Global commercial real estate investment amounted to 466 billion US dollars in the first half of the year, representing a 27% year-on-year increase.

On September 1, JLL released the global commercial real estate investment data for the first half of 2026. The total global commercial real estate investment in the first half of the year reached 466 billion US dollars, up 27% year on year; global investment sales in the second quarter increased by 28% year on year to 237 billion US dollars.

In terms of regional structure, the Asia-Pacific region is the core engine driving global growth. The commercial real estate investment in the Asia-Pacific region in the first half of the year hit 92.5 billion US dollars, up 35% year on year, setting a new record for the same period in history; the single-quarter investment in the second quarter was 45.5 billion US dollars, up 38% year on year, among which Japan, Singapore and Australia delivered particularly impressive performance.

The Chinese market presents divergent performance. The commercial real estate investment in Chinese mainland in the first half of the year was 8.5 billion US dollars, down 8% year on year; the investment in Hong Kong, China reached 4.7 billion US dollars, up 90% year on year, the market continues to recover, and domestic-funded institutions continue to dominate transactions.

Focusing on Shanghai, a total of 51 bulk transactions were completed in the first half of the year, with a total investment of 270 billion RMB, up 20% year on year, and the liquidity of high-quality assets in core cities is gradually improving.

In terms of capital flow, under the intertwined influence of multiple factors such as interest rate fluctuations, geopolitical conflicts and supply chain restructuring, capital is flowing towards core assets. By business format, global retail investment in the first half of the year led the growth with a year-on-year increase of 38%, the growth rate of industrial and logistics investment reached 36%, and hotel transaction activities increased by 29% year on year.

Changes on the supply side also affect the market pattern. The global office vacancy rate decreased by 30 basis points during the quarter, the new supply in Europe is expected to reach the lowest level since 2011, and supply contraction is reshaping the global leasing market.

This article is from Viewpoint, 36Kr publishes it with authorization.