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Retail sales fell -1.7% (m-o-m) in August. This fall was off the back of lockdowns in  Sydney, Melbourne and Canberra which resulted in a sharp decline of consumer spend on clothing and footwear and at cafes and restaurants. This is expected to rebound strongly in Q4 once lockdowns lift.

Consumer confidence has shown continued recovery, in part driven by stronger than expected employment outcomes. Consumer sentiment index grew 2.0% m-o-m in September to measure 106.2 off the back of roadmaps out of lockdowns being released.

Rents were stable in most markets with large format retail recording strong net face rental growth of 9.9% y-o-y.

Yields sharpened across all assets classes as capital continues to look to the retail sector for solid returns.

Transaction volumes in Q3 2021 totalled $2.12b, up 91% on the same period in 2020 which was heavily impacted by COVID restrictions.

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Vacancy rate rising but demand growing for large-scale units in Tokyo

Tokyo: Grade A minus vacancy rate reaches 4% for first time in seven years
All-grade vacancy rate rose by 0.8 points q-o-q to 3.6% in Q3 2021, led by increase in vacancy in existing premises. In particular, Grade A-minus vacancy rate rose the largest among all three grades. All-grade rent was down by 0.8%, with Grade A rents falling the most.  With significant new supply slated for 2023, landlords are lowering rents to secure tenants.
 
Osaka: Vacancies filled in Grade B buildings
The all-grade vacancy rate rose by 0.5 points q-o-q 2.8% in Q3 2021. With many tenants remaining cost-conscious, smaller premises are in higher demand than larger spaces, meaning that Grade B units are increasingly favored. Rents fell across the board in Q3 2021, with Grade A rents dropping sharper than those for Grade B buildings.
 
Nagoya: All-grade vacancy exceeds 3% for first time in four years
The All-grade vacancy rate rose by 1.0 points q-o-q to 3.8% in Q3 2021. Larger premises tend to require more time to secure new tenants. With pre-leasing of units slated for completion also sluggish, the vacancy rate is projected to continue to rise. All-grade rents were down 0.1% q-o-q, driven by lowering of asking rents for Grade A offices with relatively large vacancies.
 
Regional cities (Sapporo, Sendai, Saitama, Yokohama, Kanazawa, Kyoto, Kobe, Takamatsu, Hiroshima, Fukuoka): Subdued tenant interest in large-scaled office space
The All-Grade vacancy rate for Q3 2021 rose in six of 10 regional cities, fell in two, and remained unchanged in two. Smaller units of 100 tsubo or less secured tenants across a range of industry sectors looking to expand or set up new establishments. All-Grade rents rose q-o-q in five of 10 cities, fell in three, and remained unchanged in two. The cities whose rents rose were due to contracted rents of newly completed buildings pushing up the overall average.

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Following the sobering assessment of climate risk by the UN’s Intergovernmental Panel on Climate Change (IPCC) and ahead of the imminent COP26 summit in Glasgow, in our latest report, Real (E)state of Emergency, we give our view on the impetus for the property industry across Asia Pacific to act.

Whether you are an investor or occupier in this region, find out how to translate net-zero organizational goals to tangible initiatives and strategies at the corporate, portfolio and asset level, including:

• TCFD climate risk disclosures
• Green financing
• ESG due diligence
• Refurbishing of ageing stock
• Decarbonization through property lifecycle
• Carbon hierarchy
• Mitigation & adaptation strategies
• Carbon/green certifications

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中国  

“Excessive leverage and tighter financing conditions for both developers and homebuyers have heaped pressure on the market, causing some spectators to suggest an impending real estate collapse. Seasoned watchers, however, expect a drawn-out, managed asset restructuring of heavily indebted developers unable to meet their repayment obligations as well as assurances that home buyers, suppliers and employees are taken care of.” – James Macdonald 

香港

“Fresh challenges have emerged as the Evergrande saga begins to unfold and mainland authorities move to regulate a wide range of industries with negative implications for office demand, while an assured retail market recovery remains elusive.”– Simon Smith

インド 

“Decision-delays owing to the second wave of pandemic led to a noticeable slowdown in investments. PE investment inflows into the Indian real estate sector during Q3/2021 declined by 45% QoQ. The silver lining, however, was seen in data centres and life science R&D assets, which attracted investors during the quarter.” – Arvind Nandan

インドネシア 

“Positive news from the management of the pandemic has boosted confidence among developers who are preparing new launches or rolling out expansion plans. Sales are rising in the residential market while interest from foreign investors in the data centre and logistics sectors continues to strengthen on the back of robust demand from both domestic and regional players.” – Anton Sitorus

日本 

“Amid hopes of fresh leadership, Japan’s faster pace of vaccinations is paving the way for new economic progress.”– Tetsuya Kaneko 

マレーシア 

“Total transaction volume in the first three quarters of 2021 amounted to RM5.7 billion, a notable 30% increase compared to the first three quarters of 2020.” – Nabeel Hussain 

シンガポール 

“The need to deploy investment capital is greater than the obstacles posed by the pandemic.” – Alan Cheong

韓国

“Officetel prices are booming as a result of the ongoing housing shortage.” – JoAnn Hong

台湾 

“The Taiwanese Central Bank announced another round credit controls to cool the market, however, China’s power cuts might be another catalyst for Taiwanese companies to shift production back to Taiwan which will support further price increases in the industrial property sector.” – Erin Ting 

タイ 

“A tentative easing of lockdowns and improved vaccination rates are providing some relief to the hard-hit economy while New Economy companies continue to emerge as key drivers of demand for offices, data centres and logistics space.” – Palathip Chunhasomboon

