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亚太地区市场投资活动活跃，为年终业绩的强劲表现奠定了基础。.

充足的流动性和宽松的限制措施激发了投资者的兴趣，支持了亚太地区房地产市场的强劲活动，为年底的强劲表现奠定了基础。.

亚太地区趋势和报告要点：

• 澳大利亚 和 新西兰 随着主要城市摆脱长期的限制，投资者的乐观情绪和商业信心得以恢复，尤其是在办公楼市场。.
• 香港 由于经济回暖提振了投资者的胃口，交易量实现了 20% 的环比增长。.
• 投资活动 中国 在中国主要市场上，各类资产共完成了 20 多笔交易，交易总额约为 272 亿元人民币（42 亿美元）。.
• 新加坡‘零售业在第三季度的投资活动中遥遥领先，总交易额达 75 亿新元（55 亿美元）。.
• 韩国‘受首尔写字楼投资需求飙升的推动，本季度首尔写字楼市场十分活跃。.
• 办公楼、多户住宅和物流部门 日本 在房地产投资信托价格回升至《19 世纪房地产投资信托协议》生效前水平的背景下，房地产投资信托继续吸引着投资者的强劲需求。.

下载以下报告，了解更多针对亚太地区投资者的专家建议。联系方式 唐俊 和 约翰-马拉斯科 了解亚太地区资本市场的更多主要趋势和机遇。.

本文最初发表于 https://www.colliers.com/en-in/

Market softening continues

The rapid vaccine rollout, increasing corporate profits, and limited supply should give the market some much needed breathing room.

• The lukewarm market sentiment continued to weigh on office rents and vacancy in the central five wards (C5W) this quarter.
• Average Grade A office market rents in the C5W fell 2.2% quarter-on-quarter (QoQ) and 8.2% year-on-year (YoY), and now stand at JPY34,370 per tsubo per month.
• The average Grade A office vacancy rate in the C5W increased by 0.8 percentage points (ppts) QoQ and 1.8ppts YoY to 2.5% in Q3/2021.
• Average large-scale Grade B office rents declined to JPY26,106 per tsubo per month – a contraction of 2.5% QoQ and 8.4% YoY.
• The average vacancy rate in the Grade B market loosened by 0.5ppts QoQ and 2.3ppts YoY to 3.3%.
• With the rapid vaccination rollout, strong corporate profit growth and limited supply until 2023, market sentiment should begin to stabilise or even improve.
• The poor performance of less accessible and older offices remains a drag on the office market overall. Meanwhile, tenant preferences for easily accessible and new offices persist.

本文最初发表于 https://www.savills.com.hk/

Downtrend in rents continues

Although rents have weakened, occupancy rates see a slow recovery.

• Rents in the Tokyo 23 wards (23W) fell by 0.9% quarter-on-quarter (QoQ) and 3.6% year-on-year (YoY) to JPY3,929 per sq m this quarter.
• Average mid-market rents in the central five wards (C5W) saw a small decline this quarter and are now at JPY4,661 per sq m – a fall of 0.2% QoQ and 3.6% YoY.
• The C5W premium has inched up to 17.9% – up 0.3 percentage points (ppts) from Q2/2021.
• In the C5W, average rents for units in the 15-30 sq m size band have again decreased this quarter. However, the 30-45 sq m size band saw a small increase in rents.
• The average occupancy rate in the 23W rose by 0.2ppts to 95.6%. The C5W saw a similar increment, increasing 0.2ppts to 94.5%.
• The C5W has seen a population decline, driven by younger families who appear to prefer larger units.

本文最初发表于 https://www.savills.com.hk/

复苏仍遥不可及

在大体稳定的市场中，中环出现了一些租赁活动迹象，而餐饮业再次成为业主的首选行业。.

• 第三季度市场相对稳定，零售业情绪疲软，而餐饮业仍是难得的亮点。.
• 外出就餐或 ‘美食之旅 ’已成为当地人的 ‘新假期’，为所有价位的餐饮业提供了支持。.
• 核心地段的租赁活动基本保持低迷，只有中环因依赖本地高端需求而继续受益。.
• 优质街铺和大型购物中心的租金已趋于稳定，季度增长率分别为 0.4% 和 1.2%。.

本文最初发表于 https://www.savills.com.hk/

Rental declines continue across the board

Rental declines were milder in Kowloon with vacancy gradually absorbed after the aggressive rental adjustments of late last year. 

• Grade A rents fell by 1.5% in Q3/2021 compared with a 2.6% decline in Q2/2021.
• The Central office market has been buffeted by the same headwinds as other markets, but despite this we have seen some selective expansion demand and new leases among Mainland financial institutions as well as new industry tenants.
• In the uncertain environment, serviced offices are popular, and we note more take-up from large operators in core business districts.
• Rental declines were milder in Kowloon with vacancy gradually absorbed, particularly in Tsim Sha Tsui and Kowloon East.
• Vacancy rates continued to climb to 9.3% in Q3 with office buildings in some areas, such as North Point and Kowloon West, suffering more than others.
• Upcoming supply in prime areas is seeing some early pre-commitment.
• As Central’s rental premium over the rest of the market narrows, decentralised rents may in turn come under pressure. Looking ahead, during a period of uncertain prospects and elevated supply, a lot will depend on demand from PRC firms over the next 12 to 24 months.

