CBRE APAC Investor Intentions Real Estate Survey 2024
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CBRE APAC Investor Intentions Real Estate Survey 2024: Top 5 Countries Net Buying Intentions are South Korea +15%, Japan +8%, Singapore +8%, Australia +7%, Mainland China +7%, Top 3 Sectors for Investments are Industrial & Logistics, Office, Residential, Top 3 Preferred Alternative Asset are Healthcare-Related Assets, Real Estate Debt & Data Centres

23rd February 2024 | Hong Kong

CBRE, the world’s largest commercial real estate services & investment firm, has released the CBRE APAC Investor Intentions Real Estate Survey 2024, providing key insights from 510 APAC investors on investing in real estate (Investors: Real Estate Fund, Developer, Owner, Operator, REIT, Insurance Company, Private Equity Fund, HNWI,  & Family Office).  For 2024, the Net Buying intentions remain largely unchanged, +6% 2023 vs +5% 2024.  2024 Selling intentions is High.  The Top 6 Countries Net Buying Intentions are South Korea +15%, Japan +8%, Singapore +8%, Australia +7%, Mainland China +7%, Hong Kong -11%.  Top 5 Most Active Investors Type – Family Offices & HNWIs, Institutions, Equity Fund Managers, Developers & REITs, Debt Providers.  Top 5 Investors by Country to increase real estate allocation in 2024 – Australia, South Korea, Mainland China, Singapore, Japan.  Top 6 Reasons to increase allocations to real estate in 2024 – Reasonable price adjustment, More distressed opportunities, Stabilizing interest rates & potential for decreasing debt costs, Mandate to deploy capital, Improved expected total return, Capitalise on potential income return growth.  Top 9 Major Challenges for Real Estate Investment in 2024 – Central bank policy rates remain higher for longer, Fear of a recession & economic uncertainty, Mismatch in buyer & seller expectations, Escalating labour & construction cost, Uncertain geo-political landscape, Weak tenant demand, Shift in credit availability & loan terms, Higher &/or more persistent inflation, Impact of currency fluctuation.  Top 7 Sectors for Investments – Industrial & Logistics, Office, Residential (Multifamily / build-to-rent), Residential (build-to-sell), Hotels / Resorts, Retail, Alternatives.  Top 9 Preferred Alternative Asset for 2024 – Healthcare-related assets, Real Estate Debt, Data Centres, 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 5 Preferred Developed Markets for Cross-Border Investment – Japan, Singapore, Australia, South Korea, Hong Kong.  Top 3 Preferred Emerging Markets for Cross-Border Investment – India, Vietnam, Thailand.  Price premium of ESG assets vs non-ESG asset – 74% (No price premium: 26%).  See below for key findings & summary | View report here

“ Top 5 Countries Net Buying Intentions are South Korea +15%, Japan +8%, Singapore +8%, Australia +7%, Mainland China +7%, Top 3 Sectors for Investments are Industrial & Logistics, Office, Residential, Top 3 Preferred Alternative Asset are Healthcare-Related Assets, Real Estate Debt & Data Centres “

 



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CBRE APAC Investor Intentions Real Estate Survey 2024

CBRE APAC Investor Intentions Real Estate Survey 2024

CBRE, the world’s largest commercial real estate services & investment firm, has released the CBRE APAC Investor Intentions Real Estate Survey 2024, providing key insights from 510 APAC investors on investing in real estate (Investors: Real Estate Fund, Developer, Owner, Operator, REIT, Insurance Company, Private Equity Fund, HNWI,  & Family Office).  View report here

 

CBRE APAC Investor Intentions Real Estate Survey 2024:

Investors Profile:

  • Real Estate Fund – 34%
  • Developer / Owner / Operator – 24%
  • REIT – 10%
  • Insurance Company – 9%
  • Private Equity Fund – 7%
  • HNWI / Family Office – 5%
  • Pension Fund – 3%
  • Others – 8%

Investors Country:

