市場展望

• The COVID-19 pandemic has significantly accelerated a number of secular shifts that were already starting to have fundamental impacts on the role real estate plays in the economy as well as in investment portfolios.
• Such disruption increases the need for evolving data and analytics to understand the rapidly changing drivers of performance and risk consistently across all types of real estate investments.
• Despite a long list of difficult questions facing the asset class, climate change and its impact on risk and return are more important than ever for real estate investors.

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HEALTHY TRANSACTION VOLUME AND MODERATE PRICE INCREASE IN A PANDEMIC YEAR

• Prices of non-landed private residential properties (excluding Executive Condominiums (ECs)) in Q4 2020** saw the greatest quarter-on-quarter (q-o-q) increase of 3.2% for 2020, bringing the full-year increase to 2.7% despite the economic turbulence.
• In 2020*, non-landed private residential sales volume (excluding ECs) totalled 17,830 units, 4.7% more than in 2019 and a surprisingly good showing in a year of crisis. Strong support from needs-based buyers and eligible HDB upgraders combined to form healthy demand, bolstering sentiment despite economic uncertainty and restrictions on the re-issuance of OTPs.
• There were 9,497 transactions in the primary market accounting for some 53.3% of total sales in 2020*, as developers pushed out new launches amid encouraging sales after Singapore exited the circuit breaker. While the secondary market was slower to regain momentum and trailed with 8,333 sales, sales caught up to some extent with some 2,904 units transacted in Q4* and 2,922 in Q3, more than three times the 760 units in Q2 2020 (Exhibit 1). The practicality of resale units due to its price discount, when compared to new sale units, and the greater choices available will continue to encourage sales.

オフィス賃料の下落が続く中、テナントはより良い移転の選択肢を求め、当月のリース市場は活況を呈した。しかし、地主はテナント確保のため、アプローチをさらに軟化させ、より現実的なリース条件の交渉姿勢を採用したため、大半のテナントはリース契約を更新する傾向にあった。その結果、グレードAオフィスの新規取得は、特にCBDエリアにおいて、当月は異例の低水準となった。.

厳しい経済環境の中,

オフィス賃料の下落が続く中、テナントはより良い移転の選択肢を求め、当月のリース市場は活況を呈した。しかし、地主はテナント確保のため、アプローチをさらに軟化させ、より現実的なリース条件の交渉姿勢を採用したため、大半のテナントはリース契約を更新する傾向にあった。その結果、グレードAオフィスの新規取得は、特にCBDエリアにおいて、当月は異例の低水準となった。.

厳しい経済環境の中、テナントにとってコスト競争力は依然として喫緊の課題である。そのため、2021年に向けても分散化の傾向が続くと予想される。また、コロナウイルスによる不況の影響を大きく受けた中小企業を中心に、柔軟な賃貸オプションを積極的に検討する企業が増えるため、コワーキングスペースに対する需要も高まると予想される。.

It has been over a month since Thailand announced the state of emergency to combat the coronavirus disease 2019 (COVID-19). The global pandemic has created disruptions to the Thai economy to the extent that the Bank of Thailand has had to revise the previous 2.8% GDP growth projection to a 5.3% contraction for 2020. We are seeing a variety of ways in which different organizations are responding to the crisis as part of the largest workplace experiment conducted to date. Some companies are…

It has been over a month since Thailand announced the state of emergency to combat the coronavirus disease 2019 (COVID-19). The global pandemic has created disruptions to the Thai economy to the extent that the Bank of Thailand has had to revise the previous 2.8% GDP growth projection to a 5.3% contraction for 2020. We are seeing a variety of ways in which different organizations are responding to the crisis as part of the largest workplace experiment conducted to date.

Some companies are shuffling their staff, rotating their employees between entering the office and working from home schedules. Others have their entire staff working from home. This has radically impacted the way in which both organizations and employees work, especially in a country with a relatively high level of resistance to prior changes in the workplace. It has also led to many questions and judgements on the long-term impact that COVID-19 will have on the office property market, including those that radically proclaim the demise of the office.

The following dynamics are what we at Knight Frank and Peoplespace Thailand believe will shape the workplace as a result of COVID-19. COVID-19 most likely will not completely revolutionize or cause the death of the office. While the pandemic will lead to greater scrutiny and change in some prior market behavior, its most profound impact will be to drive and accelerate trends that were already underway for many of the leading office market participants.

“When virus-related restrictions ease, we expect to see the release of some pent-up demand, but this will reflect shifting preferences following the experience of the pandemic and extended working from home, with businesses all likely to take a different approach.”

