Asia Pacific’s major real estate markets are expected to rebound from the effects of the COVID-19 pandemic within the next three years, according to the Urban Land Institute (ULI) Real Estate Economic Forecast report.
The report surveyed economists and analysts at eight large real estate and investment organizations, including Aberdeen Standard Investments, AEW, Cushman & Wakefield, Heitman, JLL, Morgan Stanley, Nuveen Real Estate, and Phoenix Property Investors.
Within Asia Pacific’s four major markets — Hong Kong, Singapore, China and Japan — the report found that China is expected to lead with 8.75 percent real GDP growth in 2021, followed by Singapore at 6.1 percent, Hong Kong at 4.7 percent and Japan at 3 percent.
Bright spots are expected in the office and logistics real estate sectors; however, office vacancy rates are expected to expand at a slightly slower rate for the next three years. The outlook for the retail sector remains down