  • Japan – 23%
  • Mainland China – 21%
  • Singapore – 12%
  • Taiwan – 11%
  • Australia – 8%
  • Hong Kong – 9%
  • South Korea – 11%
  • India – 1%
  • Others – 5%

 

Summary:

  1. 2024 Net Buying intentions – Unchanged (+6% 2023 vs +5% 2024)
  2. 2024 Selling intentionsHigh 
  3. Top 6 Countries Net Buying Intentions – South Korea +15%, Japan +8%, Singapore +8%, Australia +7%, Mainland China +7%, Hong Kong -11%
  4. Most Active Investors Type – Private Investors, Family Offices & HNWIs 
  5. Top 5 Most Active Investors Type – Family Offices & HNWIs, Institutions, Equity Fund Managers, Developers & REITs, Debt Providers
  6. Top 5 Investors by Country to increase real estate allocation in 2024 – Australia, South Korea, Mainland China, Singapore, Japan
  7. Top 6 Reasons to increase allocations to real estate in 2024 – Reasonable price adjustment, More distressed opportunities, Stabilizing interest rates & potential for decreasing debt costs, Mandate to deploy capital, Improved expected total return, Capitalise on potential income return growth
  8. Top 9 Major Challenges for Real Estate Investment in 2024 – Central bank policy rates remain higher for longer, Fear of a recession & economic uncertainty, Mismatch in buyer & seller expectations, Escalating labour & construction cost, Uncertain geo-political landscape, Weak tenant demand, Shift in credit availability & loan terms, Higher &/or more persistent inflation, Impact of currency fluctuation
  9. Top 6 Major challenges sourcing debt for real estate investment – Less favourable loan-to-value (LTV) ratios &/or credit spreads, Increase in interest expenses on new loans, Uncertainty regarding direction of interest rate movements, Reduced loan size on refinancing as a result of decline in capital values, Lowered interest coverage ratios (ICRs), Tight bank lending approval process

On Real Estate Investment & ESG

  1. Top 7 Sectors for Investments – Industrial & Logistics, Office, Residential (Multifamily / build-to-rent), Residential (build-to-sell), Hotels / Resorts, Retail, Alternatives
  2. Top 9 Preferred Alternative Asset for 2024 – Healthcare-related assets, Real Estate Debt, Data Centres, Retirement living & Senior housing, Student living, Cold storage, Infrastructure (social & economic infrastructure), Self-storage
  3. Top 3 Real Estate Investors Price Expectation for Discount- Grade A Office, Shopping Mall, High Street Retail
  4. Preferred Strategies & Sectors in 2024 – Value-add
  5. Top 5 Value-Add Strategy Preferred Sector – Residential, Industrial & Logistics, Office, Retail, Hotels / Resorts 
  6. Top 5 Preferred Developed Markets for cross-border investment – Japan, Singapore, Australia, South Korea, Hong Kong
  7. Top 3 Preferred Emerging Markets for Cross-Border Investment – India, Vietnam, Thailand
  8. Top 3 ESG evaluation for new investments in 2024 – Retrofit existing buildings to be more energy efficient & ESG-compliant, Acquire & develop green buildings, Enable on-site renewable energy generation
  9. Price premium of ESG assets vs non-ESG asset – 74% (No price premium: 26%)
  10. Top 3 Factors on Desired office locations in the next 3 years (To increase) – ESG-certified buildings 64%, Flexible or cowering spaces 52%, Decentralised offices 36%

 

 

1) Investors Buying & Selling intentions in 2024

2024 Buying & Selling intentions:

  • Net buying intentionsUnchanged (+6% 2023 vs +5% 2024)
  • 2024 Selling intentionsHigh 

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%

Top 6 Countries Net Buying Intentions:

  1. South Korea: +15%
  2. Japan: +8%
  3. Singapore: +8%
  4. Australia: +7%
  5. Mainland China: +7%
  6. Hong Kong: -11%

Investors Insights:

