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1、Bright spots emerge amideconomic headwindsAsia PacificQ1 2025Asia Pacific RetailMarket DynamicsR Jones Lang Lasalle IP,Inc.2025Contents01Asia Pacific05Hong Kong06Beijing07Shanghai08Guangzhou09Shenzhen10Tokyo11Seoul12Singapore13Bangkok14Jakarta15Kuala Lumpur16Manila17Hanoi18Ho Chi Minh City19Delhi20M

2、umbai21Bengaluru22Chennai23Sydney24Melbourne25SE Queensland26Perth27Adelaide2802Report2 Jones Lang Lasalle IP,Inc.2025Prime Retail Rental Clock3 GrowthSlowingRentsFallingRentsRisingDeclineSlowingHo Chi Minh CityAdelaide(CBD),Melbourne(CBD),Perth(CBD),WellingtonGuangzhou,ShanghaiBeijingAuckland,Singa

3、poreSeoul*Adelaide(Regional),Brisbane(CBD),Perth(Regional),Sydney(CBD)Source:JLL,Real Estate Intelligence Service,Q1 2025*High Street Shops/Multi-level High StreetMelbourne(Regional),SE Queensland(Regional),Sydney(Regional)Hong KongShenzhenChennaiKuala LumpurManila,Tokyo*BangkokHanoiBengaluru,DelhiJ

4、akartaMumbai Jones Lang Lasalle IP,Inc.20254Retail investmentSource:JLL,Q1 2025Note:Figures refer to transactions over USD 5 millionDirect retail real estate investment 2007 YTD 2025USD millions010,00020,00030,00040,00050,000200720082009201020112012201320142015201620172018201920202021202220232024YTD

5、 2025AustraliaChinaHong KongJapanSingaporeSouth KoreaAP OthersAsia Pacific Jones Lang Lasalle IP,Inc.2025ResearchAsia PacificRetail|Q1 2025Lee Fong| Historical supply and demand trendsNote:Financial and physical indicators are for prime shopping.Data is on a GFA basis.Major retailers maintain intere

6、st in premium locations,with apparel,F&B,and entertainment brands leading leasing momentum amid economic uncertainties.Vacancy edges higher despite a drop in new completions.Rental growth slows overall,dragged by Greater Chinas weakness,as other markets hold firm or post modest gains.Asia Pacific re

7、tail markets set to see continued performance divergence.Ongoing macro risks will likely shape consumer sentiment and retailer strategies differently across the region.Asia Pacific retail markets exhibited diverse performance in Q1,with consumer caution rising in some areas while tourism recovery bo

8、lstered activity in others.Despite pockets of weakness,the broader retail market maintained generally firm occupier demand.Many retailers adopted a strategic approach,focusing on store optimization and measured expansion.Some embraced pop-ups and shorter-term leases to test concepts before committin

9、g long-term.Q1 saw a marked deceleration in shopping centre supply,reaching a seven-quarter low,yet vacancy rates edged upward due softening demand in select areas,strategic tenant reshuffling and asset enhancements.Notably,landlords remained focused on refining tenant profiles to maintain asset per

10、formance.Aggregate rents declined marginally quarter-on-quarter,primarily due to weakness in Greater China,while other markets demonstrated resilience.Despite economic headwinds,certain retail segments demonstrated remarkable resilience.Lifestyle brands and food establishments led in space acquisiti

11、on,capitalizing on shifting consumer preferences.The gradual recovery of inbound visitation also stimulated leasing demand in key retail hubs,primarily driven by tourism-oriented and mass-market categories.OutlookConsumer spending growth is expected to remain positive in most major markets in 2025,t

12、hough sales may slow in areas affected by growing consumer caution.Retailer demand is anticipated to sustain for premium space with F&B still playing a key role.Competitive pressures are nonetheless likely to drive innovative retail concepts as landlords and retailers strive to differentiate their o

13、fferings.The trend towards experiential retail is set to persist,with a focus on curated,interactive environments.The introduction of new retail centres will create a dynamic landscape,likely contributing to further downward pressure on rents in China as landlords maintain an accommodative stance,si

14、multaneously offering expansion opportunities for retailers in areas facing firmer conditions.FundamentalsYTD net absorption-65,000 s.m.YTD completions240,000 s.m.Vacancy rate8.7%Rent growth Y-o-Y0.0%-3%0%3%6%9%12%-10123420202021202220232024YTD 2025s.m.(millions)Net absorptionNew supplyVacancy rateH

15、ong Kong Jones Lang Lasalle IP,Inc.2025Retail sales worsen despite tourism uptick.Prime shopping centres still grapple with vacancy pressure in sagging market.Retail rents dip extends to Q1 2025 amid protracted sales woes.ResearchHong KongRetail|Q1 2025The retail markets contraction endured,with tot

16、al sales decline widening to 7.8%y-o-y in Jan-Feb from 6.6%in Q4 2024,despite a 10.0%y-o-y growth in inbound visitor arrivals in Q1.Concurrently,northbound travels by local residents surged 14.8%y-o-y in Q1.Core area leasing demand held firm,drawing interest from tourism-oriented and mass-market seg

17、ments such as light refreshment and grocery outlets.Meanwhile,licensed restaurant numbers fell 0.9%q-o-q by end-Q1,reflecting an ongoing market consolidation process.Following substantial project completions in the past three years,new supply in 2025 will moderate to around 0.7 million sq ft,which i

18、nclude the retail podium of International Gateway Centre in West Kowloon and Phase 2 of Go Park Sai Sha in Sai Kung.Amid abundant available spaces and tepid market performance,Prime shopping centre vacancy rate edged higher to 9.2%by end-Q1 2025 from 9.1%in the previous quarter.Concurrently,the High

19、 Street shops vacancy rate inched up to 10.6%from 10.5%.Retail rents slid further as landlords in general were more compelled to offer discounts to secure tenancy amid market headwinds.Some Prime shopping centres landlords reported negative tenant sales growth,attributed to shifting consumer spendin

20、g patterns.In Q1 2025,High Street rents shrank by 0.8%q-o-q,with all submarkets registering decline.Rents in Overall Prime and Premium Prime shopping centre fell by 0.3%and 0.2%respectively on a chain-linked basis.OutlookThe retail landscape continues to navigate a complex terrain amid challenges po

21、sed by intensifying competition from e-commerce platforms,coupled with the glut of available retail space and prevailing macroeconomic uncertainties.The persistent price gap between local and regional offerings impedes significant sales recovery,especially in discretionary retail.Stabilising consume

22、r sentiment is expected in H2 2025,buoyed by potential interest rates decline and spending-stimulating mega events.Cathie Chung|FundamentalsYTD net absorption-53,900 s.f.YTD completions0 s.f.Vacancy rate9.2%Net effective rent HKD 209 p.s.f.p.m.Rent growth Y-o-Y-1.2%Stage in rental cycleRents Falling

23、Historical supply and demand trendsNote:Financial and physical indicators are for the overall prime shopping centre and high street retail markets.Data is on a GFA basis.-2%0%2%4%6%8%10%-101234520202021202220232024YTD 2025s.f.(millions)Net absorptionNew supplyVacancy rateBeijing Jones Lang Lasalle I

24、P,Inc.2025Market demand still faces challenges.Supply moderates and vacancy rates see a minor uptick.Price-for-volume strategies become more common,accelerating rent declines.ResearchBeijingRetail|Q1 2025The overall demand observed a further dip under the current cautious consumer environment.Despit

25、e this,the F&B and ACG-related sectors showed relatively thriving momentum in the beginning months of 2025,accounting for 43.1%of the total new store openings in Beijing.Tenant turnover has occurred in some projects,yet landlords have responded swiftly by refining tenant profiles,prioritising occupa

