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In the first survey of its kind, CBRE polled more than 20,000 people worldwide – from Gen Z to Baby Boomers – earlier this year to understand how they will live, work and shop in the future, and how this will impact the real estate they use. Included in the survey were around 9,000 respondents from Asia Pacific.

The survey findings revealed fresh insights that can be harnessed to inform real estate occupier and investor strategies, and ensure that real estate is positioned to meet users’ evolving needs.

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KEY TAKE-AWAYS

• APAC countries continue to rank highly as locations of production, particularly due to the abundant supply of low cost of labour: of the top 12 locations, half are in APAC.

• Many of the countries that have slipped in the rankings compared with 2021 have done so due to increased costs (particularly for labour and electricity) and increased risk (economic, political and natural disaster); a number of these countries are in Europe where the war in Ukraine has had a significant impact on cost and risk factors.

• A wide range of countries have also experienced even greater constraints in the availability of labour as unemployment rates have continued to fall; this has affected countries across all geographic regions and states of economic development albeit key production locations in emerging APAC markets continue to benefit from expanding labour pools.

• A number of countries – particularly in Europe – have improved their ability to achieve sustainability targets, including efficient resources use and creating green economic opportunities, bolstering their longer term economic outlook and risk profile.

• U.S. companies are bringing jobs and supply chains home at a historic pace. American companies are on pace to reshore, or return to the U.S., nearly 350,000 jobs this year, according to a report published by the Reshoring Initiative.

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Knight Frank takes a look at some of the ‘big picture’ issues impacting owners and users of real estate in the Asia-Pacific region for the upcoming year.

Global inflation in 2022 is at its highest since 1996. As most central banks in Asia-Pacific turn the screws on monetary policies to stave off inflation, growth will inevitably slow in the coming year. As monetary authorities are compelled to keep pace with the Fed's hiking cycle in addition to walking the tightrope between growth and inflation, the region's interest rates in 2023 will approach multi-year highs. 

Despite these ongoing stressors, Asia-Pacific is set to remain the world's fastest-growing region in 2023. Even as growth momentum continues to normalise across much of the region, domestic-oriented economies such as emerging Southeast Asia and India are forecast to remain supportive of overall regional growth in the upcoming year. 

As such, Knight Frank expects to see real estate markets in the region weather a period of transition as occupiers and investors review their strategies in a rapidly evolving environment.

This report was originally published in https://apac.knightfrank.com/apac-outlook

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Please find below the rebalancing results for the following GPR/APREA index series, which will become effective as of 19 December 2022 (start of trading):

• GPR/APREA Investable 100 Index
• GPR/APREA Investable REIT 100 Index
• GPR/APREA Composite Index
• GPR/APREA Composite REIT Index (indicated with an asterisk)

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