Asia Pacific Figures Q4 2025

Investment volume remains elevated as leasing activity strengthens

• Office: Regional office occupier sentiment improved further this quarter as the clearer economic outlook and improved certainty around trade policy encouraged occupiers to commit to leasing decisions.

• Retail: Retailer sentiment picked up slightly during Q4 2025, leading to an increase in tenant enquiries and site inspections compared to the previous quarter. Stronger retail sales also provided retailers with the confidence to commit to new leases.

• Logistics: Regional logistics leasing momentum strengthened over the quarter, supported by a stronger‑than‑expected uplift in mainland China. Robust exports and year‑end festive demand boosted 3PL and e‑commerce expansion, driving net absorption above earlier expectations.

• Investment: Asia Pacific commercial real estate investment volume increased 4% q-o-q to US$44.4 billion in Q4 2025, the highest quarterly volume recorded since 2021. The strong end to 2025 brought full year investment volume to US$157 billion, an increase of 22% y-o-y.