26、ncy and maintaining overall project performance.Supply-side pressure has eased,with only 50,000 sqm of new projects entering the market in the quarter.The moderate supply growth has not materially impacted inventory absorption,as citywide vacancy rates have remained stable with minor fluctuations.De

27、spite demand-side headwinds,landlords mitigated vacancy increases through flexible leasing strategies and rent concessions,limiting the Urban vacancy rate rise to a marginal 0.4 ppts q-o-q,reaching 5.6%.Following a decline in market demand that exerted downward pressure on rents,landlords have reduc

28、ed rents and offered tailored lease terms to secure retailers from a limited tenant pool.These volume-driven rent strategies have become a common practice in the current market dynamics.Consequently,urban rents registered a 2.0%q-o-q decrease,marking the most pronounced quarterly contraction since Q

29、1 2021.OutlookThe government has planned to allocate RMB 300 billion in long-term special treasury bonds for consumption stimulus,doubling the 2024 fiscal commitment,which is expected to stimulate the revitalisation of the consumer market and leverage a recovery in leasing demand.Landlords will pers

30、ist in providing attractive leasing strategies to cater to potential tenants,as policy requires time to effectively impact the market.Rents are expected to remain on a downward trend throughout the year,with urban rents predicted to fall 7%y-o-y.Ming Ji|FundamentalsYTD net absorption-25,000 s.m.YTD

31、completions0 s.m.Vacancy rate5.6%Net effective rent RMB 743 p.s.m.p.m.Rent growth Y-o-Y-1.8%Stage in rental cycleRents FallingHistorical supply and demand trendsNote:Financial and physical indicators are for the Urban retail market.Data is on an NLA basis.-8%-4%0%4%8%12%-400-200020040060020202021202

32、220232024YTD 2025s.m.(thousands)Net absorptionNew supplyVacancy rateShanghai Jones Lang Lasalle IP,Inc.2025Consumption stimulus policies present opportunities for specific sectors.No new retail projects launched in Shanghais urban area in Q1 2025.Rents remain on a downward trend.ResearchShanghaiReta

33、il|Q1 2025Leasing activity remained subdued in Q1 2025,as brands across various sectors remained cautious about expansions and renewals.As a result,Shanghais retail net take-up recorded-130,100 sqm during the quarter.Fueled by consumers focus on healthy lifestyles,entertainment and value for money,s

34、everal growth sectors,including sportswear,collectible toys,pet services,VR experiences and affordable dining,continued to gain momentum despite cautious market sentiment.No new supply was delivered in Shanghais urban area in the quarter.Intense competition,coupled with cautious leasing momentum,put

35、 the market under pressure.Prime market vacancy rose 0.8 ppts to 9.9%,while decentralised market vacancy increased 0.7 ppts to 13.8%.In response to heightened competition,many landlords proactively implemented changes through repositioning,renovations and brand-mix adjustments to enhance asset perfo

36、rmance.Rental decline continued in Q1 2025,reflecting cautious market sentiment.Average ground floor rents in prime areas decreased by 1.4%q-o-q to RMB 43.5 per sqm per day,while decentralised areas fell by 1.6%q-o-q to RMB 15.2 per sqm per day.CPPIB sold its 49%interest in four real estate JV proje

37、cts with Chinese real estate company Longfor Group Holdings to an affiliate of Dajia Insurance Group.The transaction primarily involved four retail malls located in Shanghai,Suzhou,Chengdu and Chongqing.OutlookChinas focus on boosting consumption in 2025 will involve a combination of policy support,

38、which is expected to enhance retail leasing activities in sectors such as sportswear,entertainment,collectible toys,smart home appliances and 3C electronics.Eleven new shopping malls,adding 887,000 sqm of retail space,are scheduled to enter the Shanghai retail market in 2025.This influx of supply wi

39、ll continue to exert downward pressure on rents,and the market is expected to remain tenant-favourable.Daniel Yao|FundamentalsYTD net absorption-30,600 s.m.YTD completions0 s.m.Vacancy rate9.9%Net rent RMB 43.5 p.s.m.per dayRent growth Y-o-Y-5.9%Stage in rental cycleDecline SlowingHistorical supply

40、and demand trendsNote:Financial and physical indicators are for shopping malls in the prime retail market.Data is on an NLA basis.-8%-4%0%4%8%12%16%20%-100-5005010015020020202021202220232024YTD 2025s.m.(thousands)Net absorptionNew supplyVacancy rateGuangzhou Jones Lang Lasalle IP,Inc.2025F&B and ele

41、ctronics consumption show resilience.Vacancy remains stable with no new supply.Rent decline widens marginally.ResearchGuangzhouRetail|Q1 2025During the Spring Festival,Guangzhou received 16.34 million tourists,up 5.1%y-o-y.The increased consumer footfall sustained F&B leasing activity at a relativel

42、y strong level,accounting for approximately 40%of the newly leased area.Fuelled by the trade-in subsidy policy,the RMB 1.02 billion revenue generated from digital product purchases,particularly smartphones,in February also injected momentum for new consumer electronics demand,with this segments newl

43、y leased area up by 3 ppts q-o-q.No new projects were delivered in Q1 2025.The urban vacancy rate saw a slight drop to 4.8%,down by 1 ppt q-o-q,whereas the suburban vacancy held at 3.0%q-o-q.F&B tenants helped malls with an effective absorption of vacancy within the quarter.Post-holiday retail momen

44、tum in March showed signs of moderation.Market participants remain cautious,awaiting clearer indications that recent government stimulus policies will reignite broader consumer confidence and catalyse a sustained recovery in retail activity.Amid recovering demand,landlords were more flexible in leas

45、e negotiations in exchange for relatively stable occupancy.Urban rents have declined by 2.4%q-o-q,while suburban rents have experienced a 3.5%drop in the same period.OutlookThe 2025 government work report emphasised boosting consumption with a 30-measure plan.Sectors to align with policy priorities

46、and consumer lifestyle changes are poised for growth,supporting retail leasing demand.In the next 12 months,four premium shopping malls will be completed.While new supply is moderate,leasing demand may lag behind policy impact,keeping rents under near-term pressure.Veronica Xu|FundamentalsYTD net ab

47、sorption2,000 s.m.YTD completions0 s.m.Vacancy rate4.0%Net rent RMB 267 p.s.m.p.m.Rent growth Y-o-Y-6.1%Stage in rental cycleDecline SlowingHistorical supply and demand trendsNote:Financial indicators are for Urban while physical indicators are for the overall prime retail market.Data is on a GFA ba

48、sis.0%1%2%3%4%5%6%7%8%010020030040050060070020202021202220232024YTD 2025s.m.(thousands)Net absorptionNew supplyVacancy rateShenzhen Jones Lang Lasalle IP,Inc.2025Leasing demand from F&B and sports-related retailers is stable.Citywide vacancy experiences a slight increase with no new supply.Rent leve

49、l further edges downward.ResearchShenzhenRetail|Q1 2025Leasing activities slowed down slightly,with F&B leading at over 40%of the total leasing area.Growth in outdoor activities and fashion trends favoured outdoor sports brands,which accounted for over 30%of the newly leased area within the fashion

50、category.Since the implementation of the trade-in policy,demand for consumer electronics and home appliances has remained strong.Within the lifestyle category,smart home devices,digital products and automobiles tenants occupied 60%of the new leases by area.No new projects entered the market in the q

51、uarter.Due to certain poorly operated projects in the Nanshan and Futian districts,the urban vacancy rate rose marginally by 0.7 ppts q-o-q.The vacancy rate in the suburban submarket was stable,increasing by 0.2 ppts q-o-q.Retail markets in remote outskirts remain underdeveloped,with shopping malls

