Asia Pacific commercial real estate markets opened 2026 with genuine momentum, with first-quarter transaction volume rising 22 percent year-over-year to $51.1 billion. According to MSCI’s latest Asia Pacific Capital Trends report, the recovery that began in the middle of 2025 extended well into the early months of this year, with sales of individual assets climbing 17 percent and cross-border investment surging to its highest level since fourth quarter 2021.
The gains were broadly distributed across most markets and sectors. Singapore emerged as the standout performer, recording a fivefold increase in deal volume to a record $7.9 billion in the quarter. China and Hong Kong both posted growth as their prolonged declines in commercial real estate deal activity showed early signs of nearing a conclusion, while Australia and Japan saw deal volumes contract modestly amid rising interest rate pressures.
