ASEAN Office Real Estate Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The ASEAN Office Real Estate Market Report is Segmented by Geography (Singapore, Thailand, Vietnam, Indonesia, Malaysia, Philippines, and Rest of ASEAN). The Report Offers Market Sizes and Forecasts in Terms of Value (USD) for all the Above Segments.

ASEAN Office Real Estate Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

ASEAN Office Real Estate Market Size

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ASEAN Office Real Estate Market Summary
Study Period 2020 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Market Size (2025) USD 109.00 Billion
Market Size (2030) USD 167.71 Billion
CAGR (2025 - 2030) 9.00 %
Market Concentration Low

Major Players

ASEAN Office Real Estate Market Major Players

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of ASEAN Office Real Estate Market with other markets in Real Estate and Construction Industry

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ASEAN Office Real Estate Market Analysis

The ASEAN Office Real Estate Market size is estimated at USD 109.00 billion in 2025, and is expected to reach USD 167.71 billion by 2030, at a CAGR of greater than 9% during the forecast period (2025-2030).

  • The global pandemic caused business closures, leading to a decline in the conventional office space market. In addition to its immediate effects, the prospects for office real estate were also affected as traditional offices were less in demand due to work-from-home policies gaining popularity. The effects of the pandemic also included a rise in pricing misalignments. As the economy picks up speed, the misalignment is expected to get smaller. However, due to shifting cultural tastes, the market may face structural challenges.
  • In order to create a hybrid workplace model, occupiers are likely to concentrate more on merging traditional leased spaces, remote working possibilities, and flexible spaces within real estate portfolios. The plan to decentralize the workplace and provide more locations to satisfy the demands of a more mobile workforce is anticipated to have cost and portfolio optimization as its objectives. According to industry experts, more office space will be needed in Asia-Pacific over the next 10 years than in the preceding ten, notwithstanding the challenge posed by work-from-home arrangements.
  • In Asia-Pacific, it is anticipated that 1.35 billion square feet of office space will be needed over the course of the next ten years, a 66% increase over the 800 million square feet absorbed by corporate occupiers during the previous ten years. In APAC, 55% of office construction work is already in progress. It is estimated that by the end of 2024, 120 million square feet of office space will be constructed on average.
  • The demand for commercial and office space is driven by the expansion of businesses, the growth of the service sector, and the establishment of regional headquarters by multinational corporations.

ASEAN Office Real Estate Industry Overview

The office real estate market in ASEAN exhibits a degree of fragmentation, characterized by the presence of multiple developers and property consultancy firms. Companies are gearing up to meet future needs, and many companies are entering the market for further opportunities. Local providers offer co-working spaces featuring diverse membership options and additional services that add value to tenants. The market is shaped by established developers, co-working providers, international investors, and local developers, each contributing to a diverse and competitive landscape driven by quality, flexibility, and investment opportunities. Some of the major office real estate companies include UOL Group Limited, City Developments Limited, and Frasers Property.

ASEAN Office Real Estate Market Leaders

  1. UOL Group Limited

  2. City Developments Limited

  3. Frasers Property

  4. PRIME Philippines

  5. Savills Vietnam

  6. *Disclaimer: Major Players sorted in no particular order
ASEAN Office Real Estate Market Concentration
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ASEAN Office Real Estate Market News

  • October 2023: The Instant Group (a leading global platform for flexible workspaces) secured a three-year managed office agreement with Arvato Systems Malaysia. The existing office space of Arvato Systems Malaysia in Kuala Lumpur, a pivotal development center for the Arvato Systems Group, is expected to undergo renovation and expansion. Expected to be finished in 2024, the total office space of Arvato Systems Malaysia will be 26,720 sq. ft, with 15,963 sq. ft undergoing refurbishment and an additional 10,757 sq. ft being custom-fit for the company's needs.
  • January 2023: TAM Group, a GSSA (general sales and service agent) based in Hong Kong, expanded its presence in Southeast Asia by opening three new offices. Responding to the increased demand in the region, TAM Group partnered with Thailand’s GP Group and Vietnam’s TP Cargo Transport Services to establish offices in key strategic areas, including Bangkok, Ho Chi Minh City, and Hanoi.

