Asia Pacific MarketView Q4 2020

28 February 2021
APAC Q4 2020 MarketView

Summary of the APAC Q4 2020 MarketView: Investment activity recovers; logistics leads occupier rebound, office stabilizes and retail lags.

Office demand continued to improve on a q-o-q basis in Q4 2020, but net absorption remained subdued at 8.8 million sq ft. Occupiers remain cautious but fewer downsizing relocations are being observed.

Retail sales improved this quarter but a resurgence in Covid-19 infections in Japan and Korea cast a shadow over the recovery.

Global manufacturing PMI remained in expansionary territory in December 2020. E-commerce and 3PL demand remained solid, with occupiers seeking strategically-located facilities as forward deployment to cater to short to medium term expansion.

Asia Pacific commercial real estate transaction volume totaled US$104 billion in 2020, a decline of 20% y-o-y. Investment activity continued to recover on a quarterly basis, rising 41% q-o-q in Q4 2020 to US$36 billion.

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