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2019 was a year to remember for the logistics sector. With the sector’s potential upside, investors were competing fi ercely to get some exposure to the asset class. Investment volumes and completions hit record highs, whilst logistics J-REIT unit prices soared. Looking forward, new initiatives by major retailers, such as Aeon and Nike, may have profound implications not only for the logistics sector, but also for retail. 

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欧米における急速な渡航制限・行動制限の拡大に伴い、新型コロナウイルスの国内外における事業活動への影響が一層深刻化してきています。感染拡大に伴う国内の各種法律問題に加え、海外に子会社・関係会社を抱える企業からの問い合わせも増えているため、当事務所の海外オフィスと連携して速報ベースで各国の方針や影響拡大状況の概要につきお知らせ致します。なお、本ニュースレターは感染拡大が続く間、不定期に配信していきたいと思いますが、同感染症の拡大状況については日々状況が変化している中、本ニュースレターの内容がその後変更・更新されている可能性については十分ご留意の上参照ください。本ニュースレターの内容は、特段記載のない限り、2020年3月17日夜時点で判明している情報に基づいています。

尽管目前的新冠肺炎（COVID19）疫情与2002-03年的SARS（SARS-CoV）疫情之 间不可避免地存在相关性，尤其是基线事件在本质上非常相似，因此多见以SARS事 件作为参考来分析此次疫情将会产生的潜在影响。然而，疫情发生的背景完全不同， 2002/03年的世界与今天的世界也截然不同。比如，当时美国及其盟国不久就对伊拉 克发动战争；美国经济更加脆弱；当时中国在世界经济中的影响力比现在要小得多……

Just as trade-related tensions appeared to be easing between the U.S. and China, the Asia Pacific region found itself at the forefront of the COVID-19 outbreak. The U.S.-China phase one trade deal was signed on Jan. 15, just as the coronavirus was becoming evident in Wuhan, Hubei. Asia Pacific became the first region to experience the real economic repercussions. China’s GDP growth will be dented, which in turn will exert economic stress on the Asia Pacific region and the global economy as a whole.

This guide gives a brief comparative overview of certain key insights to the real estate industry in Cambodia, China, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.

• The novel coronavirus outbreak, first reported from Wuhan city in Hubei province, central China, represents a new downside risk for the regional economy.
• The first case of the coronavirus, now formally named COVID-19 by the World Health Organization, was reported on Dec. 31, 2019, and there have since been multiple developments with the virus and much speculation on the impacts.
• To help better understand the current and future impact on commercial real estate in key markets in Asia Pacific, Cushman & Wakefield has compiled their initial guidance and analysis in our Potential Impacts of the COVID-19 Pandemic on Commercial Real Estate in Asia Pacific report, which you click the Download button below.

We expect a global economic recession to eventuate. The key question is how quickly the economy bounces back. This mostly depends on how rapidly COVID-19 is contained. We believe that real estate in general will see strong investor support in the medium term due to the increased need for yield alternatives given record low bond yields on one hand, and, even if the equity market bounces back, a desire for stable asset classes on the other.

The first couple of months of 2020 have been dominated by fears of the novel coronavirus’s impact on global economies and property markets. Historically, investors tend to become more cautious in their investment choices during periods of heightened uncertainty, and this year has been no exception in the Asia Pacific region. However, a closer analysis of Real Capital Analytics data shows that investor risk aversion had already been growing over the prior months.