We entered 2020 with cautious optimism as Asia-Pacific property markets remained relatively healthy and the phase one trade deal was signed between the US and China. Then COVID-19 struck, throwing markets into turmoil, and with it, knocking many of our previous forecasts off-course. This year has been dominated by the pandemic, with activity and performance of the various real estate asset classes linked to just how they have been impacted by the virus. As this report highlights, geographies and property types have all been influenced by lockdowns, restrictions, and the ensuing economic weakness. However, as we now look towards 2021 and the potential recovery it may bring, here are six trends that give a sense of what lies ahead:

We entered 2020 with cautious optimism as Asia-Pacific property markets remained relatively healthy and the phase one trade deal was signed between the US and China. Then COVID-19 struck, throwing markets into turmoil, and with it, knocking many of our previous forecasts off-course. This year has been dominated by the pandemic, with activity and performance of the various real estate asset classes linked to just how they have been impacted by the virus. As this report highlights, geographies and property types have all been influenced by lockdowns, restrictions, and the ensuing economic weakness. However, as we now look towards 2021 and the potential recovery it may bring, here are six trends that give a sense of what lies ahead:

1. Work-from-home experiment will leave a lasting impact
2. Logistics driven by e-commerce and supply chain security
3. Investors circling for distress may be disappointed
4. Monetary policy to remain supportive of residential markets
5. Real estate to contribute to the ‘Green Recovery
6. US-China relations to continue to be important for the region

Many occupiers are looking to reduce the total amount of office space they occupy, due to the preference for some employees to continue working from home following lockdown. This change in occupier preference, combined with the large amount of new supply, has resulted in occupiers looking to…

Many occupiers are looking to reduce the total amount of office space they occupy, due to the preference for some employees to continue working from home following lockdown. This change in occupier preference, combined with the large amount of new supply, has resulted in occupiers looking to secure smaller office spaces within new developments, enabling them to increase the quality of their offices whilst also potentially reducing their total rent. This shift will have a severe impact on landlords of older buildings, however and it is likely that occupancy rates across the market will continue to fall.

With the eff ects of the pandemic looking likely to continue into 2021, Savills expects to see more occupiers looking to reduce their office space. Considering this along with the large amount of future supply completing over the next five years, it’s likely a large number of occupiers will seek to relocate into smaller units within newly completed office buildings.

The trade war between China and the US has pushed Taiwan’s tech and manufacturing companies to rethink their supply chain strategies which used to rely heavily on China. Taiwan’s tech industry saw a large wave of off shoring to China from 2000, especially the electronic component and computer sectors, resulting in…

The trade war between China and the US has pushed Taiwan’s tech and manufacturing companies to rethink their supply chain strategies which used to rely heavily on China. Taiwan’s tech industry saw a large wave of off shoring to China from 2000, especially the electronic component and computer sectors, resulting in four of China’s top 10 companies exporting to the US originating from Taiwan, including Foxconn, Quanta, Pegatron, and Compal Electronics. As the trade war tensions have escalated, Taiwanese companies are considering relocating production lines to Southeast Asia and Taiwan in order to diversify their manufacturing base.

Industrial land prices have increased steadily over the past five years owing to the strong demand from local end-users. Although the global economic outlook is gloomy, we believe that the average industrial land price could rise by 3% in 2020, especially in traditionally cheaper areas. As land prices in New Taipei City and Taoyuan have increased significantly, tech corporates have had to modify their factory expansion plans to focus on more affordable areas, such as industrial parks in middle and southern Taiwan. We reason that industrial land in those areas is expected to witness stronger price growth in the near future.

Retail projected were forced to actively adjust their tenant brand mixes to stand out in the increasingly competitive crowd of retail projects in Chongqing. Following the Metro Park’s substantial brand adjustment in 1H/2020…

Retail projected were forced to actively adjust their tenant brand mixes to stand out in the increasingly competitive crowd of retail projects in Chongqing.

Following the Metro Park’s substantial brand adjustment in 1H/2020, the shopping mall actively introduced many new retail brands into its low zones, such as children’s entertainment brands, medical beauty institutions and fine dining establishments with larger leased areas than in the high zone, helping strengthen the brand richness in the project.

In Q3/2020, Starlight Plaza, located in the Jiefangbei submarket, announced that it would officially launch a major adjustment to comprehensively renew the positioning of the mall and brand categories to accelerate the integrated development of the project. This adjustment will be the first since the project opened in 2015.

Hyderabad has steadily risen to a position among the top three office markets of the country. In terms of office leasing volumes, it has progressed from being a distant sixth to its current position in a span of just three years. In 2019, the city registered record transaction activity of approximately 9.5 million sq ft, just behind Bangalore and the National Capital Region (NCR).

The rise in commercial leasing activity can be attributed to a variety of factors. These include government support by way of… 

Hyderabad has steadily risen to a position among the top three office markets of the country. In terms of office leasing volumes, it has progressed from being a distant sixth to its current position in a span of just three years. In 2019, the city registered record transaction activity of approximately 9.5 million sq ft, just behind Bangalore and the National Capital Region (NCR).

The rise in commercial leasing activity can be attributed to a variety of factors. These include government support by way of investor friendly policies and infrastructure growth matching urban agglomeration expansion; as well as enabling demographics which has created an abundant and skilled talent pool. Also, the influx of MNCs over the last two decades has been instrumental in setting up large campuses and office complexes in the city. In recent landmark legislation, the state government announced a single window portal facilitating faster clearances and self-certification for real estate construction on land parcels of a specific size. Such enabling regulations have provided an important boost to the real estate sector in the city.