Asia Pacific Retail Leasing Sentiment Survey
Thursday, 18th April 2024
Source : CBRE

CBRE’s survey of more than 120 retail leasing market professionals in Asia Pacific reveals that retailers’ expansionary demand remains strong as they seek to revitalise their store networks post-pandemic.

Key survey findings include: 

  • 76% of retail brokers reported leasing enquiries for new setups, expansion and upgrading, indicating appetite for more space.
  • More than two-thirds reported an increase in leasing enquiries and site inspections in Q1 2024, indicating that regional leasing activity is likely to remain strong in the coming months.
  • As vacancy in prime areas contracts further, half of the respondents – the highest proportion since 2023 – expressed the view that retail leasing market dynamics are shifting in favour of landlords.
  • Positive retail leasing sentiment across all Asia Pacific markets, with the strongest improvement observed in Japan, where most retailers are resuming expansion on the back of rising profitability and record-breaking tourist spending.
  • Retailers across Asia Pacific are displaying a very strong preference for prime core retail space as rents in core locations have become more affordable after the pandemic, and because many retailers that had shifted their focus to community retail during the pandemic are now seeking to boost their presence in core locations.
  • Most retailers plan to retain or increase their real estate budget and store footprint in 2024.
  • Amid a global shift in consumer spending towards eating out and experiences, F&B remains the most active retail trade in Asia Pacific, with demand the strongest in Singapore and Southeast Asia. Sportswear and clothing & footwear are the second and third most active trades, respectively. 

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