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With the rampant spread of COVID-19 worldwide, business sentiment has been severely affected. The weaker global economy and the across-the-board impact of the virus has made businesses very cautious. Many office tenants, both local and multinational, have tended to delay or put on hold their real estate decisions, resulting in low levels of leasing activity.
2 月 25 日に「新型コロナウイルス感染症対策の基本方針」が発表され、その後相次いで大型イベントの開催自粛や小中高の閉鎖などの方針が発表される中、海外各国でも同感染症の影響が拡大しています。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。
3 月 11 日、世界保健機関(WHO）は新型コロナウイルスの感染が「パンデミック（世界的流行）」に該当すると発表し、国から国への感染の広がりの制御が難しい状態にあるとの認識を示しました。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 10 日夜時点で判明している情報に基づいています。
The rapid economic growth of Asia-Pacific has had wide ranging consequences; supply chains have grown to exploit comparative advantages, particularly land and labour costs; investment capital has become better able and more willing to cross borders in search of higher returns and the benefits of diversification; and intra-regional travel and tourism has hit all time highs as more leisure time, higher incomes and substantial improvements in transport infrastructure have encouraged greater regional mobility.
Volume 1 discussed global event-correlations, impact on the economy, indications in stock markets, sector-specific sensitivities in India, etc.
Volume 2 focuses on
The impact of the pandemic has been pervasive with economic dislocations now reverberating across the world, hitting consumption, tourism, and supply chains. Financial market volatility has also increased with equity prices dragged lower through 2020. While REITs have not been spared in the current selloff, the recent price drops have upped the distribution yields of the region’s REITs, which rose to 4.4% in February, from 4.0% in January, according to the GPR/APREA Composite REIT Index. Yields for Singapore REITs rose 0.3 percentage points to 5.3% in the same period.
总体而言，写字楼面临的是疫情和经济环境综合效应的影响。疫情对写字楼的 影响相对于购物中心、百货商场等商业物业有明显的滞后效应。餐饮业、旅游 业、零售业等服务业先受影响，之后可能传导到某些生产服务业。影响的程度更 多取决于本次疫情时间的长短。经济有自己运行的规律，传导需要时间。疫情影 响到写字楼需求端，以2003年非典及2008年经济危机的经验来看，滞后的规 律是通常是6个月左右的时间。如果说中美贸易战是长期影响的话，希望疫情 的影响是短期波动的，但疫情导致中小企业的经营压力对于部分写字楼需求造 成的负面影响可能会持续。
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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Kemmu Kawai joined Longevity Partners Japan in September 2022 as the Country Director. Based in Tokyo, he oversees all operations and activities in Japan, the Asia-Pacific region and beyond. He brings him more than 16 years of experience in finance where he specialised in real estate and credit investments. Before joining Longevity Partners, he served as a Portfolio Manager at Norinchukin Bank and as Investment Manager at Center Point Development.
Kemmu Kawai
Managing Director
Longevity Partners
