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2022年12月7日，中国政府宣布了一项十点计划，标志着其对新冠肺炎疫情采取的“零容忍”政策有所转变。这些措施出台之际，正值中国短期经济指标持续走弱，地方政府尤其面临严重的财政压力。.

零售和旅游业有望成为政策放松的主要受益者。鉴于亚太其他市场自疫情相关政策放松以来的表现，世邦魏理仕预计，随着疫情逐渐消退，民众逐渐适应与新冠病毒共存的政策，优质零售空间需求上升，购物中心租金触底反弹，零售商的扩张最早将于2023年第二季度开始加速。.

就办公楼市场而言，随着疫情限制措施的放宽，实地考察次数将会增加。随着租户业务前景和经济复苏的推进，办公楼需求有望在未来三到六个月内出现反弹。.

经济基本面的改善应会提振2023年商业地产投资规模，而国内机构投资者仍将是主要驱动力。五年期贷款市场报价利率（LPR）目前处于历史低位4.31万亿卢比，较低的贷款成本将增强中国对跨境投资者的相对吸引力。.

世邦魏理仕建议长期核心投资者重点关注一线城市周边的租赁型多户住宅、商务园区和工业园区，以及上海和北京的优质写字楼资产。同时，建议机会型投资者关注陷入困境的资产。中国内地经济的重新开放最终将惠及香港特别行政区、日本和泰国的零售和酒店业，以及澳大利亚的学生公寓和住宅市场。.

本报告最初发表于 https://www.cbre.com.cn/en/insights/briefs/China-Brief–China%E2%80%99s-shift-from-zero-covid-to-reopening-seen-as-hugely-beneficial-to-real-estate

• 在调查期间，租户咨询和现场考察次数有所增加，主要受零售和工业领域的推动。中国大陆地区的活动继续受到严格的疫情相关措施的限制。.
• 由于经济前景黯淡，许多租户转而采取观望态度，导致传统办公空间和灵活办公空间的需求均有所降温。此外，由于受访者认为工业领域的整合趋势加剧，工业领域的租赁需求也有所下降。.
• 虽然在调查期间，韩国、新加坡和澳大利亚的租金前景变得更加乐观，但中国大陆等落后市场也预计租金下降速度将放缓。.
• 区域租赁市场情绪总体保持稳定。尽管中国大陆表现最弱，但随着近期新冠疫情零排放政策的放松，预计前景将更加乐观。随着市场进一步向租户倾斜，业主优势持续减弱。.

本报告最初发表于 https://www.cbre.com/insights/briefs/asia-pacific-market-sentiment-survey-december-2022

In the first survey of its kind, CBRE polled more than 20,000 people worldwide – from Gen Z to Baby Boomers – earlier this year to understand how they will live, work and shop in the future, and how this will impact the real estate they use. Included in the survey were around 9,000 respondents from Asia Pacific.

The survey findings revealed fresh insights that can be harnessed to inform real estate occupier and investor strategies, and ensure that real estate is positioned to meet users’ evolving needs.

Key Asia Pacific findings include:

LIVE

• Strong desire to move: 32% want to move their home, with city centre areas most popular
• Robust homebuying sentiment: 66% of those planning to move homes want to buy instead of rent
• Shifting preferences for home selection: 66% say health and safety is a more important factor than price                  

WORK

• People want more flexibility: 85% currently spend at least three days per week working at the office
• Location is key: 75% are satisfied with their city centre offices; 55% who work in suburbs stated the same
• Workplace quality matters: 69% of office-based workers attach greater importance to workplace quality

SHOP

• Most consumers prefer to shop offline: 61% prefer to see products in-store before ordering online
• Outlook for personal finance is upbeat: 53% expect their financial situation to improve over the next year
• Ethical consumerism is growing: 80% are more aware of environmental & social issues when they shop

本报告最初发表于 https://www.cbre.com/insights/local-response/asia-pacific-live-work-shop-report-2022

KEY TAKE-AWAYS

• APAC countries continue to rank highly as locations of production, particularly due to the abundant supply of low cost of labour: of the top 12 locations, half are in APAC.
• Many of the countries that have slipped in the rankings compared with 2021 have done so due to increased costs (particularly for labour and electricity) and increased risk (economic, political and natural disaster); a number of these countries are in Europe where the war in Ukraine has had a significant impact on cost and risk factors.
• A wide range of countries have also experienced even greater constraints in the availability of labour as unemployment rates have continued to fall; this has affected countries across all geographic regions and states of economic development albeit key production locations in emerging APAC markets continue to benefit from expanding labour pools.
• A number of countries – particularly in Europe – have improved their ability to achieve sustainability targets, including efficient resources use and creating green economic opportunities, bolstering their longer term economic outlook and risk profile.
• U.S. companies are bringing jobs and supply chains home at a historic pace. American companies are on pace to reshore, or return to the U.S., nearly 350,000 jobs this year, according to a report published by the Reshoring Initiative.

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