Asia Pacific’s commercial real estate markets began 2026 with genuine momentum. The recovery that started in the middle of 2025 extended well into the early months of this year, with transaction volume in the first quarter growing 22 percent, to US$51.1 billion, from the same period a year ago. Sales of individual assets climbed 17 percent in the quarter, propelled by a surge in cross-border investment.
The increase in deal activity was well spread out across most markets and sectors, with two key exceptions: Australia and Japan. Both markets had already been bracing for interest rate rises si
