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The physical impacts of climate change on the built environment are becoming more significant and have the potential to be extremely costly. With their locations fixed, buildings themselves may be at risk of suffering significant damage costs from climate change impacts. More so, buildings are often energy-intensive to build and operate. They are responsible for over a third of global final energy consumption and CO2 emissions, with operational emissions mostly through space heating and cooling, and water heating (IEA, 2019). MSCI’s scenario analysis for commercial and residential real estate enables investors and real estate managers to evaluate both transition and physical climate-related impacts in their portfolios.

Find out more about MSCI Real Estate Climate Value-at-Risk solution here

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  • 在近期疫情数量下降以及各地区经济体分阶段重新开放的背景下，5月的亚太REIT跑赢大盘。整个亚太地区正在采取积极的财政应对措施，包括对受社会疏远 政策和旅行限制影响最大的部门以及对中小企业的进一步补贴。
  • 按部门划分，工业仍然是表现最好的行业，5月份以两位数形式增长。按国家来划分，由于住宅和工业部门产生了可观的回报，澳大利亚的房地产股票表现优于大市。
  • 5月，日本房地产投资信托基金（REITs）在酒店和零售业的推动下领先亚太其他地区。日本国会下议院通过了一项紧急预算，其中包括对中小企业的租金补贴，因此对办公部门而言是个好兆头。在工业和零售房地产投 资信托基金的强劲表现的推动下，新加坡房地产投资信托基金也跑赢大市。
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Along with the improving COVID-19 situation in Hong Kong and the return to normal economic activity, market sentiment has improved, with a higher level of leasing activity in the office market. Most of the new leases in Central were premises of no more than 10,000 sq ft, while isolated new leases of larger areas were found outside the CBD area. With no quick escape in sight for COVID-ravaged economies, many tenants continued to look for costsaving solutions, which include rental abatement, rental deferment or lease restructuring to ease their financial pressure. But rental reductions were seen mainly for office tenants with a retail presence and were implemented only on a case-by-case basis.

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COVID-19 impacts are being felt across the REIT space. However, sectors will be impacted differently by both COVID-19 itself and the behaviors and measures that will be taken to address the outbreak. While at the time of this writing, REITs are likely oversold, pricing in the REIT market is diverging between property types, which could point to the future direction of private market values.

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Please find the constituent changes to the GPR/APREA Indices, which will become effective as of 22 June 2020 (start of trading). 

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The COVID-19 pandemic has brought much of the world and many of the key gateway markets in Asia that we discuss in this paper, to a near standstill. It has been an almost domino effect, where the health crisis has led to an economic and financial crisis. However, out of crisis can emerge new and interesting opportunities, as can be seen in the GDP forecast for 2020 and 2021, with China and Hong Kong, in particular indicatively forecasting the widest jump of over 700 bps – a clear indication of economic growth potential and the opportunities that will come with it.

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Despite the slowdown in real estate markets accelerating across most of the world into the second quarter of the year, acquisition trends in two key global cities, both in China, have turned positive. Global volumes started to wane around March this year, but the weakness in Asia Pacific had already been apparent for some time, as all of the region’s top 10 metros suffered double-digit declines in the first quarter. In contrast, more than half of the key metros in Europe and the U.S. recorded an increase in transaction activity, as economic shutdowns and travel restrictions were implemented later in the quarter.

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India Real Estate: What changed due to Covid-19? 

1. Raw material supply chains disrupted

• Construction requires more than 200 items

• Dependence on China for elevators, steel, etc.

• Limited availability and possible hike in raw material prices

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We are presently living in unprecedented times and Covid-19 has – in more ways than one – altered the way we live, think, work, or even socialize with people around us. However, there lies an opportunity in every crisis and Covid-19 looks no different. All industries including Indian real estate are now diligently working to innovate and strategize their business. Among the key noticeable trends already, Indian residential sector is all set to embark on a different growth trajectory with ‘home ownership’ gaining significant preference among the new-age millennials, probably because it renders high level of security.

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Investment in China’s commercial market was already proving challenging towards the end of 2019 as fundamentals that had supported demand were softening while new supply was pushing up vacancy rates in many markets. This, combined with low yields, made underwriting deals problematic unless there was significant add-value or specific area support, such as new infrastructure or master planning.

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