本文最初发表于 https://www.savills.com.hk/

Investors remain engaged

Logistics leasing activity levels revived in Q3 with operators opting to renewal in order to minimize business disruption, while those with expansion needs were looking for relocation options.

• The revival of the local trading and retail sectors has meant that many logistics operators were keen to renew leases to avoid business disruption, while those with expansion demand chose to relocate. 
• Overall and modern warehouse rents continued to rebound by 2.1% and 2.5% in Q3/2021 respectively, while both overall and modern warehouse vacancy rates fell to 3.2% and 2.6% over the same quarter, after a small spike last quarter.
• Investment sentiment continued to revive in Q3 with 17 major deals of over HK$100 million concluded worth a total of over HK$7.3 billion.  While investment funds were still keen on the high yield logistics sector, we note more participation from logistics operators (for eventual owner-occupation) and developers (for redevelopment).
• With local and global supply chains both expected to continue to rebound, short-term logistics demand seems to be sustainable. Nevertheless, a total of 7 million sq ft of new warehouse space is scheduled to come on stream over the next two years, so far with little pre-commitment, and this will test market resolve when it arrives in 2022 and 2023. 
• The robust investment sentiment for warehouse assets so far this year has already pushed prices up and yields down.  With Revitalization Policy 2.0 extended for another three years, we expect industrial investment to refocus more on run-down industrial premises with redevelopment potential.

本文最初发表于 https://www.savills.com.hk/

• Based on the Ministry of Trade and Industry’s (MTI) Q2 2021 economic survey, Singapore’s economy grew 14.7% year-on-year (y-o-y) in the second quarter of 2021. On a quarter-onquarter (q-o-q) seasonally-adjusted basis, Singapore’s economy actually contracted by 1.8% in Q2 2021, compared to the 3.3% q-o-q expansion recorded in the first quarter of 2021.
• Manufacturing continued to drive the recovery in Singapore, as semiconductor manufacturers and sub-contractors supporting electronics firms reaped the benefits of the global chip shortage. The precision engineering and electronics clusters recorded 24.3% and 18.3% y-o-y growth respectively. These numbers were overshadowed by the impressive growths seen in the transport engineering and chemicals clusters, which recorded 29.6% and 20.1% y-o-y growth respectively, although this was largely the result of the low base effects in 2020.

本文最初发表于 https://www.knightfrank.com/

• Prices of non-landed private residential properties (excluding Executive Condominiums (ECs)) grew by a marginal 0.5% quarter-on-quarter (q-o-q) in Q3 2021** to 159.6, with transactions in the Rest of Central Region (RCR) being the main contributor to the rise. The quarterly increase was moderated when compared to Q1 and Q2 2021, where the index grew by 2.5% and 1.1% respectively.
• There were 7,103 non-landed private homes (excluding ECs) transactions in Q3 2021*, a slight 1.4% decrease q-o-q. While both Q2 and Q3 2021 included periods where Singapore was in or reverted to Phase 2 (Heightened Alert), quarterly sales volume largely held up above a respectable 7,000 units. Especially when compared to an average of about 4,162 units during the pre-pandemic year of 2019*.

本文最初发表于 https://www.knightfrank.com/

• 随着房地产市场交易步伐的普遍加快，第三季度录得约 $75 亿吨的投资交易，其中 49.7% 来自公共部门的交易。这一交易量与上一季度的 54 亿吨相比，环比增长了 38.71 吨，与去年同期的 48 亿吨相比，同比增长了 58.11 吨。.
• 第三季度的投资额主要来自于四块政府土地出让（GLS）地块的销售，其中滨海景观储备地块以 15 亿新元的价格成交，成为土地出让金额最高的地块，其次是 Jalan Anak Bukit 地块，成交价为 10 亿新元。随着近期某些GLS招标的疯狂竞价，其他渴望土地的开发商可能会将注意力转移到不同地点的小面积地块所提供的更大多样性上，如业主正试图集体出售的更容易接受数量的地块。Flynn Park 集体出售交易的成交价为 $.71 亿新元，即每平方英亩 1,355 新元，鉴于许多业主都热衷于集体出售其老化的单位，这可能会在整块市场上引起连锁反应。因此，售价在 S1TP4.6 亿或以下、约 600 个单位的项目可能会找到愿意购买的买家。.

本文最初发表于 https://www.knightfrank.com/

CBRE Research recently analysed the land and buildings held on balance sheets across 40 ASX200/NZX50 listed companies. What we discovered was that well over $AU24 billion of capital could be unlocked and reinvested into higher returning opportunities in the Materials, Healthcare, Telecommunications, Transport and Industrial sectors in Australia and New Zealand.

There is strong demand from listed and unlisted property funds for long-term leased properties. The ability to capitalise on improving market values, dispose of under-utilised assets and acquire capital to fund other business strategies are just some of the reasons why listed corporates are targeting owner-occupier sales. In the Pacific region alone, there has been a well-worn path of owner-occupier real with c.AU$11 billion already realised over the past five years.

With significant yield compression evident across all commercial asset types since 2015, particularly in the industrial property sector, the opportunity could be even higher than our initial AU$24 billion estimate as corporates in Australia and New Zealand revisit their property occupancy strategies to unlock value.

本文最初发表于 https://www.cbre.com/