The US$190bn invested across the region last year represented a near 13% increase on 2023 – and was just 8% below the pre-Covid average, comparing favourably with EMEA (-45%) and North America (-25%). Markets have largely followed the business cycle in this regard, with much of the region less disrupted by the inflation and interest rate dynamics that have so besieged the Western world. Additionally, we haven't seen the same shift in sentiment against the office sector, compared with the rest of the world. This is particularly true of Japan, where capital markets have continued to function as normal in an ultra-low rate environment. In contrast, real estate markets in China and Hong Kong SAR remain entrenched in a downturn, with no immediate end in sight.