Despite the threat of an end to quantitative easing and the higher interest rates that could follow, real estate in the Asia Pacific region held its ground through 2013 — with transaction volumes continuing to rise and cap rates remaining compressed — and the forecast for the coming year looks to bring more of the same, according to Emerging Trends in Real Estate Asia Pacific 2014, the latest report from the Urban Land Institute and PwC. Japan, especially, looks poised for a strong campaign and has reclaimed the report’s top spot for investment for the first time since 2009.

Regardless of the positive outlook, investors will need to be flexible and prepare to invest inventively as the low-hanging fruit has almost all been picked. Stephen Blank, a senior resident