Chapter 5

Industrial & Logistics

2023 Asia Pacific Real Estate Market Outlook

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Trends to Watch

  1. Demand to normalise

    Leasing demand from e-commerce platforms is expected to slow this year as sales growth moderates. Cost saving concerns will prompt more occupiers to outsource logistics operations to 3PLs. While supply chain bottlenecks have now eased, the diversification of sourcing and manufacturing will continue, benefiting Southeast Asia and India.
  2. Improving space availability

    New supply is forecasted to increase in 2023 as supply chain disruption-induced project delays finally come to an end. Vacancy in Asia will rise while that in the Pacific will stay tight. Incentives could increase as landlords focus on shoring up occupancy.
  3. Slower rental growth

    Rental growth is projected to slow to sub-3% for mature Asia (ex. Singapore prime). Markets in the Pacific will continue to lead with high single-digit growth.

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