While fashion-dominated shopping malls have fared poorly in the pandemic around the world, they have performed slightly better in China and Canada. In China, the growth was driven by people’s inability to travel overseas, resulting in strong demand for domestic fashion retail, the report said. Grocery-centered shopping centers where there is a balance between discretionary and non-discretionary goods have fared well.
In office properties, there are enormous differences between cities and regions, Mr. Gordon said.
In the first half of 2021, the percentage of employees who returned to work in an office in Tokyo and Shanghai was in the mid-90% levels, he said. However, in the U.S. that percentage ranged between 40% in cities such as Dallas to 10% in New York, Mr. Gordon said.
LaSalle expects volatility in office vacancy rates across the Asia Pacific region due to changes in office policies, including limits on percentage of workers in offices under…