52、in these areas experiencing prolonged vacancy periods.The overall rents decreased by 2.2%q-o-q on a chain-linked basis in the quarter.Facing heightened competition,shopping malls had to increasingly offer rent discounts to attract tenants and maintain high occupancy.Premier projects proactively adju

53、sted their brand portfolios and harnessed operational capabilities to enhance retailer revenues,ultimately driving an increase in the overall rental income.OutlookSubsidies and trade-in incentives have been strengthened,anticipating substantial growth in the consumption of related sectors.Plus,daily

54、 consumption will remain a key driver of leasing demand,and experience-based consumption is poised for continuous growth.We expect the new supply to exceed 0.7 million sqm in the next 12 months.As retailers are currently adopting a cautious expansion strategy,the citywide vacancy rate is forecast to

55、 rise,while rents may decline correspondingly.Veronica Xu|FundamentalsYTD net absorption-35,100 s.m.YTD completions0 s.m.Vacancy rate2.8%Net rent RMB 1,028 p.s.m.p.m.Rent growth Y-o-Y-5.7%Stage in rental cycleDecline SlowingHistorical supply and demand trendsNote:Financial indicators are for Urban w

56、hile physical indicators are for the prime shopping mall market.Data is on a GFA basis.0%1%2%3%4%5%-20002004006008001,00020202021202220232024YTD 2025s.m.(thousands)Net absorptionNew supplyVacancy rateTokyo Jones Lang Lasalle IP,Inc.2025Demand for new openings slows as luxury conglomerates almost com

57、plete expansion strategies.Construction begins on retail buildings due in 2027-2028,including Hulic Aoyama Building redevelopment is due in 2028.Rents and capital value increases continue to slow down;future capital values expected to align with rent increases.ResearchTokyoRetail|Q1 2025Total employ

58、ee income gradually recovered,while consumer confidence remained mostly stable.The number of inbound tourists has continued to hit monthly record highs.Amid these circumstances,retail sales totalled JPY 12.7 trillion in January,increasing 4.4%y-o-y.Demand for new store openings slowed in Q1 2025,as

59、major luxury conglomerates are almost completed with their expansion strategies.Notable new openings included Brionis at Kirarito Ginza in February.Tiffany will open a new store alongside Ginza Chuo-dori in July.No new supply entered the market in Q1 2025.Construction on the Hulic Aoyama Building re

60、development(tentative name)at the corner of the Omotesando and Aoyama Dori intersection is expected to start in April.The nine-storey building with a GFA of 9,700 sqm is due to be completed in 2028.Rents averaged JPY 99,660 per tsubo,per month in Q1 2025,increasing 1.0%q-o-q and 8.9%y-o-y.This marke

61、d the 12th consecutive quarter of increases,but the pace of increase slowed for the fourth consecutive quarter.Capital values increased by 1.4%q-o-q and 10.8%y-o-y in Q1.Notable transactions in the quarter included Gaw Capitals and Patience Capital Groups joint acquisition of 91%and 9%,respectively,

62、of Tokyu Plaza Ginza from Sumitomo Mitsui Trust Panasonic Finance.OutlookIn the Oxford Economics March forecasts,the 0.9%increase in private consumption in 2025 was a downward revision.Risks include trends in consumer confidence.In the leasing market,rents are anticipated to continue increasing,albe

63、it at a slower pace due to easing demand.In the investment market,capital values are expected to grow in tandem with rent growth as cap rates are projected to remain stable.Takeshi Akagi|FundamentalsGross rentJPY 99,660 per tsubo p.m.Rent growth Y-o-Y8.9%Stage in rental cycleGrowth SlowingRetail sal

64、esNote:Financial indicators are for the prime retail markets of Ginza and Omotesando.Data is on an NLA basis.Retail sales growth figures are for Tokyo Prefecture.-20%-15%-10%-5%0%5%10%15%201920202021202220232024(y-o-y)Retail sales growthSeoul Jones Lang Lasalle IP,Inc.2025Domestic economic downturn

65、prolongs.The overall shopping mall vacancy rate increases due to a newly completed property.Retail investment sentiment hardly shows signs of improvement.ResearchSeoulRetail|Q1 2025The CSI failed to recover its benchmark of 100,noting 91.2 in January,95.2 in February and 93.4 in March.Retail sales s

66、tayed flat in January and fell to-2.3%in February y-o-y.Same-store department sales marked 14.1%in January but dipped by-0.2%in February.As of February,monthly overseas tourists were 1,138,408,up 1.9%m-o-m.The number of Chinese travellers,on the other hand,decreased by 6.5%m-o-m,to 340,860.The globa

67、l economic downturn and a decrease in Chinese group tourists have dampened the travel industry.One Grove in Magok,with a NLA of approximately 39,000 sqm,was completed in the quarter.No new prime shopping malls are expected to come on stream for the next few years,at least.SM vacancy rate rose to 5.0

68、%,up 408 bps q-o-q,mainly due to the new One Grove in Magok,with over half its space still vacant.HS vacancy rate increased 36 bps to 16.4%,with rises in Myeongdong and Gangnam due to the departures of Supra and Chicor,respectively.Shopping Mall(SM)rents fell by 2.3%q-o-q as One Grove,in Magok with

69、relatively lower rent,was added to the stock.High Street rents increased slightly by 0.2%q-o-q.Among High Streets(HS),only Garosu-gil saw a rent drop due to high vacancy and a lack of footfall.The most notable transaction was One Grove(CP4),a mixed-use property,where IGIS Asset Management acquired t

70、he retail portion for circa KRW 537 billion,with NPS.OutlookThe subpar performance of some major hypermarkets and sales withdrawals could affect the performance of related funds and REITs.Disposition will be challenging without clear redevelopment potential,likely deterring investors from retail ass

71、ets in the short-term.To attract foreign tourists,big-box retailers are expected to expand in Myeongdong via flagship stores and targeted promotions.Major operators,such as Lotte and Shinsegae,are also renovating their Myeongdong stores,boosting expectations for the area.Veronica Shim|FundamentalsYT

72、D net absorption-100 pyeongYTD completions0 pyeongVacancy rate16.4%Net rent KRW 1,767,088 per pyeong p.m.Rent growth Y-o-Y4.6%Stage in rental cycleRents RisingHistorical supply and demand trendsNote:Financial indicators are for Myeongdong while physical indicators are for the prime retail market.Dat

73、a is on an NLA basis.-50%-40%-30%-20%-10%0%10%20%30%-25-20-15-10-505101520202021202220232024YTD 2025pyeong(hundreds)Net absorptionNew supplyVacancy rateSingapore Jones Lang Lasalle IP,Inc.2025Firm occupier demand in the broader retail market in Q1 2025 despite pockets of weakness.Islandwide vacancy

74、rate rises in Q1 2025 after three straight quarters of decline.Rents and capital value growth extend in Q1 2025.ResearchSingaporeRetail|Q1 2025Consumption leakage arising from outbound travel and cautious consumer spending due to inflationary pressure continued to weigh on retail sales performance.T

75、he tourism market continues to recover.The consolidation of weak-performing stores and the departure of retail brands from Singapore across selected malls led to a decline in space demand in Q1 2025.Despite pockets of softness,occupier demand in the broader retail market remained firm.Pockets of wea

76、kness in occupier demand led to a rise in the islandwide vacancy rate in Q1 2025,despite a lack of new supply.Notwithstanding,the islandwide vacancy rate remained low in Q1 2025.The continuous tourism growth,the buoyant MICE activities,the healthy workforce footfall and sustained domestic consumptio

77、n underpinned occupier demand for retail space in the broader market.The low vacancy rates and landlords proactive asset management continued to drive retail rent growth q-o-q across the three submarkets in Q1 2025,marking the 14th consecutive quarter of collective increase.Capital values across the

