【CBRE】Asia Pacific Retail Trends Q3 2025

• Thailand's retail market remains stable despite slowdown in overseas visitors as prime malls continue to outperform. Bangkok’s retail market continues to show a clear bifurcation in performance, with prime malls managed by experienced retail landlords maintaining high occupancy but those outside the CBD continuing to struggle.
• Leasing activity in Japan remains robust as demand continues to broaden from retailers across multiple categories. Prime retail districts in Tokyo such as Ginza, Omotesando, Harajuku continue to witness keen competition for space, with Shibuya attracting the bulk of demand.
• In Hong Kong SAR, market sentiment is strengthening as retail sales improve, with prime streets remaining the focus of attention. Leasing momentum accelerated through the first three quarters and is expected to gain further traction in Q4 2025, supported by Golden Week and year-end holiday demand.

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