Asia Pacific Leasing Market Sentiment Index - December 2025

CBRE’s latest Asia Pacific Leasing Market Sentiment Index reveals that overall leasing sentiment improved across all sectors except for Industrial & Logistics in Q4 2025:

• Office: Office leasing sentiment remained on an upward trajectory, driven by an increase in tenant enquiries and expansion. Positive or neutral sentiment was observed in all markets except mainland China. Stronger expansionary demand was evident in Australia, Korea and Singapore, while enquiries involving renewal vs. relocation decisions declined. The tech sector is set to drive expansionary demand in 2026, especially in mainland China.
• Retail: Retailer sentiment picked up slightly, leading to an increase in tenant enquiries and site inspections compared to Q3 2025. Stronger retailer confidence supported leasing activity in most major markets, resulting in mild rental growth and tighter prime availability, reinforcing the landlord-favoured market. Leasing demand is expected to improve in 2026, led by the casual dining, fashion and sporting goods categories.
• Industrial & Logistics: Logistics leasing sentiment softened after briefly improving in Q3 2025 as sustained supply pressure ensured the market remained in favour of tenants. Relocation and consolidation dominated leasing activity, while expansionary demand weakened, dragged down by subdued Greater China markets and a slowdown in Australia and Japan. Leasing sentiment is expected to weaken in 2026 amid the subdued outlook in Hong Kong SAR and normalisation in Singapore following strong take-up in 2025.