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A Comprehensive Take on Major Transit-Oriented Infrastructure Projects with Key Impact Markets

Bengaluru is one of the major economic growth engines of India. It contributes more than one-third to Karnataka’s Gross State Domestic Product and is a major driver for job creation in the state. Apart from earning the age-old moniker of being India’s IT capital, it is now the start-up capital of India and a leading fintech hub. Owing to the huge economic opportunities, job creation and projected population increase from 11.69 million in 2011 to 16.48 million by 2021, the need to expand and upgrade the Bengaluru Metropolitan Region’s (BMR)’s infrastructure and public services has never been as pronounced as it is now. Particularly, the urban mobility infrastructure.

The ‘Bengaluru Urban Infrastructure Report 2020 –A comprehensive Take on Major Transit Oriented Infrastructure Projects and Key Impact Markets provides an insight into the aforementioned transport infrastructure projects. The report analyses their impact on the real estate market in terms of locations that will see increased real estate traction due to mounting demand. We have looked into the role that regulatory interventions and systematic execution of planned transport infrastructure plays, alongside the organic development of the city. While the debate on urban infrastructure has moved beyond transport and on to other factors that affect the sustainability of the environment and impact air and water, transport infrastructure remains a prominent factor that affects the real estate market.

Despite experiencing four waves of COVID-19 outbreaks and its economic worse performance on record, Hong Kong is poised for further growth. Given a sharp rebound of GDP by 7.9% in Q1 2021, and a forecast of 3.5-5.5% growth for 2021, the commercial real estate market stands out with a positive outlook while adjusting to some “new normals”

– The vacancy rate for Large Multi-Tenant (LMT) logistics facilities in the Greater Tokyo area rose by 0.6 points q-o-q to 1.1% in Q1 2021, marking the first time the vacancy rate has exceeded 1% since reaching 1.1% in Q4 2019. Although the unprecedented surge in demand for facemasks and other daily necessities triggered by the COVID-19 pandemic led to stronger competition for logistics space in 2020, activity now appears to have eased.  That said, overall demand remains stable.

– The LMT vacancy rate in the Greater Osaka area fell to 1.9% in Q1 2021, down 1.8 points q-o-q. This marked the first time the vacancy rate has dropped below 2% since Q2 2016, when it also stood at 1.9%. The fact that rents have risen by 13% over the past two years, combined with increasing uncertainty over future economic performance, has meant that tenants are becoming more cautious, slowing the pace of rent increase.

– The LMT vacancy rate in the Greater Nagoya area fell by 1.7 points q-o-q to 8.6% this quarter. With some 170,000 tsubo of new floor space coming available in 2022, owners are stepping up their promotional campaigns to attract tenants.

– This quarter, CBRE has initiated the publication of LMT indices for the Greater Fukuoka area, where the vacancy rate has remained at 0.0% since Q2 2019. With development of multiple new LMT facilities now underway, properties possessing more user-friendly layouts will command an advantage over the competition.

• Industrial GVA was negative at -6.7% Q4 2020.
• Average super prime industrial rents were up 0.4% across the quarter. Australian super prime rents average $113/sqm
• Super prime yields have compressed by 57 bps y-o-y resulting in record low yields
• Land values for 1.6ha lots increased by 2.5% q-o-q averaging $570/sqm while 0.25ha lots increased by 5.4% q-o-q to $719/sqm.
• Transaction volumes. Transaction volumes above $5m totalled $393m across 18 transactions. This is 78% down on volumes recorded in Q1 2020.

• Investment sentiment has improved since the abolition of double stamp duty in November 2020.
• Property funds accounted for 33% of investment volume in Q1 2021, including half of the ten largest deals.
• Industrial transactions represented 43% of total investment volume, the highest proportion since Q4 2005.
• CBRE expects new standard rates for lease modification for industrial redevelopment to boost investment in the sector this year.

• While there were still companies such as those from the technology sector looking to expand their operations, other tenants are in the process of contemplating ‘rightsizing’ as they adopt remote working practices.

• Leasing activity also came from tenants looking for replacement space as they are being forced to move from older buildings slated for redevelopment later this year. Moreover, due to the construction delays in upcoming new buildings, tenants with expiring leases in the near term may renew their leases or look for alternative space now.

• Sentiment amongst landlords of Grade A offi ces has been bolstered by delays in new supply, more workers returning to offi ces as limits on remote working measures get lifted and a healthy offi ce investment market.

• The overall vacancy rate in Savills basket of CBD Grade A offi ce buildings continued to increase for a fourth straight quarter by 0.3 of a percentage point (ppt) to 7.3% in Q1/2021.

• In Q1/2021, although the URA’s offi ce rental index for the Central Region showed a 3.3% quarter-on-quarter (QoQ) increase, the average monthly rent in Savills basket of CBD Grade A offi ces fell for a fi fth consecutive quarter, albeit at a moderated pace of 1.2% QoQ, to S$9.41 per sq ft. We maintain our -5% YoY rental forecast.

要点

1. 共同投資は、LP と GP の両方に効率をもたらす、資本管理の便利なツールです。.
2. カテゴリーI / IIのAIFは、単一の投資先企業に25%を超える投資可能資金を投資することはできません。これにより、専用の共同投資ビークルの設立が制限されます。.
3. IFSCA は 2020 年後半に回覧を発行し、特定の条件の下で GIFT City の AIF が 25% 多様性要件を適用しないことを許可しました。.
4. さらに最近では、SEBI は「認定投資家」という概念に関する協議文書を発表しました。この文書では、AI のみで構成されるファンドの柔軟性の向上 (多様性要件を含む) が検討されています。.
5. これらの新たな措置は、インドにおける共同投資活動の拡大を促進するものとなるだろう。.