Asia Pacific Real Estate Market Outlook 2024: Bright Second Half Ahead

The Asia Pacific real estate market is set to rebound in the second half of 2024, according to a recent report by CBRE. After a challenging 2023, marked by high interest rates and geopolitical tensions, the outlook for the region is looking much brighter.

In the office sector, leasing demand is expected to improve, with many companies seeking to renew their leases or relocate to more desirable locations. The tech sector, led by software and services, is expected to drive expansionary demand due to strong revenue growth.

Meanwhile, in Cambodia, the real estate and construction sectors are expected to see a revitalization in 2024. The possible lowering of interest rates by major US banks is predicted to boost buying, selling, and renting activities in the country, as well as energizing the construction industry.

In Australia, commercial bargains are putting real estate deals back on the agenda. Property fund managers are taking advantage of the downtrodden market by launching countercyclical funds and acquiring bargain properties and trusts. Big deals are already in the works, including the purchase of a tower in Brisbane for AUD257 million and a building in Melbourne for over AUD120 million.

Overall, the real estate market in the Asia Pacific region is showing signs of recovery and revitalization in 2024, making it an exciting time for investors and businesses in the industry.