asia pacific report

"Ho Chi Minh City (HCMC) is the country’s economic hub. The city’s population stood at 8.3 million in 2015 and had reached 9.1 million by 2021, just short of the 10 million residents required to be a ‘megacity’. Approximately 80% are urban residents due to the influx of migrant workers. Net-migration reached 21.8‰ in 2021. "

"Chongqing’s GDP reached RMB2,083 billion in the first three quarters of 2022, a 3.1% increase YoY. The growth value of the tertiary industry reached RMB1,109 billion, up 2.5 ppts YoY. The investment market remained stable from 2021 to 2022, with seven bulk transactions recorded."

"The city continued to struggle against a confluence of downside risks including a slowing domestic economy, stringent border policies, rising interest rates and an uncertain macro-outlook. Total imports and exports of goods and services are expected to drop by 9.9% YoY and 10.3% YoY respectively due to restrictions on crossborder activity with mainland China and the deterioration in demand from the rest of the world."

"2022 has been a year of challenges for most economies. Supply chain disruption and geopolitical events such as the Russian invasion of Ukraine and the subsequent spiralling of energy prices among other things, have meant that inflation has remained beyond the comfort level of most central banks."

"2022 witnessed the relaxation of COVID-19 restrictions and the reopening of various economic sectors as Malaysia transitioned to the endemic phase. As a result, the Gross Domestic Product (GDP) in Q3/2022 recorded a significant YoY growth of 14.2% to RM383.8 billion, an increase of RM47.6 billion from Q3/2021. "

"According to the United Nations Environment Programme in 2020, global building operations accounted for about 31% of total energy consumption. As a result, measures have been taken worldwide to reduce total emissions via the implementation of policies on eco-friendly construction and energy efficiency of existing buildings, and Korea has also made efforts to keep pace with the global trend."

"Karachi is the most populated city of Pakistan with an estimated population of 22 million. It is the financial and economic hub of the country and many businesses are headquartered there. The city has a labor supply of almost 5 million people and a literacy rate of 83% on average."

"As core inflation rose to 5.9% in October from 4.5% in September, the Philippine economy beat consensus forecasts after increasing by 7.6% in Q3/2022.  Household consumption continued to support the economy after growing by 8.0% despite inflation eating into household incomes. The strong OFW remittance inflows and expanding IT-BPM sector are projected to maintain their respective growth trajectories amidst a slowing global economy. "

"The Singapore office market is at the early stages of a global transformation where multinational tenants increasingly seek to be compliant with Economic Social and Governance standards set in their respective home countries. In the coming years, this pressure is going to weigh on the local real estate market, especially the office sector."

"Since the onset of the pandemic, the Tokyo office market has experienced successive rental corrections as office demand weakened. The new supply in preceding years contributed to a softening of the market. Although most of the supply in recent years is considered to be Grade A offices, the loosening in the market derived from this new supply also seems to have affected the wider market, including largescale Grade B offices."