A new report from JLL finds that investment activity in commercial real estate in the Asia-Pacific region is down. 

"From Singapore to South Korea, investors are shying away from property deals involving office buildings, malls and other commercial assets, fearing that interest rate increases and geopolitical turmoil could threaten global growth,” reported Nikkei Asia

"The JLL report showed that during the third quarter of this year, South Korea recorded $4.2 billion worth of transactions, down 35% on the year, with domestic institutional investors 'selectively reviewing core office assets.’ “

Japan and India are bright spots, according to the article: 

"MSCI Real Assets, in a November report, said Japan was the biggest Asia-Pacific commercial real estate market over the first nine months of the year for both deal volume and deal count, with $1.9 billion of industrial deals in the third quarter pushing year-to-date investments to $6 billion, a record for the nine months since MSCI began collecting data in 2007. India, meanwhile, had a "strong quarter," the report said, with volume helped by Brookfield India Real Estate Trust's sale of a 50% stake in an office portfolio to Singapore sovereign wealth fund GIC for $683 million.”