资本市场

In Colliers’ latest report Global Capital Markets: Insights and Outlook – Global Capital Flows, Singapore tops the list of biggest global spenders so far in 2023 followed by the US. The Lion City, with cross border capital investments worth USD 21, 840 million in H12023, now represents around a quarter of the total investments and is three times bigger as a spender this year versus Canada in the third position.

Hong Kong and Japan stood out as the fourth and fifth largest source of cross-border capital, spending USD 6,508 million and USD 5,151 million respectively in the first half of this year.

The region came out equally strong as an investment destination. Japan, China, Australia and Singapore are among the top 10 investment destinations globally with healthy investment growth seen across each of these markets.

Office: Office leasing volume slightly improved on a q-o-q basis but most deals involved renewals, relocations, and consolidations. All markets tracked by CBRE (except Seoul) saw vacancy increase over the quarter. Rents were flat despite solid growth in Sydney, Perth, Seoul and selected micro-markets in major cities of India.

Retail: Retail leasing activity continued to recover as retailers stayed cautiously optimistic. Site inspections by retailers rose to their highest levels in June since surveys began, thanks to resilient upgrading demand and requirements from new market entrants. Occupancy in core retail districts gradually recovered over the period, pushing up rents by 0.2% q-o-q.

Logistics: Subdued regional export demand, slowing manufacturing activity and weak e-commerce growth strained logistics leasing demand. New supply remained elevated while rents increased by 1.1% q-o-q, marking a second consecutive quarter of weaker growth.

Investment: With interest rates yet to reach their peak and property yield expansion insufficient to reflect the rising cost of finance, investment volume contracted by 37% y-o-y to US$19.2 billion. Cross-border investment volume totalled just US$4.1 billion. Negative carry continued to make investors hesitant to invest in Asia Pacific commercial real estate.

本报告最初发表于 https://www.cbre.com/insights/figures/asia-pacific-figure

The Singapore property market remains resilient despite weakening property demand. Market rents have continued to rise amidst a tight supply pipeline. However, with weaker growth prospects and a flight to quality, the market is starting to bifurcate, with non-prime assets seeing stagnating growth.

Our latest paper explores the economic outlook for Singapore, the impact on the office, industrial, retail, private residential, and hotels sector, and latest investment trends.

下载报告

Q2 2023 Singapore Figures report provides the latest commentary and data on net absorption, rents, vacancy, supply and other key metrics in Singapore’s office, business parks, retail, residential and industrial markets, along with an analysis of real estate investment activity.

执行摘要

Office: With a low prevailing vacancy level, gross effective rents for the Core CBD (Grade A) market increased marginally by 0.4% q-o-q.

Business Parks: Leasing activity was focused on renewals as occupiers exercised more caution due to rising global macro economic headwinds. Selected tech and R&D industries gave up space in Q2 2023.

Retail: Prime retail rents for all submarkets rose further in Q2 2023, supported by the continued recovery of the Orchard Road, City Hall/Marina Centre and Fringe areas, and the resilience of the suburban market.

Residential: Private home prices declined for the first time in three years after cooling measures.

Industrial: Prime logistics rentals have grown by 8.6% in H1 2023, despite a weak macroeconomic backdrop mainly due to limited supply.

Investment: Preliminary real estate investment volumes in Singapore for Q2 2023 declined 44.1% q-o-q and 64.3% y-o-y to $3.495 bn, mainly on sharp falls in retail and office asset sales.

本报告最初发表于 https://www.cbre.com.sg/insights/figures/singapore-figures-q2-2023

FY23 saw PE activity in real estate stable on a y-o-y basis. However, there was a keen interest in platform deals, with a total value of $4.5 Bn. Most of the large ticket platform deals were in rent-generating assets (offices & warehouses) for pan India developments, while the smaller ticket items were largely for residential developments in southern cities of India. Domestic investors were significantly more active in FY23, while foreign investors have seen their incremental investments decline. Consequently, the share of domestic PE investors in Indian RE increased from 14% in FY22 to 22% in FY23.

