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1、REPORTPacificReal EstateMarket OutlookIntelligent Investment2026AUSTRALIA&NEW ZEALANDREAL ESTATECBRE RESEARCHUpdate header text 2CBRE RESEARCH 2026 CBRE,INC.Intelligent Investment2026 Pacific Real Estate Market OutlookSustainably high cost of construction is likely to materially dampen future supply

2、.In fact,economic rents for most assets have risen by 40%to 90%and sit 20%to 30%above market rents.We continue to have faith in our long-held view of a“rent-a-demic”as vacancy tightens again.With the exception of assets located in premium precincts,we expect net effective rents should grow by low si

3、ngle digits.Leasing activity is likely to pick up through 2026 to take advantage of attractive incentives and supply shortfall.Both Australia and New Zealand are likely to experience economic growth(+2.0%),albeit below trend.We see interest rates on hold in both markets.Transaction volumes should gr

4、ow in 2026,rising by 5%to 10%,with faster growth in Office.Over 2026 to 2028,we see cap rates tightening by 25bps to 40bps depending upon asset class.Where are the opportunities?New supply is set to undershoot historical levels by 20%to 50%.With reduced property choice,the alternatives for investors

5、 and renters are increasingly limited.We see demand to lease and buy accelerating into the next best(only)option.Income yield contribution will start to dominate total returns(except Residential).Sameer ChopraHead of Pacific ResearchThere Is No Alternative Premium assets are likely to be joined by t

6、he next best option in outperforming on both rent growth and capital value appreciation.Buy existing assets as replacement costs are highand rents could take up to a decade to catch-up.We expect strongest outperformance from offices in Brisbane and Canberra;industrial in Adelaide and Brisbane;shoppi