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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.

本文最初发表于 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.

本文最初发表于 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.

本文最初发表于 https://www.cushmanwakefield.com.cn/en/

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.

本文最初发表于 https://www.cbre.com/

写字楼净吸纳量创历史新高，大宗物业投资意愿增强

写字楼市场

净吸纳量延续上行并创下单季历史新高。搬迁扩租态势进一步扩大，TMT持续增长，同时金融及医药行业加速布局。受需求全面回暖的带动，全市租金止跌企稳，报价和有效租金较上季度分别上调0.6%和0.8%，前滩和南京西路回暖最为明显。

零售市场

三个优质项目入市，为市场带来共计43.2万平方米的零售供应。租赁需求活跃，餐饮依旧是当前主力需求，占比39%；时尚品类占比24%，其中女装与运动品牌需求最为亮眼。

物流市场

第三季度市场未录得新增供应，季内第三方物流引领市场需求，松江、奉贤与金山分别录得若干第三方物流公司的新租扩租需求，旺盛的需求致全市空置率持续下降，平均租金稳步上涨。

商务园区市场

旺盛需求持续释放，商务园区写字楼单季净吸纳量达36.5万平方米，仅次于2015年峰值。

投资市场

上海以25笔大宗交易共计218.7亿元交易总额继续领跑全国，尽管单季金额环比下降，但年内累计成交金额达678.0亿元，接近去年全年水平。

本文最初发表于 https://www.cbre.com/

Investment Volume Remains High As Office Net Absorption Sets New Benchmark

OFFICE                                                                                   

Net absorption reached an historical high in Q3 2021 thanks to a wave of relocations and expansions by TMT and pharmaceutical occupiers. Strong leasing momentum ensured asking and effective rents rose by 0.6% and 0.8%, respectively, with growth led by New Bund and Nanjing West Rd.

RETAIL

Three new shopping malls were delivered this quarter, adding 432,000 sq. m. of new retail space to the market. F&B retailers dominated leasing demand, accounting for 39% of total space leased in Q3 2021. The fashion category accounted for 24% of leasing volume, with significant demand originating from women’s wear and sports brands.

LOGISTICS

No new logistics supply came on stream in Q3 2021. 3PLs continued to dominate leasing demand, with Songjiang, Fengxian and Jinshan recording a steady flow of new leases and expansions. Robust demand and limited availability in most submarkets ensured overall vacancy declined and overall rents rose.

BUSINESS PARK

Strong leaving activity pushed up net absorption to 365,000 sq. m., bringing the year-to-date (y-t-d) figure to a level slightly below the record set in 2015.

INVESTMENT

Shanghai remained the country’s most buoyant investment market, registering 25 en-bloc deals worth a combined total of RMB 21.87 billion in Q3 2021. Despite a q-o-q slowdown in investment volume, the y-t-d figure reached RMB 67.8 billion, just below last year’s full-year total.

本文最初发表于 https://www.cbre.com/

The Asia-Pacific Prime Office Rental Index saw a 0.3% quarter-on quarter decrease, and a 3.1% year-on-year decline, a continuation of the deceleration we’ve been seeing since the start of 2021, despite the resurgence of cases in many parts of the region.

Overall vacancy remains unchanged, as improvements in take-up in some markets are cancelled out by negative net absorption in others. The final stretch of 2021 should see continued stabilisation of prime office rents. As such, occupiers are more forward-looking as compared to one to two quarters ago and are able to put in place some growth plans in terms of the trajectory of their headcounts and office requirements. We are cautiously optimistic that the rate of rental decline will continue to decelerate towards the start of next year.

本文最初发表于 https://www.knightfrank.com/

• Commercial real estate investment totalled HK$19.2 billion in Q3 2021, a decline of 31% q-o-q. However, the Q2 2021 total was skewed by one very large transaction.
• Industrial buildings remained keenly sought-after, with HK$7.9 billion-worth of industrial assets changing hands this quarter, the highest of any sector. Five of the ten largest deals completed in Q3 2021 involved industrial properties.
• The period saw stronger demand for office properties. While no en-bloc deals were signed, several office floors were transacted in both the CBD and in decentralised locations. Office capital values edged up by 0.3% q-o-q, their first quarterly growth since Q3 2018.
• In addition to transactions for street shops in neighbourhood areas, the quarter saw a few eye-catching sales in traditional retail districts.
• Local investors turned more active in Q3 2021, accounting for 32% of investment volume, the highest among all buyer categories.

本文最初发表于 https://www.cbre.com/

• The trade environment continues to strengthen. High freight forwarding costs mean traders are looking to utilise more warehouse space to protect margins.
• Ongoing power shortages in mainland China highlight the risk of weaker export growth, which could drag on logistics demand in the near term.
• While leasing demand remained strong in Q3 2021. reduced space availability led to a drop in leasing volume compared with the previous quarter.
• Retail and F&B-related occupiers drove demand, while tech and telecom firms were also observed to be seeking space.
• Retailers are expected to become more proactive in securing both retail and warehouse space in the coming months as fundamentals improve.
• A further decline in warehouse vacancy underpinned steady rental growth in Q3 2021.
• With space availability set to remain for longer, further rental growth in expected over the next 6-12 months.

本文最初发表于 https://www.cbre.com/

• The government’s introduction of consumption coupons underpinned stronger retail sales growth in August, reversing the trend of slower m-o-m growth witnessed since the start of the year.
• Leasing sentiment improved over the quarter, with demand being driven by casual wear, sporting goods and F&B retailers.
• Central saw several major commitments by a range of retail trades and for a variety of lease durations and purposes.
• The expiry of several short-term leases ensured overall vacancy edged up in Q3 2021.
• Both high street shop and shopping centre rents were stable over the quarter.
• While rents are expected to rise steadily in the coming months, a sharp uptick is not expected until luxury and other premium retailers resume expansion along high streets.
• Stronger rental growth will materialise in 2022 should cross-border travel normalise by early next year.

本文最初发表于 https://www.cbre.com/