Hong Kong, Singapore, China, and Japan are expected to stay in good economic health for the next three years, recovering swiftly from pandemic shocks, according to the Urban Land Institute (ULI) Real Estate Economic Forecast for the Asia Pacific region covering 2021 to 2023.
Real estate in the four key markets is likely to experience an upbeat outlook as well, in tandem with bright economic prospects. The office occupancy rate in Singapore is likely to grow slightly in 2022 and 2023, bucking the trend seen in Hong Kong, Shanghai and Tokyo, with rentals expected to increase from 4.6 percent to 5.0 percent in the next two years. The city-state is leading the way within the office space, with a 9.65 percent forecasted increase in returns for 2022 before falling to 6.75 percent in 2023. Hong Kong and Tokyo will see a strong rebound in returns in 2023 at 5.4 percent and 6.28 percent respectively after moderate gains in 2022.
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