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Retail leasing demand in the world’s leading retail markets continues to rebound as economic activity recovers in the wake of the COVID-19 pandemic. The Tokyo retail market is no exception, with a resurgence in retailer demand having commenced in H2 2022.

In addition to existing retailers looking to increase their store numbers, several overseas brands have made their first ventures into the Japanese market. As was the case prior to the pandemic, Tokyo continues to be a preferred location for retailers seeking to establish or extend their store presence.

This report compares Tokyo with several of the world’s other major retail markets including New York, London, Paris, Milan, Shanghai, Hong Kong, and Singapore and explores the following factors that make Tokyo, and Japan as a whole, an attractive location for retailers to establish stores.

Tokyo: Rents are reasonable when compared to city GDP
Japan: E-commerce ratio as a percentage of total retail sales is low
Japan: Inbound tourist numbers and tourist consumption have demonstrated considerable scope for growth

本报告最初发表于 https://www.cbre.com/insights/viewpoints/tokyo-the-city-of-choice-for-retailers

Asia Pacific is continuing to witness aggressive expansion across primary and secondary data centre markets with 9.7GW operational, 3.3GW under construction and 8.5GW in planned stages across the region.

The usual primary markets, Beijing, Hong Kong, Mumbai, Seoul, Shanghai, Sydney and Tokyo, continue to experience growth despite headwinds originating from a lack of land parcels and power availability. As a result, ancillary locations are being evaluated as part of expansion strategies. The moratorium’s cap on Singapore’s IT capacity has led to unmet demand in the market, which has spilt over into nearshore markets such as Johor, which is seeing a huge pipeline under development and commitments to land banks. Similarly, Greater Jakarta’s large pipeline is driven by its central geographic location in South-East Asia and the country’s immense population growth has sustained its appeal to major investors and operators.

Global cloud service providers (CSP) continue to show a marked interest in secondary markets across the region. Hyperscale CSPs have planned presence in the secondary markets of Auckland, Bangkok, Busan, Kuala Lumpur, Osaka, Pune and Taipei.  The tendency for colocation operators, developers and investors to follow CSPs into new frontiers with their own data centre deployments will see secondary markets attract new players and witness rapid growth over the next few years.

The Asia Pacific data centre region is experiencing varying speeds of development and so, for the first time, we have introduced our Asia Pacific Data Centre Markets Maturity Index, to track the evolution of a number of notable markets each quarter. This report will delve into 12 notable markets: Tokyo, Mumbai, Sydney, Singapore, Seoul, Johor, Jakarta, Hong Kong, Manila, Bangkok, Auckland, and Ho Chi Minh City.

Institutional investors have continued to pose faith in the Indian real estate sector despite the global headwinds, including uncertainty over economic growth and geopolitical tensions. The rise in investment inflow is an indication of the growth opportunities as India continues to emerge as a bright spot among international markets.

The country’s property sector has attracted over USD 2.9 bn/USD 2,939 mn worth of investments across 22 deals during H1 2023. The average deal size of investments increased by 17% to USD134 mn compared to USD115 mn, an aggregate of 2022, according to JLL. The investment pattern continues to be robust and is expected to cross USD 5 bn in CY 2023, which has been the annual trend pre-covid and in 2022.

Key highlights of the report:

• H1 2023 witnessed significant increase in domestic capital to 44% share of the total investment compared to 18% in 2022
• Office sector remained the most favoured sector with a major share of 66%
• Residential sector attracted investments of USD 512 mn across nine deals in H1 2023
• Warehousing attracted investment of USD 366 mn i.e.,80% higher than H1 2022
• USD 2,792 mn of platform commitment announced across 4 deals in H1 2023 to be invested in the next few years
• Successful listing of India’s first retail REITs with 81% anchor contribution by major domestic insurance companies, mutual funds, and pension schemes

近年来，在消费者信心高涨、楼盘供应充足、价格竞争力强以及利率环境有利等因素的推动下，住宅市场持续开启增长新篇章。2023年上半年强劲的销售业绩充分印证了住宅市场的强劲势头，两个季度均售出超过6.2万套住宅。.