  • More than 40% of investors intend to sell assets in 2024 to realise returns & repay debt
  • Selling intentions strongest in Australia, Singapore & Hong Kong
  • Buying intentions strongest in South Korea, Japan & Singapore 
  • Buying intentions weakest in Hong Kong
  • Hong Kong economy expected to recover in 2024 supported by stronger growth in Mainland China & potential interest rate cuts
  • Weak buying intentions from Mainland China investors 

Top 5 Most Active Investors Type:

  1. Private Investors, Family Offices & HNWIs – Core prime assets in tier 1 markets, Opportunistic, Value-add deals
  2. Institutions – Risk adverse & await for price adjustments, Focus on Core-plus opportunities in office & industrial space to achieve target returns
  3. Equity Fund Managers – Challenging to raise new funds, Private equity funds with expiring mandates to be active in 2024 with focus on Japan
  4. Developers / REITs – Hard to get bank financing, Need to sell to fund development projects, APAC REITs not recovering yet, United States REITs early signs of recovery 
  5. Debt Providers – Insurance companies & Private equity funds expands in APAC to capitalise on current market conditions

Investors by Country to increase Real Estate Allocation in 2024:

  • Australia – More than 53% of investors to increase allocation
  • South Korea – Around 50% of investors to increase allocation
  • Mainland China – Around 42% of investors to increase allocation
  • Singapore – Around 39% of investors to increase allocation
  • Japan – Around 37% of investors to increase allocation
  • Hong Kong – Around 27% of investors to increase allocation

Top 6 Reasons to increase allocations to Real Estate in 2024:

  • Reasonable price adjustment – 23%
  • More distressed opportunities – 17%
  • Stabilizing interest rates / Potential for decreasing debt costs – 14%
  • Need / mandate to deploy capital – 14%
  • Improved expected total return – 11%
  • Capitalise on potential income return growth – 7%

9 Major Challenges for Real Estate Investment in 2024:

  1. Central bank policy rates remain higher for longer 
  2. Fear of a recession & economic uncertainty
  3. Mismatch in buyer & seller expectations
  4. Escalating labour & construction cost
  5. Uncertain geo-political landscape 
  6. Weak tenant demand
  7. Shift in credit availability & loan terms
  8. Higher &/or more persistent inflation
  9. Impact of currency fluctuation

Top 6 Major challenges sourcing debt for real estate investment:

  1. Less favourable loan-to-value (LTV) ratios &/or credit spreads
  2. Increase in interest expenses on new loans
  3. Uncertainty regarding direction of interest rate movements
  4. Reduced loan size on refinancing as a result of decline in capital values
  5. Lowered interest coverage ratios (ICRs)
  6. Tight bank lending approval process

Expected direction of central bank policy rates in 2024 (Majority of respondents):

  • Mainland China – Reduce less than 50 bps 
  • South Korea – No change or Reduce less than 50 bps 
  • Hong Kong – No change or Reduce less than 50 bps 
  • Singapore – No change
  • Australia – No change or Increase by less than 50 bps
  • Japan – Increase by less than 50 bps

 

2) Preferred Investment Strategies & Sectors

Top 7 Sectors for Investments:

  1. Industrial & Logistics 
  2. Office
  3. Residential (Multifamily / build-to-rent)
  4. Residential (build-to-sell)
  5. Hotels / Resorts
  6. Retail
  7. Alternatives

Top 9 Preferred Alternative Asset for 2024:

  1. Healthcare-related assets (including life sciences & medical offices)
  2. Real Estate Debt
  3. Data Centres 
  4. Retirement living / Senior housing 
  5. Student living 
  6. Cold storage 
  7. Infrastructure (social & economic infrastructure) 
  8. Self-storage

Investors Price Expectation for Discount:

  • Grade A Office (value-add) – 65% of investors expect discount 
  • Grade A Office (core) – 61% of investors expect discount 
  • Shopping Mall – 57% of investors expect discount 
  • High Street Retail – 51% of investors expect discount 
  • Prime Logistics – 49% of investors expect discount 
  • Multifamily – 36% of investors expect discount 
  • Hotel – 35% of investors expect discount 

