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Providing affordable and interesting workspaces is crucial to ensuring that cities are at the forefront of the tech and creative industries, and therefore a draw for national and international talent.
Cheaper fringe offices have historically helped generate economic growth and jobs, providing space for entrepreneurs and creatives in the early stages of their businesses. However, the first rung on the property ladder for many start-ups has now been removed as costs have escalated in most key global cities over the years. The Covid-19 pandemic has also normalised home-working in many locations, meaning that start-ups, creatives and entrepreneurs need incentives to return to cities.
This is not just an issue for the businesses looking for affordable space: cities across the world benefit from the activity and vibrancy that start-ups, the arts and social enterprise tenants have brought into areas that were once dilapidated and un-loved. However, these are often the first to be pushed out by increasing rents, as developers, investors and higher-paying occupiers become attracted by the very vibrancy that these tenants have helped to build.
Cities that have succeeded in attracting and maintaining creative talent often have lower office costs. Berlin for example has thrived due to its cheap rents (despite fast rent increases, Berlin remains on average 30% lower than London or New York), creative atmosphere, and support system for local artists. The creative sector now accounts for 10% of Berlin’s economy, having created about 67,000 jobs since 2009.
This article was originally published in https://www.savills.com/
Download the Report Read MoreThe value of all the world’s real estate reached $326.5 trillion in 2020, a 5% increase on 2019 levels and a record high. Growth was driven by residential which is by far the largest real estate sector, accounting for 79% of all global real estate value. It saw its value increase by 8% over the year, to some $258.5 trillion.
The world’s most significant store of wealth, real estate is more valuable than all global equities and debt securities combined, and almost four times that of global GDP. The value of all gold ever mined pales by comparison at $12.1 trillion, at just 4% the value of global property.
This article was originally published in https://www.savills.com/
Download the Report Read MoreTenant enquiries were unchanged but site visits fell following the reintroduction of COVID-19 controls, particularly in Australia, Southeast Asia, and Japan.
Flexible space demand continued on a downward trend, but requirements for traditional office space increased.
Rents improved this month, mainly driven by mainland China, Singapore and India. The period saw stronger pressure to increase incentives, particularly in mainland China and India.
Sentiment in most markets strengthened or remained stable, with mainland China and India among the strongest performers.
This article was originally published in https://www.cbre.com/
Download the Report Read MoreAlthough multifamily has been regarded as an institutional grade asset class in the U.S. and Europe for some time, Asia Pacific’s strong culture of home ownership has resulted in a relatively small investible universe.
Japan has been the lone exception, with the country’s large, liquid, and resilient multifamily market attracting robust interest from both foreign and domestic investors over the past decade.
More recently, factors such as urbanisation, declining housing affordability and regulatory change have piqued investor interest in multifamily in several other Asia Pacific markets, most notably mainland China and Australia.
This Viewpoint explores the growth drivers behind multifamily investment in Asia Pacific; profiles the region’s established and growing multifamily markets; and explains how investors can access this increasingly attractive sector.
This article was originally published in https://www.cbre.com/
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This article was originally published in https://www.colliers.com/
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