Commercial Property Deals In Asia Pacific

CBRE Surpasses JLL As Top Realtor For Commercial Property Deals In Asia Pacific

ASIA PACIFIC – A recently published rankings by Real Capital Analytics (RCA) shows that CBRE was crowned as the number one broker of commercial property deals in the Asia Pacific (APAC) region last year, reported Mingtiandi on Sunday (21 March).

Interestingly, this is the 2nd time in 10 years that the crown, which is usually held by Jones Lang LaSalle (JLL), was taken by CBRE after the latter secured major transactions in Singapore and Japan that assisted it in taking the top spot in APAC.

For instance, CBRE negotiated the A$530 million (US$411.6 million) acquisition of an office building in 45 Clarence Street, Sydney on behalf of Peakstone, a property investment manager based in Singapore.

In the same country, CBRE also took part in the S$280.9 million (US$211.9 million) divestment of Mediacorp’s hilltop Andrew Road site to a company controlled by Perennial Real Estate.

“This incredible result is testament of our strong client relationships as well as local market knowledge and cultural insights across Asia Pacific,” commented the property consultancy’s Head of capital markets in Asia Pacific, Greg Hyland.

Apart from being named as the top commercial property realtor in the world for the 10th straight year, CBRE also led RCA’s global rankings across most asset classes, including sales of office space, retail premises, industrial, apartments, and development sites.

Notably, the real estate consultancy dominated the office and industrial segment, with a global market share of 22.7 percent and 30 percent respectively.

Meanwhile, thanks to its connections with investors in Europe and North America, JLL managed to keep its position as the top broker for capital being deployed into Asia Pacific, even though property investment volumes in the region declined by 23 percent in 2020, and cross-border investment by companies in Singapore & Hong Kong dropped sharply that year.

Among the biggest inbound deals JLL negotiated back then was the A$300 million purchase of an office development in Melbourne by a fund linked to Canada’s Quadreal Property Group. It also took part in Alibaba’s S$1.68 billion (US$1.2 billion) acquisition of a 50 percent stake in Singapore’s AXA Tower.

Furthermore, the property consultancy dominated the Australian commercial real estate market after it negotiated a total of US$4.8 billion transactions worth at least US$10 million.

“As many continue to re-evaluate their business models and look to maximize working capital during this time of uncertainty, real estate is viewed through a different lens, whereby it can provide both a source of immediate cash flow and tenancy flexibility,” said JLL Asia Pacific’s head of markets, Jeremy Sheldon.

Free Finding Service