78、 three submarkets grew q-o-q in Q1 2025,mirroring rent growth and rising for the fifth straight quarter,as yields remained stable supporting investors seeking a yield spread over funding costs amid elevated interest rates.OutlookBarring any deterioration in economic conditions due to the global tari

79、ff war,sustained domestic consumption,tourism growth and Singapores draw as a business hub for regional growth should spur retail expansion in Singapore and,in turn,keep vacancy rates low amid moderated supply,while supporting rent growth.Rent growth will drive capital value growth with yields expec

80、ted to hold stable supporting investors seeking a yield spread over funding costs in an elevated interest rate environment.Angelia Phua|FundamentalsYTD net absorption-0.06 mil s.f.YTD completions0 mil s.f.Vacancy rate1.5%Gross rent SGD 37.6 p.s.f.p.m.Rent growth Y-o-Y1.4%Stage in rental cycleGrowth

81、SlowingHistorical supply and demand trendsNote:Financial indicators are for the Prime market while physical indicators are for the overall retail market.Data is on an NLA basis.-6%-4%-2%0%2%4%6%-10120202021202220232024YTD 2025s.f.(millions)Net absorptionNew supplyVacancy rateBangkok Jones Lang Lasal

82、le IP,Inc.2025Short-term dip follows the resumption of tenant reshuffling.Vacancy rate rises to a three-year high as new large-scale openings struggle.Modest rental increases limit capital value growth.ResearchBangkokRetail|Q1 2025Bangkoks prime retail sector experienced a slowdown in leasing activi

83、ties,recording a negative net absorption of approximately 20,000 sqm.This fluctuation was a result of strategic tenant reshuffling and renovation activities,rather than a market downturn.Demand from international brands remained robust,with approximately 100 deals recorded in Q1 2025.Luxury brands c

84、ontinued to expand in tourist-centric malls,while mass-market fashion,F&B and household tenants maintained strong growth across the market.The prime retail vacancy rate increased by 51 bps q-o-q to 5.2%.This uptick stemmed from resumed tenant reshuffling and the markets ongoing absorption of new sup

85、ply from large-scale projects opened at the end of 2024.No new supply was recorded in Q1 2025.The market remained dynamic,particularly in decentralised areas,with significant ongoing renovations and a pipeline of large-scale projects,more than half of which were expected to be completed by the end o

86、f 2026.The market recorded a minimal increase in gross rents of 1.4%q-o-q.This deceleration,compared to the high growth of the past two years,was driven by subsiding post-pandemic recovery tailwinds and the absence of new project completions.With minimal supply movement,demand fluctuations and modes

87、t rental growth,capital values saw only a marginal increase,while market yields remained stable during the quarter.OutlookHigh competition in Bangkoks retail market is expected to continue,with supply pressure from the introduction of new and refurbished centres across all segments likely to drive i

88、nnovative retail concepts as developers strive to differentiate their offerings.The market is set to face another challenge from a disrupted tourism recovery due to security concerns and earthquake effects.As Thailands economy and retail sector are heavily reliant on tourism,this could impact the ne

89、ar-term growth across the prime retail market.Anawin Chiamprasert|FundamentalsYTD net absorption-20,100 s.m.YTD completions0 s.m.Vacancy rate5.2%Gross rent THB 2,569 p.s.m.p.m.Rent growth Y-o-Y8.4%Stage in rental cycleGrowth SlowingHistorical supply and demand trendsNote:Financial and physical indic

90、ators are for the prime retail market.Data is on an NLA basis.-2%0%2%4%6%-5005010015020025030020202021202220232024YTD 2025s.m.(thousands)Net absorptionNew supplyVacancy rateJakarta Jones Lang Lasalle IP,Inc.2025Consistent healthy demand keeps vacancy rates in single digits.The quarter saw no additio

91、ns to the shopping mall inventory.Rents continue their upward trajectory.ResearchJakartaRetail|Q1 2025The Jakarta prime shopping mall market showed steady demand.This was especially fuelled by the food and beverage(F&B)and fashion sectors,with some international companies gradually expanding or ente

92、ring this market.Beauty-related tenants have made a substantial contribution to the market as well.No new prime shopping centres have entered the market recently,and this situation may continue for the remainder of the year.In the absence of new prime retail developments,the vacancy rate has remaine

93、d relatively consistent at around 4%.Given the limited supply in prime malls,operators are adapting to high interest by offering temporary spaces within their facilities.Rents experienced a slight uptick in the first quarter,showing an increase of about 0.86%q-o-q.This growth was noticeable in prope

94、rties categorised as upper-middle grade and above.There were no reported retail transactions in Jakarta in the quarter.However,the retail sector may still be of interest to some investors,especially those who perform well in the market.OutlookAs no new prime shopping centres are expected to enter th

95、e market in the coming year,the competition for space in existing prime malls is likely to remain intense.This ongoing demand may contribute to a further decline in vacancy rates.Single-digit rent improvements are expected to be influenced by the decreasing vacancy rates supported by healthy demand

96、and macroeconomic conditions.Vania Andini|FundamentalsYTD net absorption2,400 s.m.YTD completions0 s.m.Vacancy rate4.1%Net effective rent IDR 7,232,410 p.s.m.p.a.Rent growth Y-o-Y3.2%Stage in rental cycleRents RisingHistorical supply and demand trendsNote:Financial and physical indicators are for th

97、e prime retail market.Data is on an NLA basis.-2%0%2%4%6%8%10%-2002040608010020202021202220232024YTD 2025s.m.(thousands)Net absorptionNew supplyVacancy rateKuala Lumpur Jones Lang Lasalle IP,Inc.2025Strong demand from F&B and fashion brands continue.Expansion at Alamanda Shopping Centre leads the wa

98、y.One notable investment deal records in the quarter.ResearchKuala LumpurRetail|Q1 2025F&B remained the primary driver of leasing demand,with international brands making their Malaysian debut,such as Japans conveyor belt sushi chain Sushiro,South Koreas Super Matcha and Chinese coffee chain Luckin C

99、offee.The fashion sub-sector has shown overall positive demand as fashion retailers expanded their footprint.Chinese brand JNBY and Japanese brand KaraKu marked their first entry in Malaysia.Another Chinese brand,Semir,also opened a new store during the quarter.No new supply was completed,but Alaman

100、da Shopping Centres expansion in Putrajaya led supply growth,adding 199,000 sq ft of NLA.The project introduced 29 new stores with diverse tenants,including a 151,548 sq ft outdoor adventure park.Vacancy rates dropped to 10.4%in the City Centre and 17.6%in the Suburban submarkets.Widespread store op

101、enings in malls and tenant uptake in recently completed neighbourhood malls boosted overall retail occupancy across both submarkets.Asian Pac Holdings acquired Jaya Shopping Centre in Petaling Jaya for MYR 100 million.The seven-storey mall,with 78%occupancy,expanded Asian Pacs retail portfolio,compl

102、ementing its Imago Mall in Kota Kinabalu and marking its entry into the Petaling Jaya market.Rents edged up slightly in both submarkets due to an improvement in leasing activity and demand.Landlords of successful malls are becoming more selective with tenant selection post-pandemic,which drives upwa

103、rd pressure on rents for prime retail spaces.OutlookCity Centre vacancy is projected to increase with two new malls adding 1.16 million sq ft in 2025.Suburban areas expect 0.6 million sq ft of new mall space by year end.Rents are anticipated to grow slowly,driven by expansion in only certain retail

