investment
Top 10 ESG evaluation for new investments in 2024 (No. of Respondents):
- Retrofit existing buildings to be more energy efficient / ESG-compliant – More than 60%
- Acquire / develop green buildings – Around 55%
- Enable on-site renewable energy generation (eg. solar) – Around 35%
- Install EV car chargers – Around 30%
- Access to green financing / loans / bonds – Around 25%
- Consider climate risk for new acquisitions – Around 24%
- Incorporate green lease – Around 22%
- Invest in or develop socially responsible housing (eg. economic housing, senior housing) – Around 16%
- Dispose aged, non-green assets – Around 12%
- Do not factor ESG in investments – Around 9%
Price premium of ESG assets vs non-ESG asset by No. of respondents):
- No price premium – Around 48%
- Less than 5% premium – Around 23%
- 6% to 10% premium – Around 22%
- 11% to 15% premium – Around 4%
- 16% to 20% premium – Around 1%
Impacts of ESG Features in Building Selection (Priority, Will Pay Premium, Reject or Discount if absent):
- Pedestrian & transit friendly facilities – 80%
- Advanced green rating – 76%
- Green building certified – 75%
- Health & wellbeing certified – 72%
- Green lease clauses – 68%
- Climate change resiliency – 67%
- Smart tech energy efficiency – 67%
- EV charging – 59%
- On-site renewal energy – 56%
The CBRE APAC Investor Intentions Real Estate Survey 2025, provides key insights from 468 APAC investors on investing in real estate (Investors: Real Estate Fund, Developer, Owner, Operator, REIT, Insurance Company, Private Equity Fund, HNWI, Private Investor, Bank, Sovereign Wealth Fund & Pension Fund).
About CBRE
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 2023 revenue). The company has more than 130,000 employees (including 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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