High interest rates continued to impair investment in major Asia Pacific markets, driving down commercial real estate investment volume by 20 percent year-over-year to $27.3 billion, according to CBRE in its Asia Pacific figures for third quarter 2022.
The report also concluded:
Office: Macroeconomic headwinds and inflationary pressure weighed on office leasing activity in third quarter 2022, pulling down net absorption by 11 percent quarter-over-quarter to 10.1 million square feet. Finance remained the main engine of leasing demand, with activity also seen from tech and co-working platforms. Rents increased by 0.4 percent quarter-over-quarter and 1.1 percent year-to-date.
Retail: Retail sales growth slowed as global recessionary fears continued to cloud consumer confidence. However, vacancy declined across the region along with the further easing of pandemic-related restrictions. Rents fell 1.8 percent year-over-year bu
