Commercial real estate investment in Asia Pacific rose 3 percent year-over-year (y-o-y) in fourth quarter 2023 to $31.6 billion, reversing seven consecutive quarters of decreasing volumes. According to JLL, the fourth quarter 2023 uptick in volumes provides some upside after a challenging year that saw overall investment across the region decline by 17 percent y-o-y to $106.8 billion.
China stood at the forefront of Asia Pacific’s investment rebound for the second consecutive quarter, recording a 50 percent y-o-y increase in volume to $11.1 billion. Meanwhile, sectors such as logistics (down 5 percent to $6.5 billion) and living (up 24 percent to $1.5 billion) performed better than other sectors, especially in China. Investments in office, down 13 percent y-o-y to $13.7 billion, continued to contract amid uncertainties on interest rate movements, the extent of re-pricing and occupancy.
“While the cost of debt remains elevated, investors across Asia Pacific are stil
