| Study Period | 2019 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Historical Data Period | 2019 - 2023 |
| CAGR | 10.00% |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Asia Pacific Office Real Estate Market Analysis by Mordor Intelligence
The Asia Pacific Office Real Estate Market is expected to register a CAGR of greater than 10% during the forecast period.
In 2024, the Asia Pacific office real estate market experienced significant growth, with a 10.7% year-on-year increase in demand for Grade A office spaces during the third quarter. This surge was particularly notable in countries like India, New Zealand, and Singapore, each reporting over 30% annual growth in office leasing. India led the region, accounting for more than 70% of the total demand in Q3 2024, with Bengaluru and Hyderabad contributing 64% of the new office space introduced.
Government initiatives have significantly influenced market dynamics. Singapore's Punggol Digital District (PDD), a 50-hectare development, is set to open in phases starting September 2024. This district is designed to integrate digital and cybersecurity industries with academia, fostering collaboration and innovation. The project includes the Singapore Institute of Technology’s new campus and is projected to create approximately 28,000 jobs while enhancing the area with additional dining, leisure, and retail options.
Major investments have further driven market growth. In December 2024, Blackstone announced its USD 2.6 billion acquisition of the Tokyo Garden Terrace Kioicho, a 36-story office and hotel complex in central Tokyo, from Seibu Holdings. This transaction marks the largest real estate investment by a foreign entity in Japan, reflecting strong international interest in the country’s commercial real estate market.
The Asia Pacific office market is projected to maintain its growth momentum into 2025 and beyond. Companies are increasingly prioritizing high-quality, sustainable workspaces to enhance productivity and align with environmental goals. Developers are responding by upgrading facilities and incorporating green certifications into new projects. This focus on quality and sustainability is expected to drive the market forward, ensuring its resilience and long-term growth.
Asia Pacific Office Real Estate Market Trends and Insights
Booming Office Real Estate in Southeast Asia
Phnom Penh, Cambodia, is experiencing robust growth in its office real estate market, a trend mirrored across Southeast Asia. Supported by government incentives and expanding infrastructure, the region is attracting significant international investment and development activity. In Cambodia, urban development projects are driving increased demand for office spaces. For example, in early 2024, Frasers Hospitality, a subsidiary of Singapore’s Frasers Property Group, launched its first property in Phnom Penh—the Capri by Fraser. This marked a strategic entry into Cambodia’s real estate market and highlighted the growing interest in high-quality developments in the region.
Foreign investments are playing a critical role in driving the sector’s expansion. Frasers Property, for instance, is strengthening its presence in Southeast Asia with plans to develop sustainable and innovative office spaces in Cambodia as part of its broader regional strategy. This initiative aligns with the rising demand for modern, eco-friendly office buildings and reflects a growing emphasis on sustainability in real estate development.
As 2024 and 2025 unfold, Southeast Asia's office real estate market is expected to continue its upward trajectory, with sustainability and technological advancements taking precedence. Developers are incorporating smart technologies and green building certifications into new office projects. These investments, coupled with government-backed initiatives, are positioning the region to attract more international tenants seeking modern, sustainable workspaces.
In conclusion, Phnom Penh is emerging as a key player in Southeast Asia’s growing office real estate market. With developments such as Frasers Hospitality’s entry and a strong focus on sustainability, the region is becoming a hub for international businesses. As demand for high-quality office spaces continues to rise, the market is projected to remain dynamic in 2024 and beyond.
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India’s Rapid Expansion in the Office Real Estate Market
India's office real estate market is experiencing robust growth, driven by strong demand in major cities. This demand is fueled by the expansion of tech hubs and a significant increase in foreign investments. In early 2024, global real estate developer Brookfield Properties announced the completion of a 2.2 million square feet office project in Gurgaon, a key commercial hub in the Delhi NCR region. The development, featuring modern amenities and sustainability features, is designed to attract international firms seeking high-quality office spaces in India.
