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Asia Pacific Mid-Year Real Estate Market Outlook 2021

Hear from our experts



Rebound in retail consumption

  • Retail sales surpassed 2019 levels in H1 2021
  • A K-shaped recovery is occurring, with performance varying across different trades

Gradual recovery in leasing activity
  • Demand is being driven by domestic brands
  • Flight-to-quality relocation is the main trend
  • Neighbourhood retail will continue to outperform, while demand for prime CBD space is expected to rebound

Rents set to bottom out
  • Full-year rental growth will be led by mainland China


Restrictions weigh on the recovery

  • The reintroduction of lockdowns and other restrictions from April negatively impacted the performance of non-essential retail businesses

Weakening rental revival

  • CBRE has downgraded its 2021 rental forecast for most markets, with the largest reductions for Australian CBD markets
  • Hong Kong SAR has changed from laggard to leader as local retailers resume expansion

Asia Pacific Real Estate Market Outlook 2021
Mid-Year Review


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Manish Kashyap
Global President, Advisory & Transaction Services
Advisory & Transaction Services
+65 6326 1220
+65 6225 1987
Dr. Henry Chin
Global Head of Investor Thought Leadership
& Head of Research, APAC
+852 2820 8160
+852 2810 0830
Ada Choi
Ada Choi, CFA
Head of Occupier Research, APAC
& Head of Data Intelligence and Management, APAC
+852 2820 2871
+852 2810 0830
Liz Hung
Asia Pacific
+852 2820 6557
+852 2810 0830