值得注意的是，2023年第二季度销量超过64,500套，环比增长41万亿至3万亿美元。有趣的是，过去一年中，住宅销售额每个季度都在持续攀升，创下新高。与此趋势相符，2023年第二季度销量超过了2023年第一季度创下的历史最高纪录，成为自2008年以来最高的季度销量。.

2023年第一季度和上半年住宅市场的主要趋势：

• 得益于高质量的产品上市，季度销售额创下新纪录。
• 2023年上半年住宅销售额飙升至15年来的最高水平
• 高端公寓的销售呈现上升趋势
• 2023年第二季度和2023年上半年新产品发布量依然保持强劲势头。
• 班加罗尔、孟买和浦那的销售额占季度销售额的 62%。
• 强劲的需求推动印度七大城市资本价值上涨。

2023年第二季度，印度七大主要城市的办公楼租赁总面积达1270万平方英尺，延续了上一季度的市场增长势头，凸显了印度办公楼市场的韧性。与上半年相比，租赁总面积也增长了2.51万亿平方英尺，表明印度办公楼市场明显免受全球经济逆风的影响。.

净吸纳量环比增长41万亿至3万亿美元，但鉴于全球经济不确定性带来的不利因素依然存在，租户对大规模扩张计划仍持谨慎态度。印度七大城市的净吸纳量打破了此前的下滑趋势，达到三季度以来的最高水平。尽管租户对扩张活动仍略显谨慎，但印度本土企业和全球租户仍在持续增长，只是增速略有放缓。.

目前空间需求已趋于稳定，并呈现复苏迹象，交易完成情况有所好转，新的需求不断涌现，从而维持了整体需求规模。尽管全球经济逆风和科技增长乏力仍将是制约因素，但印度过去六个月展现出的韧性预计将在今年余下的时间里得以延续。交易完成情况将对2023年的预测产生重要影响，任何延误都可能导致2023年的增长略显疲软，但会对未来几年产生积极影响。.

2023年第二季度办公楼市场主要趋势

• 净吸纳量回升至795万平方英尺，为三个季度以来的最高水平。
• 季度供应量为1050万平方英尺，环比增加5.31万亿平方英尺。
• 科技企业继续领跑季度租户活动；灵活办公空间巩固增长势头，位居第二。
• 各大城市租金持续上涨

随着新加坡逐步走出疫情阴霾，商业活动逐渐恢复正常，企业租户更加重视员工生产力和办公空间利用率的提升。随着办公场所转型升级，企业迫切需要调整并“打造更优质的办公空间”，以满足员工和高管快速变化的需求。此外，租户还应积极寻找新的机遇和策略，以确保其投资组合能够适应未来发展。.

世邦魏理仕 2023 年新加坡办公楼租户情绪调查报告包含了来自金融服务、科技、媒体、电信和专业服务等各个行业租户的见解。.

主要研究结果包括：

• 新加坡的平均利用率达到 64%，预计未来 6 至 12 个月内将进一步提高。.
• 短期内租赁市场情绪依然谨慎，更多企业选择续租或重新谈判，但 45% 预计未来 3 年将扩大其企业投资组合。.
• 绿色建筑需求强劲，但绿色溢价仍然较低。67% 愿意支付的溢价低于 5%。.
• 随着越来越多的公司采用灵活办公和混合办公模式，员工与办公桌的共享比例预计将会增加。67%计划在未来两年内提高办公桌共享比例。.

本报告最初发表于 https://www.cbre.com.sg/insights/viewpoints/2023-singapore-office-occupier-sentiment-survey

• 2023年第一季度，工业租赁和价格指数连续第十个季度上涨。租赁指数环比上涨2.81万亿吨，较上一季度的2.11万亿吨有所加速，创下自2013年第三季度以来的最大季度涨幅。同样，工业价格环比上涨1.51万亿吨，较上一季度的1.71万亿吨略有放缓。.
• 2023 年剩余供应量为 1030 万平方英尺，从现在到 2025 年平均供应量为 1090 万平方英尺，较高的供应量将继续抑制租金和价格的增长，但也可能为租户提供更多选择。.
• 工业指标依然疲软，制造业产出、NODX 和 PMI 均持续萎缩。.
• 贸易紧张局势导致业内人士寻求加强供应链，一些企业计划在新加坡设立工厂，这将继续支撑工业需求。.