104、categories.Steady household spending,a positive labour market and Malaysias business appeal should spur retail expansion.The upcoming Visit Malaysia Year 2026 and visa-free entry for Chinese visitors are expected to boost foreign tourist numbers,benefitting retail businesses.Yulia Nikulicheva|Fundam

105、entalsYTD net absorption21,900 s.f.YTD completions0 s.f.Vacancy rate10.4%Gross rent MYR 34.1 p.s.f.p.m.Rent growth Y-o-Y0.8%Stage in rental cycleGrowth SlowingHistorical supply and demand trendsNote:Financial and physical indicators are for the City Centre prime retail market.Data is on an NLA basis

106、.-10%-5%0%5%10%15%20%-101220202021202220232024YTD 2025s.f.(millions)Net absorptionNew supplyVacancy rateManila Jones Lang Lasalle IP,Inc.2025Post-holiday closures lead to negative absorption in Q1 2025.Vacancy edged up slightly as market awaits new supply.Retail indicators show stability amid season

107、al market fluctuations.ResearchManilaRetail|Q1 2025Net absorption turned negative in Q1,settling at-4,200 sqm due to post-holiday store closures and slower move-ins.However,new openings persisted in key cities such as Pasay,Makati,Taguig and Quezon City,partially offsetting the closures.The Food&Bev

108、erage(F&B)sector remained a primary driver of new store openings.The continued expansion of F&B outlets in malls near CBDs contributed to stabilising occupancy levels despite the overall negative absorption.The retail supply remained unchanged in Q1 2025,with no new shopping malls opening their door

109、s.Moving forward,the market anticipates a significant influx of approximately 160,000 sqm of new retail space slated for completion in the coming quarters.Vacancy rates rose slightly in Q1 2025,reaching 7.2%,up by 6.9 bps q-o-q.The increase can be linked to the slower pace of new openings.However,th

110、e steady influx of tenants in retail malls near business districts helped stabilise demand in the market.Retail rents averaged PHP 1,751 per sqm,per month.To retain demand and entice renters,operators kept their rates unchanged.Retail sector investment remained stable,with capital values steady at P

111、HP 238,674 per sqm.The central banks decision to keep interest rates at 5.75%in February fostered a good investment climate,potentially boosting real estate deals in upcoming quarters.OutlookThe retail sector may face pressure from a lean season and upcoming supply.However,planned store openings sig

112、nal market resilience.Continued leasing activity may stabilise vacancy rates despite the expected notable increase in retail space in the coming quarters.Rents are expected to remain stable as operators aim to stimulate demand.Some malls are in renovations to boost consumer experience.The upgrades m

113、ay lead to higher rents in the medium-term,as improved facilities may increase the perceived value of leasable space.Janlo de los Reyes|FundamentalsYTD net absorption-4,200 s.m.YTD completions0 s.m.Vacancy rate7.2%Net effective rent PHP 1,751 p.s.m.p.m.Rent growth Y-o-Y2.6%Stage in rental cycleGrowt

114、h SlowingHistorical supply and demand trendsNote:Financial and physical indicators are for the prime retail market in metro Manila.Data is on an NLA basis.-2%0%2%4%6%8%10%-100010020030040050020202021202220232024YTD 2025s.m.(thousands)Net absorptionNew supplyVacancy rateHanoi Jones Lang Lasalle IP,In

115、c.2025Arrival of new foreign retailers,especially in the City Fringe.No prime mall completions in Q1 2025.The market shows resilience with stable rent increases.ResearchHanoiRetail|Q1 2025The Hanoi market recorded net absorption of-5,200 sqm in Q1 2025,with City Fringe accounting for-4,900 sqm.These

116、 figures mainly resulted from store closures in Vincom Nguyen Chi Thanh,which is slated for conversion to office space in the coming quarters.The retail landscape saw the arrival and expansion of new foreign tenants,notably Singaporean and Malaysian retailers such as OH!SOME and Mr.DIY,occupying siz

117、able spaces of 500-1,000 sqm,especially in the City Fringe.With no prime mall completions in Q1,City Centre and City Fringe supply stood at around 55,000 sqm and 616,300 sqm,respectively.The vacancy rate in City Centre increased slightly by 59 bps q-o-q to 4%due to the departure of some underperform

118、ing brands.Meanwhile,the City Fringe experienced a more significant rise in its vacancy rate,rising by 79 bps q-o-q to 8.4%.This increase was largely attributable to the aforementioned transition of Vincom Nguyen Chi Thanh.Hanois City Centre and City Fringe continued to record net effective rent upt

119、icks in Q1,reaching USD 67.3 per sqm,per month,and USD 34.9 per sqm,per month,respectively.On a yearly basis,the average rents grew by 3.2%in City Centre and 3.5%in City Fringe.City Fringe has benefitted from the decentralisation trend,yet competition from high-quality malls like Lotte Mall West Lak

120、e and upcoming projects in 2026-27,such as Takashimaya,Thiso Mall West Lake and CJ Shopping Centre,tempered rent hikes in this area.OutlookIn 2025,the City Centre is expected to welcome Hanoi Centre,a 50,000 sqm shopping mall within the Tien Bo Plaza mixed-use project.Meanwhile,the City Fringe will

121、witness the construction of Takashimaya in the West Lake area,contributing 20,000 sqm by end-2026.Rents across submarkets are forecast to continue to increase in the next 12 months.However,as supply grows,landlords are expected to offer more enticing leasing deals to attract tenants and maintain occ

122、upancy in the competitive market.Trang Le|FundamentalsYTD net absorption-300 s.m.YTD completions0 s.m.Vacancy rate4.0%Net effective rent USD 67.3 p.s.m.p.m.Rent growth Y-o-Y3.1%Stage in rental cycleRents RisingHistorical supply and demand trendsNote:Financial and physical indicators are for the City

123、 Centre prime retail market.Data is on an NLA basis.-15%-10%-5%0%5%10%15%-6-4-2024620202021202220232024YTD 2025s.m.(thousands)Net absorptionNew supplyVacancy rateHo Chi Minh City Jones Lang Lasalle IP,Inc.2025Lifestyle and home-living brands expand,especially in the City Fringe.Vacancy rates strengt

124、hen across City Centre and City Fringe.Rents saw a slight increase market-wide.ResearchHo Chi Minh CityRetail|Q1 2025City Centre and City Fringe witnessed positive net absorption in Q1,totalling 750 sqm.City Centre continued to attract foreign brands,with OH!SOME,a new Singaporean one-stop retailer,

125、leasing around 1,000 sqm space in Vincom Dong Khoi.City Fringe saw lifestyle retail growth,evidenced by new stores by Uniqlo at Vincom Mega Mall Thao Dien and Muji at Aeon Tan Phu.Large-format furniture and home appliance retailers also expanded,exemplified by Nitoris second store launch in the city

126、.The quarter saw no prime mall openings.The City Centres vacancy dropped 0.2 ppts q-o-q and 1.0 ppts y-o-y to 2.6%,mainly thanks to new leases from wellness brands occupying the standing three-quarter vacancies in Saigon Centre.City Fringe vacancy fell to 3.5%in Q1,down 0.1 ppts q-o-q and 1.5 ppts y

127、-o-y.Besides F&B tenants,this notable improvement in vacancy was largely driven by the expansion of lifestyle and fashion retailers like Uniqlo and Muji over the year.The City Centre retail market continued to thrive,benefiting from limited new supply.In Q1 2025,prime malls in this area witnessed th

128、eir average net effective rents rise slightly to USD 84.8 per sqm,per month,up by 0.6%q-o-q and 2.1%y-o-y.The City Fringe saw net effective rent inch up by 0.4%on both a quarterly and yearly basis,to USD 35.6 per sqm,per month.This steadiness was largely due to the launch of Parc Mall in District 8

