The 25 largest buyers of Asia-Pacific commercial property have taken 47% of transaction volume so far in 2026, up from a 32% to 38% range between 2016 and 2024, according to a 6 October 2026 Savills capital markets note. The same note says US$1bn-plus deals now account for about a fifth of volume.

TL;DR

  • Fifteen deals of US$1bn or more closed in the first half of 2026, up from nine a year earlier and five in 2023, per Savills.
  • Cross-border investors were net buyers of Japanese property in the first half (US$5.4bn) while domestic investors were net sellers, the widest gap in 12 years of data.
  • Savills expects concentration to ease from current highs as money moves to mid-market strategies such as asset management, conversion and value-add.

What did Savills actually report?

Savills, the global property adviser, published "APAC Capital Markets: Capital Becomes More Concentrated" on 6 October 2026, authored by Nicholas Wilson, Senior Director, Strategic Research and Advisory, Asia Pacific Capital Markets. It says the top 25 investors hold 47% of APAC transaction volume year to date. The note does not define the exact cut-off date for "year to date". The mega-deals fall into three groups: single-asset core office trades in gateway markets, portfolio deals and data centre platform deals.

How does this fit the wider Asia-Pacific investment picture?

CBRE, another property adviser, reported on 6 August 2026 that Asia-Pacific commercial property investment rose 27% year on year in the first half and office investment rose 29%, with Singapore leading. Read together, the two sets of figures point to more money in the market, but spread across fewer buyers. See our earlier coverage of the CBRE figures (https://propertynewsasia.com/asia-pacific-property-investment-rose-27-in-h1-2026-with-singapore-leading-office-gains-cbre/). These are different firms with different methods, so the numbers are not directly comparable.

Why is Japan the clearest example?

Savills says cross-border investors bought a net US$5.4bn of Japanese property in the first half of 2026, while domestic investors were net sellers. Foreign capital is now nearly 40% of volume, the highest share on record, but foreign deal count is a fraction of what it was a few years ago, so the buyer pool is narrow. On the leasing side, a separate Savills report dated 9 October 2026 puts Tokyo Grade A office vacancy at 0.5%, with average rent of JPY43,467 per tsubo per month, up 17.9% year on year.

What is happening with the cost of capital?

Savills says recent bond yield rises have come mostly through the risk-free rate, while credit spreads have stayed contained. It describes this as a higher cost of capital rather than the start of credit tightening, which puts upward pressure on the returns investors require from property.

Why does it matter for property investors and readers in Asia?

When a few large buyers drive volume, headline totals can overstate how many investors are active, and a pullback by a handful of them can move the market. Savills also points to industrial land, logistics, data centres and housing near technology and resource hubs as areas tied to the capex cycle. Compare this with our report on Hong Kong Grade A leasing (https://propertynewsasia.com/hong-kong-home-sales-fall-40-in-q3-as-grade-a-office-leasing-hits-its-strongest-quarter-since-2019/). What is not confirmed: the note gives no forecast for prices or yields, and it does not say which investors make up the top 25. This is information only, not property or investment advice.

Frequently Asked Questions

What share of Asia-Pacific property volume do the top 25 investors hold?

Savills reports 47% year to date, against 32% to 38% from 2016 to 2024.

How many US$1bn-plus property deals closed in Asia-Pacific in H1 2026?

Fifteen, up from nine a year earlier and five in 2023, according to Savills.

Is Japanese property mostly bought by foreign investors now?

Not mostly, but nearly 40% of volume is foreign capital, the highest share on record, per Savills. Cross-border investors were net buyers of US$5.4bn in H1 2026.

Sources and Method

Savills, APAC Capital Markets: Capital Becomes More Concentrated, 6 October 2026 (https://www.savills.com/research_articles/255800/239153-1); Savills, Tokyo Office Leasing Q3/2026, 9 October 2026 (https://www.savills.com/research_articles/255800/239212-1); CBRE, Mid-Year Asia Pacific Real Estate Outlook, 6 August 2026 (https://www.cbre.com/press-releases/investment-activity-gains-momentum-as-prime-office-demand-strengthens-cbre-mid-year-apac-outlook). Forecasts and interpretation are attributed to Savills. Written by Property News Asia editorial.