The 25 largest buyers of Asia-Pacific commercial property have accounted for 47% of transaction volume so far in 2026, up from a range of 32% to 38% between 2016 and 2024, according to a Savills capital markets note dated 6 October 2026. The same note states that deals worth US$1bn or more now represent about a fifth of total volume.
Fifteen deals of US$1bn or more closed in the first half of 2026, up from nine a year earlier and five in 2023, Savills reported. These mega-deals fall into three categories: single-asset core office trades in gateway markets, portfolio deals, and data centre platform deals.
Cross-border investors were net buyers of Japanese property in the first half of 2026, acquiring a net US$5.4bn, while domestic investors were net sellers. This marks the widest gap in 12 years of data. Foreign capital now represents nearly 40% of volume, the highest share on record, though the number of foreign deals is a fraction of what it was a few years ago, indicating a narrow buyer pool.
On the leasing side, a separate Savills report dated 9 October 2026 puts Tokyo Grade A office vacancy at 0.5%, with average rent at JPY43,467 per tsubo per month, up 17.9% year on year.
Savills notes that recent bond yield rises have come mostly through the risk-free rate, while credit spreads have remained contained. The firm describes this as a higher cost of capital rather than the start of credit tightening, which puts upward pressure on the returns investors require from property.
The concentration of volume among a few large buyers means headline totals can overstate the number of active investors, and a pullback by a handful of them can move the market. Savills also points to industrial land, logistics, data centres, and housing near technology and resource hubs as areas tied to the capex cycle.
Savills expects concentration to ease from current highs as money moves to mid-market strategies such as asset management, conversion, and value-add. The note does not provide forecasts for prices or yields, nor does it identify which investors make up the top 25.
Separately, CBRE reported on 6 August 2026 that Asia-Pacific commercial property investment rose 27% year on year in the first half, with office investment up 29% and Singapore leading. The two firms use different methods, so the figures are not directly comparable.
