KEY
TAKEAWAYS

CUSHMAN & WAKEFIELD RESEARCH

APAC MACRO OUTLOOK

KEY TAKEAWAYS

ECONOMY

_{Robust regional economic growth led by emerging markets in 2024 before growth is forecast to normalise the year after, while current slow growth in advanced economies is expected to accelerate through 2025.}

CAPITAL MARKETS

_{Transaction volumes have likely found nadir across most sectors as investors gain greater conviction that interest rates cuts are on their way. Expect activity to improve over H2 2024 before accelerating more meaningfully through 2025.}

OFFICE

_{The region continues to demand more office space, with India forecast to lead regional demand over the near- to medium-term resulting in average regional demand of approximately 80msf per annum. However, vacancy will tick up as new supply continues to enter the market, suppressing stronger rental growth.}

INDUSTRIAL

_{Overall, industrial remains a strong growth sector but performance will be bifurcated across the region reflecting local supply and demand dynamics. Expect ongoing evolution in the location and specialisation of the region’s manufacturing hubs.}

RETAIL

_{Underlying population growth and a rising middle class will continue to fuel retail growth, especially in emerging markets. The near-term outlook appears K-shaped, with greater performance in non-discretionary and luxury goods, while discretionary retail is likely to under-perform.}

ALTERNATIVES

_{Secular demand drivers continue to favour most alternatives, especially those with residential underpinnings and data centres.}