Preferred Strategies & Sectors in 2024:

  1. Value-add
  2. Core-plus
  3. Core
  4. Opportunistic 
  5. Distressed assets & NPL
  6. Debt

Value-Add Strategy Preferred Sector:

  1. Residential 
  2. Industrial & Logistics 
  3. Office
  4. Retail
  5. Hotels / Resorts 
  6. Others

Core-Plus Strategy Preferred Sector:

  1. Residential 
  2. Industrial & Logistics 
  3. Office
  4. Retail
  5. Hotels / Resorts 
  6. Others

Core Strategy Preferred Sector:

  1. Office
  2. Industrial & Logistics 
  3. Residential 
  4. Hotels / Resorts 
  5. Retail
  6. Others

Opportunistic Strategy Preferred Sector:

  • Industrial & Logistics 
  • Residential 
  • Office
  • Hotels / Resorts 
  • Others
  • Retail

Distressed assets & NPL Strategy Preferred Sector:

  1. Residential 
  2. Industrial & Logistics 
  3. Office
  4. Retail
  5. Hotels / Resorts 
  6. Others

Debt Strategy Preferred Sector:

  1. Residential 
  2. Industrial & Logistics 
  3. Others
  4. Office
  5. Hotels / Resorts 
  6. Retail

 

3) Investment Destination

Top 5 Preferred Developed Markets for Cross-Border Investment (Key strategy):

  1. Japan – Core to Value-add
  2. Singapore – Core to Value-add
  3. Australia – Core to Opportunistic
  4. South Korea – Core-plus to Value-add
  5. Hong Kong – Core-plus to Opportunistic

Top 3 Preferred Emerging Markets for Cross-Border Investment (Key strategy):

  1. India – Value-add to Opportunistic
  2. Vietnam – Opportunistic
  3. Thailand – Value-add to Opportunistic

 

 

4) ESG & Commercial Real Estate Investment

Top 10 ESG evaluation for new investments in 2024 (No. of Respondents):

  1. Retrofit existing buildings to be more energy efficient / ESG-compliant – More than 60%
  2. Acquire / develop green buildings – Around 55%
  3. Enable on-site renewable energy generation (eg. solar) – More than 40%
  4. Install EV car chargers – Around 38%
  5. Consider climate risk for new acquisitions – Around 30%
  6. Access to green financing / loans / bonds – Around 30%
  7. Incorporate green lease – Around 27%
  8. Invest in or develop socially responsible housing (eg. economic housing, senior housing) – Around 18%
  9. Dispose aged, non-green assets – Around 17%
  10. Do not factor ESG in investments – Around 10%

Price premium of ESG assets vs non-ESG asset (No. of respondents):

  • No price premium – Around 26% (74% price premium)
  • Less than 5% premiumAround 43%
  • 6% to 10% premium – Around 24%
  • 11% to 15% premium – Around 5%
  • 16% to 20% premium – Around 1%

Desired office locations in the next 3 years (To increase):

  • ESG-certified buildings – 64% 
  • Flexible or cowering spaces – 52%
  • Decentralised offices – 36%
  • Grade A CBD offices – 30%
  • Grade A offices in major districts outside CBD – 28%
  • Grade B CBD offices – 24%

Desired office locations in the next 3 years (To reduce):

  • Grade B CBD offices – 31%
  • Grade A offices in major districts outside CBD – 25%
  • Grade A CBD offices – 20%
  • Decentralised offices – 18%
  • Flexible or cowering spaces – 12%
  • ESG-certified buildings – 3% 

 

 

The CBRE APAC Investor Intentions Real Estate Survey 2024, providing key insights from 510 APAC investors on investing in real estate (Investors: Real Estate Fund, Developer, Owner, Operator, REIT, Insurance Company, Private Equity Fund, HNWI,  & Family Office).  View report here

 

About CBRE Group, Inc.
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 2022 revenue). The company has approximately 115,000 employees (excluding 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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