Further accelerating this growth, the Indian government is supporting the office real estate sector through initiatives like the Infrastructure Investment Trusts (InvITs) framework. In January 2024, the Ministry of Finance introduced reforms under Budget 2024, including measures to encourage infrastructure investments in commercial real estate. This led to announcements of significant projects by developers such as DLF and Godrej Properties, who are expanding their office portfolios in cities like Bengaluru and Pune.
Additionally, the Smart Cities Mission is driving demand for office spaces, particularly in Tier-2 cities. As of March 2024, this initiative has resulted in the development of office spaces catering to both domestic and international businesses. For example, an office park in Kochi, developed under the Smart City initiative, has attracted considerable interest from multinational companies expanding operations in Southern India.
In conclusion, India's office real estate market is expected to sustain its strong growth into 2025, supported by government policies and private sector investments. The rising demand, completion of major office developments, and favorable government reforms are solidifying India's position as a rapidly growing hub for commercial real estate in Asia.
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Competitive Landscape
The Asia-Pacific office real estate market has a variety of distinct players, and the market consists of both developers and consultancy firms. The market is projected to return to normalcy by this year. Businesses are preparing to meet future demands, and many are entering the market in search of new opportunities. CDL, Cushman & Wakefield, Frasers Property, Mitsubishi Estate Company, and Henderson Land Development Company are major market participants in the Asia-Pacific Office Real Estate Market. The competition amongst service providers is further heightened by the strict regulatory requirements that must be met. Businesses participate in M&A transactions to develop their product lines and expand regionally.
Asia Pacific Office Real Estate Industry Leaders
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CDL
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Frasers Property
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Henderson Land Development Company
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Colliers
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Cushman & Wakefield
- *Disclaimer: Major Players sorted in no particular order
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Recent Industry Developments
- February 2025: WeWork’s Indian franchisee filed for an initial public offering (IPO) in Mumbai, aiming to list 33 million shares of Embassy Group and 10.3 million shares of 1 Ariel Way Tenant. This move reflects the company’s strategy to expand its footprint in India’s dynamic office space market, despite challenges faced by its U.S. parent company.
- December 2024: The institutional investments in India’s real estate sector reached a record USD 8.9 billion across 78 deals, marking a 51% increase from 2023. This surge indicates robust investor confidence in the Indian office real estate market, with foreign institutional investors contributing 63% of the total investments.
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Asia Pacific Office Real Estate Market Report Scope
Office real estate is the construction of buildings for leasing and selling purposes to companies from different sectors. This report aims to provide a detailed analysis of the office real estate market. It focuses on the office real estate sector's market insights, dynamics, technological trends, and government initiatives. The Asia-Pacific Office Real Estate Market is Segmented by Geography (China, Japan, India, Australia, South Korea, and the Rest of APAC). The report offers market size and forecasts for the Asia-Pacific Office Real Estate Market in value (USD billion) for all the above segments.
By Country
| China |
| Japan |
| India |
| Australia |
| South Korea |
| Rest of Asia-Pacific |
| By Country | China |
| Japan | |
| India | |
| Australia | |
| South Korea | |
| Rest of Asia-Pacific |
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Key Questions Answered in the Report
What is the current Asia Pacific Office Real Estate Market size?
The Asia Pacific Office Real Estate Market is projected to register a CAGR of greater than 10% during the forecast period (2025-2030)
Who are the key players in Asia Pacific Office Real Estate Market?
CDL, Frasers Property, Henderson Land Development Company, Colliers and Cushman & Wakefield are the major companies operating in the Asia Pacific Office Real Estate Market.
What years does this Asia Pacific Office Real Estate Market cover?
The report covers the Asia Pacific Office Real Estate Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Asia Pacific Office Real Estate Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Asia Pacific Office Real Estate Market Report
Statistics for the 2025 Asia Pacific Office Real Estate market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia Pacific 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.