ベトナム 

“Vietnam remains an attractive investment destination for foreign investors from Japan, Korea and Singapore, with the real estate market achieving total registered foreign direct investment of US$1.78 billion in the first 9 months of the year. Projects located in satellite areas, with space to develop infrastructure and value add facilities, are the focus.” – Troy Griffiths

この記事は元々 https://www.savills.co.jp/

• In Q3/2021, Wuhan’s retail property market saw no new supply and witnessed the closing of Hanjie Wanda Plaza in Zhongnan Zhongbei Road, which will be transformed into an SKP by Wanda Group and Beijing Hualian Group. The citywide retail property stock decreased to 6.64 million sq m by the end of Q3/2021.
• Upgraded stock projects brought several central China first stores, especially in the luxury retail sector.
• Driven by capital investments, popular F&B brands expanded vigorously. Several coffee and bakery brands opened their first stores during the quarter.
• Due to the tenant adjustments in current projects, the citywide vacancy rate decreased 1.0 percentage point (ppt) to 8.1% quarter-on-quarter (QoQ). The prime area’s leasing performance took the lead, with its vacancy rate falling 1.8 ppts to 9.3% QoQ.
• The average rent for the ground floor of citywide shopping malls rose to RMB 308.2 per month per sq m, with the rental index moving up 0.7% QoQ and 0.3% year-on-year (YoY).
• In Q4/2021, Wuhan’s retail property market will see the delivery of Huafa & City Hub, Wuhan Joy City, Wanda Plaza (Hanyang) and Vanke Future Centre, adding over 450,000 sq m new supply to the market.

この記事は元々 https://en.savills.com.cn/

• In Q3/2021, Wuhan’s Grade A office market witnessed no new supply, so the citywide Grade A office stock remained at 2.26 million sq m.
• Information technology, business services and consumer services saw active leasing demand in the quarter, respectively accounting for 26.3%, 16.0% and 15.1%, ranking the top three among all industries.
• Rent declines released upgrade and relocation demand, which took up 44.2% of the citywide total, while new set-ups were also in demand, accounting for 26.5%. The implementation of the “double reduction” policy for compulsory education has driven out many online education companies.
• The citywide Grade A office net take-up recorded 40,000 sq m, a 12.1% quarter-on-quarter (QoQ) decrease. By the end of the quarter, the average Grade A office vacancy rate declined 1.8 percentage points (ppts) to 35.1%.
• The citywide Grade A office average rent has fallen for seven consecutive months, but with a narrowing decline range. By the end of Q3/2021, the average rent for Grade A office fell to RMB102.2 per sq m per month, while the rent index fell 0.4% QoQ and 4.1% year-on-year (YoY).
• Wuhan’s Grade A office market is expected to introduce TF Building and Huaxia Bank Tower next quarter. Due to construction delays, several landmark Grade A buildings will postpone their delivery to 2022.

この記事は元々 https://en.savills.com.cn/

The past two years have seen an unprecedented degree of disruption—from the pandemic to climate-related events to social justice protests. This convergence of global challenges has heightened focus on the environmental, social and governance (ESG) issues and trained a spotlight on corporate real estate (CRE) leaders’ purpose and mission.

この記事は元々 https://www.cbre.com/

2020 was a watershed year for Environmental, Social and Governance (ESG) investing in real estate as pandemic- and climate-related disruption, along with growing recognition of social inequity, prompted investors to adopt a more robust approach to sustainability-related risks.

60% of respondents to CBRE’s 2021 Global Investor Intentions Survey stated that they have already adopted ESG criteria as part of their investment strategies, with the Americas, EMEA and Asia-Pacific all recording a stronger focus on ESG issues than in previous years.

With ESG now playing a much more prominent role in how companies operate, investors are embedding ESG considerations into every stage of the property lifecycle, from due diligence to acquisitions and from leasing to asset management.

この記事は元々 https://www.cbre.com/

China’s 14th Five-Year Plan (FYP) includes a number of socioeconomic goals. Three areas which the plan is looking to further improve upon are:

• Innovation, technology and ‘new infrastructure’;
• Environmental sustainability, and;
• City cluster development.

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Office net absorption hits record high; New infrastructure emerges as investment focus

OFFICE

Overall net absorption increased by 18% q-o-q to 352,700 sq. m., a record high. TMT firms contributed 43% of total new leasing volume as several leading companies in the sector completed large-size transactions. Four new office buildings providing a total GFA of 283,000 sq. m. were completed in the CBD and Lize.

RETAIL

New supply in Q3 2021 included the 105,000 sq. m. GFA Xiyue Paradise Walk, which come on stream fully leased. F&B retailers remained active, led by coffee and tea brands. Six projects providing a total GFA of 369,000 sq. m. are scheduled to come on stream in the next six months.

LOGISTICS

No new logistics supply was added to the market this quarter. Demand continued to be led by e-commerce platforms and Third-Party Logistics (3PL) firms. Two new logistics facilities are scheduled to be completed over the next six months, providing a total GFA of 117,000 sq. m..

BUSINESS PARK

Three new projects in Z-Park, Fengtai and BDA area were delivered to the market this quarter, providing a total GFA of 594,000 sq. m.. TMT continued to drive demand for business park space, with traditional internet companies and integrated circuit firms most active.

INVESTMENT

Eleven investment transactions were closed in Q3 2021, totalling RMB 8.1 billion. As all deals were below RMB 2 billion and eight were below RMB 1 billion, total investment volume declined q-o-q, while y-t-d investment volume remained flat y-o-y. Assets related to ‘new infrastructure’, such as data centres, were keenly sought-after, accounting for 21% of total investment volume this quarter.

この記事は元々 https://www.cbre.com/