APAC office investment volumes grow 2% to US$23.3b in H1 2024

Investments grew by 5% in Q2 alone.

In a report, JLL revealed that APAC office volumes reached USD 10.7bn in Q2 (H1: USD 23.3bn), growing 5% YoY (H1: +2%). Investment activities were mainly contributed by domestic investors, supported by end-users acquiring assets for occupancy. 

Here’s more from JLL:

Japan remained a domestic market as local REITs and developers continued to acquire office buildings, mainly in Tokyo. Opportunistic investors targeted properties with deteriorating vacancy situation. 

South Korea office volumes stayed muted as investors remained cautious in their bids. There is a growing number of properties listed for sale, with several key assets in prime locations, but the current market condition is deemed as unfavourable for transactions to be closed.

Australia experienced a rebound in activities with overseas investors making several major acquisitions in Sydney. Domestic REITs continued to be active sellers of office properties. 

Singapore recorded its largest office deal in two years. However, investors remained concerned about delayed interest rate cuts and incoming supply. 

Hong Kong was still in an investment slump as high interest rates deterred investment activities.