Here’s a rundown of retail property trends in APAC markets

Shopping malls in major cities saw improving occupancy rates.

Retail markets across the Asia-Pacific region strengthened in Q3 2025, supported by rising household consumption, strong tourism flows, and sustained demand for premium and experiential retail formats. 

According to Colliers’ latest update, shopping malls in major cities such as Mumbai, Bangkok, and Tokyo saw improving occupancy and rental performance, while markets like Hong Kong and Jakarta registered notable gains driven by events, tourism, and redevelopment activity.

Here are more insights per country based on Colliers’ report:

Mumbai Leads With High Occupancy and Strong Revenue-Sharing Models
Mumbai’s retail market emerged as a regional standout. Malls in the city achieved high occupancy supported by stable base rents and increasingly popular revenue-sharing lease structures. Retail demand continues to be driven by premium food & beverage (F&B), wellness operators, and experiential brands, all of which contributed to a particularly robust leasing environment.

Auckland and Australia See Improving Sentiment
In Auckland, lower mortgage rates boosted household disposable income, contributing to greater consumption and helping new businesses absorb previously vacant retail spaces.
Australia also recorded improving retail sentiment, with strong enquiry levels translating to modest yield compression.

Bangkok, Bengaluru Adapt to Consumer Shifts
Bangkok’s premium malls reported slight improvements, with vacancy rates remaining below 5% and average rents rising nearly 1% quarter-on-quarter.

Bengaluru saw increased lease activity, supported by rising Average Trading Densities and strong demand across F&B, décor, and jewellery categories.

Hong Kong and Jakarta Experience Significant Growth Drivers
Hong Kong posted a sharp 137% quarter-on-quarter surge in transaction value, buoyed by large retail deals and the ongoing recovery of tourism since May 2025.
Jakarta’s shopping centers are undergoing active renovation, positioning the market for a rebound in performance as upgraded facilities and formats come onstream.

Manila and Tokyo Benefit From Strong Footfall
Manila entered its Christmas season with rising base and overage rents, supported by strong foot traffic, improving occupancy, and expectations of capital value appreciation.
Tokyo’s prime retail districts—particularly Ginza and Shibuya—continued to thrive on inbound tourism and repeat domestic visitors. Demand remains strong for smaller, experience-focused retail spaces catering to premium brands and lifestyle concepts.

With most markets reporting solid leasing activity and strengthening fundamentals, the APAC retail landscape continues to recover and evolve. Operators across the region are doubling down on lifestyle-driven concepts, premium offerings, and experiential formats—reflecting a consumer base eager for quality shopping experiences in the wake of economic and tourism revival.