ASEAN Office Real Estate Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Background
  • 1.2 Study Assumption and Market Definition

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET INSIGHTS & DYNAMICS

  • 4.1 Market Overview
  • 4.2 Market Dynamics
    • 4.2.1 Market Drivers
    • 4.2.1.1 Increasing Demand for Co-Working Spaces
    • 4.2.2 Market Restraints
    • 4.2.2.1 Competitive Challenges
    • 4.2.3 Opportunities
    • 4.2.3.1 Growing Popularity of Flexible Working Spaces
  • 4.3 Industry Attractiveness - Porter's Five Forces Analysis
  • 4.4 Industry Value Chain Analysis
  • 4.5 Technological Innovations in the Office Real Estate Market
  • 4.6 Government Regulations and Initiatives in the Industry
  • 4.7 Insights into Rental Yields in the Office Real Estate Segment
  • 4.8 Insights into the Key Office Real Estate Industry Metrics (Supply, Rentals, Prices, Occupancy/Vacancy (%))
  • 4.9 Insights into Office Real Estate Construction Costs
  • 4.10 Insights into Office Real Estate Investment
  • 4.11 Impact of the COVID-19 on the Market

5. MARKET SEGMENTATION

  • 5.1 By Geography
    • 5.1.1 Singapore
    • 5.1.2 Thailand
    • 5.1.3 Vietnam
    • 5.1.4 Indonesia
    • 5.1.5 Malaysia
    • 5.1.6 Philippines
    • 5.1.7 Rest of ASEAN

6. COMPETITIVE LANDSCAPE

  • 6.1 Company Profiles
  • *List Not Exhaustive
  • 6.2 Market Concentration
    • 6.2.1 Savills Vietnam
    • 6.2.2 CBRE Vietnam
    • 6.2.3 Hines
    • 6.2.4 IM Global Property Consultants Sdn Bhd.
    • 6.2.5 PRIME Philippines
    • 6.2.6 Leechiu Property Consultants
  • 6.3 Company Profiles
    • 6.3.1 UOL Group Limited
    • 6.3.2 City Developments Limited
    • 6.3.3 Frasers Property
    • 6.3.4 PT Ciputra Development Tbk
    • 6.3.5 Malton Berhad
    • 6.3.6 Other Companies
  • *List Not Exhaustive

7. FUTURE OF THE MARKET

8. APPENDIX

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ASEAN Office Real Estate Industry Segmentation

Office real estate is the construction of buildings for leasing and selling purposes to companies from different sectors. A complete background analysis of the ASEAN office real estate market, including the assessment of the economy and contribution of sectors in the economy, market overview, market size estimation for key segments, emerging trends, market dynamics, geographical trends, and COVID-19 impact, is covered in the report.

The ASEAN office real estate market is segmented by geography (Singapore, Thailand, Vietnam, Indonesia, Malaysia, Philippines, and Rest of ASEAN). The report offers market size and forecasts in value terms (USD) for all the above segments.

By Geography Singapore
Thailand
Vietnam
Indonesia
Malaysia
Philippines
Rest of ASEAN
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ASEAN Office Real Estate Market Research FAQs

How big is the ASEAN Office Real Estate Market?

The ASEAN Office Real Estate Market size is expected to reach USD 109.00 billion in 2025 and grow at a CAGR of greater than 9% to reach USD 167.71 billion by 2030.

What is the current ASEAN Office Real Estate Market size?

In 2025, the ASEAN Office Real Estate Market size is expected to reach USD 109.00 billion.

Who are the key players in ASEAN Office Real Estate Market?

UOL Group Limited, City Developments Limited, Frasers Property, PRIME Philippines and Savills Vietnam are the major companies operating in the ASEAN Office Real Estate Market.

What years does this ASEAN Office Real Estate Market cover, and what was the market size in 2024?

In 2024, the ASEAN Office Real Estate Market size was estimated at USD 99.19 billion. The report covers the ASEAN Office Real Estate Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the ASEAN Office Real Estate Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

ASEAN Office Real Estate Industry Report

Statistics for the 2025 ASEAN Office Real Estate market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. ASEAN Office Real Estate analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.