Jones Lang LaSalle (JLL) data and analysis show that in the third quarter of 2024, commercial real estate investment in the Asia-Pacific region increased by 28% year-on-year to 38.8 billion US dollars, setting a new record for single-quarter investment since the rate hike cycle began in 2022 and achieving growth for four consecutive quarters. Year-to-date, total commercial real estate investment in the Asia-Pacific region has reached 96.3 billion, an 82% increase from the same period last year. Commercial transactions in Hong Kong in the first three quarters of this year totaled 3.1 billion, a 3% decrease compared to the previous year, with investment in the third quarter reaching 1.3 billion, a 58% increase from the second quarter. In the Asia-Pacific market, aside from residential properties, transaction volumes in all major real estate sectors have increased, with strong performance in cross-border investment, totaling 14.5 billion year-to-date, a 6% increase from the same period last year. Japan remains the most active market in the Asia-Pacific region, with several large hotel asset portfolio acquisitions driven by record high tourist numbers, leading to a third quarter transaction volume of 8.4 billion. The Singapore market also performed well, with a third quarter transaction volume of 4.4 billion, a 1.18 times increase from the third quarter of 2023, mainly due to strong demand from institutional investors for industrial and retail assets. Kenneth Chan, head of JLL's Capital Markets in Hong Kong, stated that in Hong Kong year-to-date, transactions of industrial buildings and logistics centers have been relatively active, while transactions of shops and offices have remained subdued. Hong Kong has followed the US in two interest rate cuts, which has had a positive impact on the property investment market. It is expected that commercial property transactions will increase in the fourth quarter of this year, especially as the Hong Kong government will introduce policies to encourage the conversion of commercial properties and hotels into student accommodations, leading to an expected increase in transactions for the entire buildings and hotels.