129、in Q3 2024,which offered competitive rates to attracttenants.OutlookIn 2025,Marina Central Tower,a prime retail space in City Centres Grand Marina project,is anticipated to be finished,adding around 13,000 sqm.Demand from the F&B,lifestyle and home living sectors are forecast to grow,driving market

130、expansion and diversification.The market will continue its growth trajectory with the average net effective rent in both submarkets rising by 2-3%per year.However,the supply expansion in the City Fringe over the past year is likely to put pressure on rent growth in this area in the short-term.Trang

131、Le|FundamentalsYTD net absorption100 s.m.YTD completions0 s.m.Vacancy rate2.6%Net effective rent USD 84.8 p.s.m.p.m.Rent growth Y-o-Y2.1%Stage in rental cycleRents RisingHistorical supply and demand trendsNote:Financial and physical indicators are for the City Centre prime retail market.Data is on a

132、n NLA basis.-8%-4%0%4%8%12%-10-505101520202021202220232024YTD 2025s.m.(thousands)Net absorptionNew supplyVacancy rateDelhi Jones Lang Lasalle IP,Inc.2025Delhi NCR sees strong retail leasing activity during Q1 2025.New supply of 0.3 million sq ft is recorded in Q1 2025.Overall retail rents increase m

133、arginally by 0.03%q-o-q.ResearchDelhiRetail|Q1 2025Gross leasing of 0.34 million sq ft and net absorption of 0.24 million sq ft were recorded during the quarter.In Q1 2025,the suburbs dominated leasing activity with a 73%share.Five new international retailers leased spaces in Delhi NCR to open their

134、 first stores in the country.These retailers were primarily automobile manufacturers and European coffee giants.In the suburbs,a new mall in Faridabad became operational during the quarter.The mall had a gross leasable area of 300,000 sq ft.Prominent domestic fashion and apparel anchors,along with c

135、onsumer durable retailers,leased space in the newly completed mall.With the addition of a new mall during the quarter,Delhi NCRs overall retail stock at the end of Q1 2025 reached 26.1 million sq ft.On a quarterly basis,rents were up by 0.13%in the Prime South submarket and up by 3.4%in the Prime Ot

136、hers submarket.With rents coming down in poorly managed malls in the suburbs,overall rents in this submarket declined by 2%q-o-q.On an annual basis,overall retail rents were up by 9%,and capital values were up by 10%.Outlook3.1 million sq ft of Grade A retail supply is expected to become operational

137、 between April and December 2025.The majority(74%)of this upcoming supply is in the suburbs,with most of it already heavily pre-committed.Retail leasing activity is expected to remain healthy,with new brands entering the country,international and domestic retailers expanding their footprint and the

138、availability of new quality retail spaces.Retail rents are likely to rise significantly.Samantak Das|FundamentalsYTD net absorption237,700 s.f.YTD completions300,000 s.f.Vacancy rate11.4%Gross rent INR 344 p.s.f.p.m.Rent growth Y-o-Y13.3%Stage in rental cycleRents RisingHistorical supply and demand

139、trendsNote:Financial indicators reflect overall market dynamics,while physical indicators are for the overall prime retail market.Data is on a GFA basis.0%5%10%15%20%01220202021202220232024YTD 2025s.f.(millions)Net absorptionNew supplyVacancy rateMumbai Jones Lang Lasalle IP,Inc.2025Demand increases

140、 significantly with three mall completions in Q1 2025.Three new mall completions in Q1 2025.Overall rents increase moderately.ResearchMumbaiRetail|Q1 2025Demand in the Mumbai retail market witnessed a significant increase q-o-q since there were three mall completions in Q1 2025.Net absorption stood

141、at 0.3 million sq ft,with major leases recorded in the Suburbs submarket.Most of the leasing activity was recorded in the Suburbs and Prime South submarkets.Some popular brands,like Decathlon,Cinepolis,Timezone,Play N Learn,Lifestyle and Enamor,took up space across quality malls in the city during t

142、he quarter.Three new mall completions were recorded in Q1 2025:Sky City Mall and Aurum Square Mall in Suburbs and The Rise I in Prime South submarket.Around 1.35 million sq ft of supply became operational in the quarter.Supply of around 1.4 million sq ft is scheduled to come on stream in the next fo

143、ur to five years.Rents rose moderately,driven by demand for prime malls with high occupancy and foot traffic,as well as new completions.This led to landlords taking firmer stances in negotiations.Quality retail spaces continued to command premium rates in the market.Rents and capital values rose in

144、all submarkets q-o-q,particularly in the Suburbs and Prime North,driven by the closure of an average-category mall and the strong performance of other premium malls.Yields decreased slightly as capital values outpaced rent growth.OutlookThe future of the retail market looks more optimistic as we see

145、 premium malls continuing to expand their offerings with the introduction of several new local and global brands and categories to enhance the customer experience.The retail sector is expected to see more traction across all submarkets due to upbeat market sentiment.Around 1.40 million sq ft of supp

146、ly is expected to become operational between 2026 and 2029,adding more premium stock.Samantak Das|FundamentalsYTD net absorption281,300 s.f.YTD completions1,350,000 s.f.Vacancy rate13.1%Gross rent INR 291 p.s.f.p.m.Rent growth Y-o-Y3.7%Stage in rental cycleRents RisingHistorical supply and demand tr

147、endsNote:Financial indicators are for Prime South,while physical indicators are for the overall prime retail market.Data is on a GFA basis.0%2%4%6%8%10%12%14%02004006008001,0001,2001,4001,60020202021202220232024YTD 2025s.f.(thousands)Net absorptionNew supplyVacancy rateBengaluru Jones Lang Lasalle I

148、P,Inc.2025Bengalurus retail landscape remains vibrant,with retailers expanding to recently completed malls.No new mall completions in Q1 2025.Rents and capital values see marginal q-o-q increases.ResearchBengaluruRetail|Q1 2025Bengalurus retail market remains active with retailers looking to expand

149、across new premium retail developments as well as key high streets.The opening of new stores continues to draw footfall,fuelling the citys retail real estate market growth.F&B retailers dominated leasing activity both in malls and high streets in Q1,followed by fashion,apparel and entertainment segm

150、ents.Key retailers that were active during the quarter include URU Brewpark,ICB Indian Craft Brewery,Uniqlo,Westside and Torq.One mall in the secondary submarket was downgraded largely due to brand exits.This resulted in a drop in the citys mall inventory,which now stands at 14.5 million sq ft.Briga

151、de Cornerstone Utopia Mall is slated for completion in the Suburbs submarket in 2025.With one mall being withdrawn during the quarter,city-level rents and capital values saw a 0.5%growth q-o-q.Otherwise,financial indicators were largely unchanged q-o-q.The citys retail mall vacancy stands below 10%a

152、t end-Q1 2025,leading to an anticipated appreciation in rents and capital values in the near-term,driven by premium malls where retailers continue to evince interest backed by increased foot traffic.OutlookBengalurus robust economic growth is expected to continue,aided by a strong IT and start-up ec

153、osystem that will continue to fuel retailer expansion and store count additions.Several new malls in various stages of development or planning,indicate confidence in the sectors future.Retail development is spreading to suburban areas,following the citys expanding residential footprint and improved

154、connectivity.Samantak Das|FundamentalsYTD net absorption251,900 s.f.YTD completions0 s.f.Vacancy rate9.8%Gross rent INR 197 p.s.f.p.m.Rent growth Y-o-Y0.7%Stage in rental cycleRents RisingHistorical supply and demand trendsNote:Financial indicators are for Prime City,while physical indicators are fo

