COVID-19 now ‘endemic in APAC’s real estate market
The Asia Pacific (APAC) region is slowly embracing what “living with COVID” looks like as they include the pandemic with their real estate market recovery plans.
According to CBRE Occupier Research head Ada Choi, the Omicron variant “put a dent on leasing sentiment” as lockdowns and restrictions affect site visits and leasing decisions. However, economies are starting to recover as the virus becomes ‘endemic.’
Choi disclosed that Singapore and Australia are enjoying the highest leasing activity as economies and borders open up, in line with the ‘endemic’ phase of living with the virus.
Rents are also on their way to recovery in Singapore, Hong Kong, and Japan. Net positive leasing intentions are likewise observed in India, Korea, and Mainland China despite Omicron’s impact.
On the other hand, Hong Kong saw a decline in tenant inquiries and site visits as many companies are resuming their work-from-home arrangements.
