Asia REIT Market Insight 2023

2022-2023 ASIA REIT MARKET OVERVIEW AUTHORS ：

Kate Zhang Senior Manager, Valuation and Advisory Services, North China kate.zhang@cushwake.com Gilbert Dong Senior Manager, Valuation and Advisory Services, North China gilbert.yf.dong@cushwake.com

Wynter Zhang Senior Manager, Valuation and Advisory Services, North China Wynter.Zhang@cushwake.com

EDITORS:

Simon Graham Senior Communications Manager, Greater China, simon.graham@cushwake.com

Catherine Chen Director, Capital Markets Research, Asia Pacific, catherine.chen@cushwake.com

REPORT CONTRIBUTORS:

Mari Kumagai Head of Research & Consulting, Japan mari.kumagai@cushwake.com Rosanna Tang Head of Research, Hong Kong Rosanna.Tang@cushwake.com

Xian Yang Wong Head of Research, Singapore xianyang.wong@cushwake.com Suvishesh Valsan Director, Research, India suvishesh.valsan@cushwake.com

FOR REQUESTS ON GREATER CHINA REIT VALUATION, PLEASE CONTACT:

Chris Yang Senior Director Valuation & Advisory Services, North China chris.z.yang@cushwake.com

Feng Hu Deputy General Manager, Beijing Office Head of Valuation & Advisory Services, North China feng.hu@cushwake.com

Andrew Chan Managing Director, Valuation & Advisory Services, Greater China andrew.kf.chan@cushwake.com

FOR REQUESTS ON REIT RELATED SERVICES INCLUDING CAPITAL MARKETS ADVISORY IN ASIA PACIFIC, PLEASE CONTACT:

James Young Head of Investor Services, APAC & EMEA james.young@cushwake.com

Gordon Marsden Head of Capital Markets, Asia Pacific gordon.marsden@cushwake.com

Dennis Yeo Head of Investor Services and Logistics & Industrial, Asia Pacific dennis.yeo@cushwake.com

The information contained within this report is gathered from multiple sources considered to be reliable. The information may contain errors or omissions and is presented without any warranty or representations as to its accuracy.

Copyright © 2023 Cushman & Wakefield. All rights reserved.

About Cushman & Wakefield

3 6 | C u s h m a n & Wa k e f i e l d Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in approximately 400 offices and 60 countries. In Greater China, a network of 23 offices serves local markets across the region. In 2022, the firm reported global revenue of US$10.1 billion across its core services of valuation, consulting, project & development services, capital markets, project & occupier services, industrial & logistics, retail and others. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), Environmental, Social and Governance (ESG) and more. For additional information, visit www.cushmanwakefield.com.