155、r the overall prime retail market.Data is on a GFA basis.0%5%10%15%20%01220202021202220232024YTD 2025s.f.(millions)Net absorptionNew supplyVacancy rateChennai Jones Lang Lasalle IP,Inc.2025Steady retail demand with high streets gaining more traction among retailers.No new supply in the quarter.Rents

156、 remained mostly stable across all premium assets.ResearchChennaiRetail|Q1 2025In Q1 2025,the net absorption in malls was limited to 0.05 million sq ft.The Suburbs submarket accounted for most of the leasing activity at approximately 86%.Jewellery and fashion and apparel brands were the most active

157、in leasing through the quarter.Retailer interest heavily favoured high streets this quarter,accounting for 66%of total retailer activity.This trend underscores an increasing attraction to these areas,likely due to their prime locations that enable convenient accessibility for shoppers.No new malls w

158、ere added in the quarter,and the overall retail stock remained steady at approximately 7.1 million sq ft.Citywide mall vacancy decreased by 80 bps q-o-q,reflecting continued strong demand in the retail market.Rents in existing malls were largely stable,with minor changes observed across existing Gra

159、de A malls.While premium malls were steady in terms of rents,prominent high streets saw rents rise,driven by increased traction in these retail hubs.Capital values remained stable as well.OutlookBy end-2025,0.25 million sq ft of new retail space is anticipated,with projected net absorption of 0.36 m

160、illion sq ft.The 2025-2029 period forecasts 5.2 million sq ft of mall supply.Key developments include Lulu Mall and Forum Mall in OMR.Existing malls are expected to see rent increases.However,citywide average rents will likely be driven by the fact that most new developments are in the suburbs,where

161、 incoming rents for new completions are likely to be lower compared to central clusters.Samantak Das|FundamentalsYTD net absorption56,500 s.f.YTD completions0 s.f.Vacancy rate10.7%Gross rent INR 101 p.s.f.p.m.Rent growth Y-o-Y2.6%Stage in rental cycleRents RisingHistorical supply and demand trendsNo

162、te:Financial indicators are for Prime City,while physical indicators are for the overall prime retail market.Data is on a GFA basis.-4%0%4%8%12%16%-200-100010020030040050060070020202021202220232024YTD 2025s.f.(thousands)Net absorptionNew supplyVacancy rateSydney Jones Lang Lasalle IP,Inc.2025Retail

163、turnover growth continues to gradually recover,despite a challenging retailer landscape.The cost of construction remains elevated nationally.Strong investment momentum supports some yield compression.ResearchSydneyRetail|Q1 2025Year-on-year retail turnover growth in NSW was 2.2%as of March 2025,belo

164、w the national average of 3.1%.Fashion retailers Ally Fashion and Jeanswest have gone into voluntary administration,impacting 141 stores nationally.This is on top of Mosaic Brands going into receivership in late 2024,which will result in over 700 store closures.No new retail space was added to the s

165、tock in the quarter.We are currently tracking 159,500 sqm of retail stock under construction across Sydney,which is scheduled to complete between 2025 and 2027.The low supply trend continues nationally,with several developers delaying development plans as a result of elevated construction costs,whic

166、h is impacting their feasibility.Quarterly transactions totalled AUD 122.5,with the sale of Lake Macquarie Square accounting for all of this volume.LFR rents recorded the most significant year-on-year increase(3.9%).OutlookWe are projecting further yield compression over the near-term across a numbe

167、r of sub-sectors.The cash rate futures market is currently pricing in further cash rate cuts in Q2 2025,with the potential for more substantial cuts to be made under the uncertainty of US imposed tariffs.James Hayward|FundamentalsYTD completions0 s.m.Vacancy rate1.8%Gross rentAUD 1,739 p.s.m.p.a.Ren

168、t growth Y-o-Y 1.3%Stage in rental cycleRents StableHistorical supply and vacancy trendsNote:Financial and physical indicators are for regional shopping centres.Data is on a GLA basis.0%1%2%3%4%5%6%7%02040608010012014020202021202220232024s.m.(thousands)New supplyVacancy rateMelbourne Jones Lang Lasa

169、lle IP,Inc.2025Rents remain stable across all sub-sectors in Q1 2025.One completion record,totalling 4,300 sqm,81%below the ten-year historical average.Sub-regional yields tightens by 25 bps.ResearchMelbourneRetail|Q1 2025Victorias year-on-year retail trade growth in March was recorded at 3.3%,above

170、 the national average of 3.1%.Retailer demand increased in Q1 for food and beverage outlets,but fashion and general retail demand continue to decrease.Although overall demand remains stable,retailers are still risk averse and focusing on securing favorable rents in optimal locations.Melbourne saw on

171、e completion in Q1 2025 totalling 4,300 sqm as the result of one new neighbourhood centre in the citys north-west.Quarterly completions fell below the ten-year historical average of 22,800 sqm by 81%,having only fallen below by 1%in Q4 2024.As of Q1 2025 there is currently 77,900 sqm under construct

172、ion in Victoria with 42,300 sqm forecast to be completed by end-2025,of which 41%is in Neighbourhood projects.Subregional yields tightened by 25 bps to 6.25%.All other sub-sector mid-point yields remain stable in Victoria.As a result of this tightening,LFR is the highest-yielding sub-sector at 6.38%

173、and the Neighbourhood remains the lowest-yielding sub-sector at 5.75%.Quarterly transactions totalled AUD 531.6 million across seven transactions,14%higher than Q4 2024.OutlookRegional,Neighbourhood and LFR yields are all forecast to tighten slightly by 12.5 bps over the next 12 months.Sub-regional

174、and CBD subsectors are expected to remain stable.Food and non-discretionary-related spending are expected to continue to drive increased retail turnover and retailer demand.Katherine Lutze|FundamentalsYTD completions0 s.m.Vacancy rate1.6%Gross rentAUD 1,528 p.s.m.p.a.Rent growth Y-o-Y 1.4%Stage in r

175、ental cycleRents RisingHistorical supply and vacancy trendsNote:Financial and physical indicators are for regional shopping centres.Data is on a GLA basis.0%1%2%3%4%5%024681012141620202021202220232024s.m.(thousands)New supplyVacancy rateSE Queensland Jones Lang Lasalle IP,Inc.2025Retailer demand rem

176、ains steady in Q1 2025.New supply in South-East Queensland remains below historic levels.Retail yield compression recorded in some sub-sectors.ResearchSE QueenslandRetail|Q1 2025Retail trade in Queensland has decreased-0.4%month-on-month in February 2025 but remained positive at 3.6%on an annual bas

177、is.Retailer demand was sustained by restaurant operators,and health and wellness tenants both in the CBD and neighbouring precincts of inner Brisbane.Pallara Common Shopping Centre has opened on Brisbanes southside.The 8,800 sqm neighbourhood centre marks the only retail completion for Q1 2025.A tot

178、al of 32,000 sqm is currently under construction in South-East Queensland.A majority of new retail will be in the neighbourhood sub-sector,followed by large format retail.In Q1 2025,the rental market in South-East Queensland had modest growth across all retail sub-sectors.While no major rental growt

179、h has been recorded this year,rents increased notably during 2024 and have now stabilised.Retail yields have tightened for regional,sub-regional and neighbourhood sub-sectors.There is growing interest from investors towards retail,and particularly Sub-regional centres,where the upper and lower yield

180、 compressed 50 bps to reach a spread of 5.75%-7.25%.OutlookRetail yields could continue to tighten,given investor appetite for retail remains strong.A decrease in the cash rate could further increase transaction volumes.Construction activity in South-East Queensland is likely to remain below long-te

181、rm averages,over the near term.Retailer expansion and pre-commitment could promote more development activity in the next year.Ted Breene|FundamentalsYTD completions0 s.m.Vacancy rate1.3%Gross rentAUD 1,527 p.s.m.p.a.Rent growth Y-o-Y 2.7%Stage in rental cycleRents RisingHistorical supply and vacancy