亚太地区的投资者对办公楼市场长期基本面持乐观态度，因此办公楼市场仍然是他们关注的重点。.

• 在亚太地区，墨尔本和东京在实现价值稳定和复苏的道路上表现突出，而全球范围内的哥本哈根、多伦多和旧金山也同样如此。. 
• 尽管亚太和欧洲、中东及非洲地区的核心办公楼仍然是投资者的首选，目前的办公楼投资额也证实了这一点，但北美的情况却截然不同。.
• 亚太地区的办公楼入住率平均为每3吨801人，办公密度依然很高。欧洲的入住率回落至每3吨651人，北美则为每3吨501人。.
• 首尔和新加坡的净吸纳量比历史平均水平高出 30%，并且这两个市场的空置率在 2022 年均出现下降，这与全球大多数主要市场的情况相反。. 
• 尽管 2023 年第一季度的销售交易有限，但我们预计随着利率周期预期峰值在 2023 年下半年到来，市场情绪将会回升，投资者和供应商将对整个地区的资产价值和借贷成本有更清晰的认识和信心。.

下载报告

Key Trends

• Investment sentiment remains subdued
• High interest rates continue to weigh on investor demand
• Office (-40% q-o-q) and industrial (-52% q-o-q) investment declines sharply
• Negative carry drives some motivated sellers to increase discounts
• Cap rates set to expand further over remainder of year
• Purchasing activity to remain muted but should resume in H2 2023
• Prices to undergo further downward adjustment

本报告最初发表于 https://www.cbre.com/research-and-reports?PUBID=CA8D02B3-3EA7-409C-B5BA-0BD91194CD6E

This report examines the investment capital flows to and from the Asia Pacific region in 2022, and highlights the key markets and sectors that saw notable inflows and outflows.

主要亮点包括：

• India was the only market in Asia Pacific to attract more international capital in 2022 compared to the previous year.
• While Singapore remains the biggest source of capital in Asia Pacific, investment halved from 2021.
• Western investment in mainland China fell to just US$500 million in 2022.
• Interest and exchange rate volatility has eroded Asia Pacific investors’ appetite for U.S. real estate.
• U.S. investment in Asia Pacific slowed significantly due to sharp interest rate hikes in H2 2022.

本报告最初发表于 https://www.cbre.com/insights/reports/2022-asia-pacific-real-estate-capital-flows

Q1 2023 Singapore Figures report provides the latest commentary and data on net absorption, rents, vacancy, supply and other key metrics in Singapore’s office, business parks, retail, residential and industrial markets, along with an analysis of real estate investment activity.

Executive Summary:

• Office: The strong momentum amongst the office sector began to show signs of moderation as uncertainties within the tech and banking sectors grew.
• Business Parks: Rental increase for City Fringe took a pause as rents remained flat for the first time after seven consecutive quarters of increase. Rents for Rest of Island also remained flat in Q1 2023.
• Retail: Prime retail rents for all submarkets continued to rise in Q1 2023, buoyed by the recovery of the Orchard Road, City Hall/Marina Centre and Fringe areas and the resilience of the suburban market.
• Residential: Private home price growth saw an uptick amid low transaction volumes.
• Industrial: Amid strong competition for storage space in modern ramp-up developments, prime logistics saw the strongest rental growth of 3.7% q-o-q in Q1 2023.
• Investment: Preliminary real estate investment volumes in Singapore for Q1 2023 surged by 73.0% q-o-q (but down 40.9% y-o-y) to $6.068 bn, mainly on the large-ticket retail asset divestments by Mercatus.

本报告最初发表于 https://www.cbre.com.sg/insights/figures/singapore-figures-q1-2023

Q4 2022 Singapore Figures report provides the latest commentary and data on net absorption, rents, vacancy, supply and other key metrics in Singapore’s office, business parks, retail, residential and industrial markets, along with an analysis of real estate investment activity.