182、 trendsNote:Financial and physical indicators are for regional shopping centres.Data is on a GLA basis.0%1%2%3%4%5%6%00000020202021202220232024s.m.(thousands)New supplyVacancy ratePerth Jones Lang Lasalle IP,Inc.2025Continued growth in WA retail turnover.No major developments completed over the quar

183、ter.Significant uptick in investment volumes over the quarter.ResearchPerthRetail|Q1 2025WA retail trade growth reached 4.5%year-on-year in March 2025,up from 3.6%recorded in the three months prior.Spending in the other retail category,which include recreational goods retailing,recorded the stronges

184、t growth(6.5%year-on-year).Despite continued slow general enquiry levels,new food and beverage operators have opened in the Perth CBD.Service retailers are also expanding,particularly securing space in sub-regional centres.No major developments completed over Q1 2025.Over the past 12 months,completi

185、ons totalled 20,600 sqm;significantly below the 10-year annual average of 60,300 sqm.There are currently seven major developments under construction,forecast to add 51,100 sqm by Q4 2026.In addition to projects already under construction,there are 15 projects with plans approved totalling 265,900 sq

186、m.Marginal growth in average rents was recorded across all sub-sectors during Q1 2025.Despite only marginal increases to gross rents,an upward trend in rental growth has been evident across most sub-sectors over the last three and a half years.Investment volumes increased significantly,with seven ma

187、jor transactions recorded over Q1 2025 totalling AUD 635.0 million.The half stake of Cockburn Gateway Shopping Centre and Belmont Forum represents the largest retail portfolio capital partnering deal since 2018.OutlookProvided retail spending in WA remains positive over the medium term,rents across

188、all sub-sectors are forecast to increase by an annual average of 2.0%to 2.7%from 2025 to 2030,with strongest growth anticipated in regional and neighbourhood sub-sectors.As further potential interest rate cuts are delivered over the course of the year,strong investment fundamentals and activity are

189、expected to be sustained in the Perth retail market.Helen Ye|FundamentalsYTD completions0 s.m.Vacancy rate1.8%Gross rentAUD 1,788 p.s.m.p.a.Rent growth Y-o-Y 0.4%Stage in rental cycleRents StableHistorical supply and vacancy trendsNote:Financial and physical indicators are for regional shopping cent

190、res.Data is on a GLA basis.0%1%2%3%4%5%010203040506020202021202220232024s.m.(thousands)New supplyVacancy rateAdelaide Jones Lang Lasalle IP,Inc.2025Lease enquiry levels increased over the quarter.No major completions in the Adelaide market.Continued slow rental growth over the quarter.ResearchAdelai

191、deRetail|Q1 2025SA retail spending trends upwards over Q1 2025 increasing 2.6%(year-on-year)in March 2025 versus 2.2%in December 2024.The strongest year-on-year spending growth was recorded in the other store-based retailing category(6.1%year-on-year).An uptick in leasing activity was observed the q

192、uarter for national fashion operators in the suburban areas.In the Adelaide CBD,service operators and food and beverage retailers remain active,securing new high profile retail space.No major completions were recorded over the quarter in Adelaide.Over the past 12 months,two retail centres have compl

193、eted,adding 14,100 sqm of retail to stock;significantly below the 10-year annual average of 29,700 sqm.There is 37,900 sqm of retail space currently under construction,with the latest projects expected to complete by Q3 2026.Additionally,there are four projects with plans approved,totalling 43,700 s

194、qm,and three projects with plans submitted,totalling 19,100 sqm.Average rents across most sub-sectors were broadly stable in Q1 2025,with the exception of the large format retail sub-sector,where rents increased 2.0%.High construction costs persist and retailer demand for space in this sub-sector re

195、main resilient.Yields across all sub-sectors were unchanged over the quarter,except the regional sub-sector,which tightened 12 basis points(bps).On an annual basis,the regional sub-sector tightened 12 bps,and the sub-regional sub-sector tightened 25 bps.OutlookRental growth is forecast to accelerate

196、 in the Adelaide market,especially in the regional and neighbourhood sub-sectors,underpinned by existing tenant demand trends.The annual growth rate is expected to average 2.9%over the following five years.Projected further cuts in interest rates may improve investment volumes in the near term.Inves

197、tors are likely to still be selective in terms of potential acquisitions,albeit to a lesser extent than 12 months ago.Helen Ye|FundamentalsYTD completions0 s.m.Vacancy rate1.7%Gross rentAUD 1,258 p.s.m.p.a.Rent growth Y-o-Y 0.5%Stage in rental cycleRents StableHistorical supply and vacancy trendsNot

198、e:Financial and physical indicators are for regional shopping centres.Data is on a GLA basis.0%1%2%3%4%5%024681020202021202220232024s.m.(thousands)New supplyVacancy rate Jones Lang Lasalle IP,Inc.202529Asia Pacific Roddy Allan Chief Research OfficerAsia Pacific+852 2846 Greater China Hong Kong Cathi

199、e Chung Senior Director-Hong Kong+852 2846 China Daniel Yao Head of Research China+86 86 Taiwan Morris Zhao Head of Research-Taiwan+886 976 914 To find out more about JLL services,contact:Macau Mark Wong Director+853 2871 North Asia Japan Takeshi Akagi Head of Research Japan+81 3 5501 South Korea Ve

200、ronica Shim Head of Research Korea+82 2 3704 South East Asia Dr Chua Yang LiangHead of Research andConsultancy South East Asia+852 2846 Indonesia Yunus Karim Head of Research-Indonesia+62 21 2922 Philippines Janlo Delosreyes Head of Research Philippines+63 2 902 Thailand Anawin Chiamprasert Head of

201、Research Thailand+66 2 624 Vietnam Trang Le Head of Country and Research Vietnam+84 8 3910 Malaysia Yulia Nikulicheva Head of Research andConsultancy Malaysia+60 19 226 South Asia India Dr Samantak Das Head of Research India+91 22 6620 Australasia Australia Andrew Ballantyne Head of Research Austral

202、ia+61 2 9220 New Zealand Chris DibbleHead of Research-New Zealand+64 21 242 Jones Lang Lasalle IP,Inc.202530Research at JLLJLLs research team delivers intelligence,analysis and insight through marketleading reports and services that illuminate todays commercial real estate dynamics and identify tomo

203、rrows challenges and opportunities.Our more than 550 global research professionals track and analyze economic and property trends and forecast future conditions in over 60 countries,producing unrivalled local and global perspectives.Our research and expertise,fueled by real-time information and inno

204、vative thinking around the world,creates a competitive advantage for our clients and drives successful strategies and optimal real estate decisions.About JLLFor over 200 years,JLL(NYSE:JLL),a leading global commercial real estate and investment management company,has helped clients buy,build,occupy,

205、manage and invest in a variety of commercial,industrial,hotel,residential and retail properties.A Fortune 500 company with annual revenueof$20.8 billion and operations in over 80 countries around the world,our more than 111,000 employees bring the power of a global platform combined with local exper

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207、is report has been prepared solely for information purposes and does not necessarily purport to be a complete analysis of the topics discussed,which are inherently unpredictable.It has been based on sources we believe to be reliable,but we have not independently verified those sources and we do not

208、guarantee that the information in the report is accurate or complete.Any views expressed in the report reflect our judgment at this date and are subject to change without notice.Statements that are forward-looking involve known and unknown risks and uncertainties that may cause future realities to be materially different from those implied by such forward-looking statements.Advice we give to clients in particular situations may differ from the views expressed in this report.No investment or other business decisions should be made based solely on the views expressed in this report.