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New Zealand’s recovery from the impact of Covid-19 got underway in 2021 however by this was derailed in August by the Delta variant, which returned the country into a nationwide lockdown, and resulted in the closure of the trans-Tasman bubble border.
 
Despite the Covid-19 challenges, transaction activity has remained buoyant with $300+ million sales YTD in 2021, characterised by firm yields, unsatisfied capital, and a scarcity of quality purchase opportunities.

本文最初发表于 https://www.cbre.com/

Fukuoka’s residential market remains resilient

• Fukuoka has been the fastest growing city among major regional cities in Japan.
• The city’s compact and convenient layout, young demographics, and accommodating attitude towards new ideas attract students, workers, and entrepreneurs.
• With the leadership of its media-savvy mayor, Fukuoka is striving to become a leading city in Asia with start-ups, digital transformation, and redevelopment.
• The central areas, such as Tenjin and Hakata, have seen sound demographic growth, and redevelopment projects such as Tenjin Big Bang and Hakata Connected should further help to make these areas attractive.
• As a major beneficiary of inbound tourism until the pandemic, the progress towards the normalisation of international travel is a welcoming development for Fukuoka.

本文最初发表于 https://www.savills.co.jp/

Following the COVID-19 pandemic in 2020, Australia’s anticipated gradual recovery in 2021 was derailed by the DELTA variant which returned Sydney, Melbourne and Canberra into extended lockdown and border closures nationally.

The lockdowns and associated travel restrictions have activated Australians to become “double vaccinated” with the 80% target to be achieved by December this year, which will then increase to 90%.

Restricted international travel will recommence in Australia in November 2021 and will gradually increase as travel bubbles are initially established, which will inevitably lead to normal international travel.

Despite the COVID challenges, transaction activity has remained buoyant with $1+ billion sales YTD in 2021, characterised by firm yields, unsatisfied capital, and a scarcity of quality purchase opportunities. 

This augurs well for improved conditions in 2022 after the summer break and we would expect that:

• Domestic leisure will return to key city destinations, having been absent for two years and to experience new hotel inventory
• Domestic leisure will continue to support the regional drive markets
• Corporate activity will begin to rebound in Q1 2022 and continue as Australia “gets back to business”
• International travel will resume and gradually build with IATA expecting that 2019 levels will be reached in 2023/24.

本文最初发表于 https://www.cbre.com/

Investment sentiment continues to recover

North Asia led the region’s recovery with a strong flow of investment activity while Southeast Asian markets are anticipated to steadily reopen borders by implementing a variety of travel schemes.

• In Q3/2021, an APAC hotel investment volume of US$2.2 billion was registered across 43 transactions, up 12% yearon- year (YoY). 75% of the transactions were completed by domestic buyers. The top three most active markets this quarter were Japan, South Korea and Taiwan, together accounting for 51% of the total regional hotel sales volume. 
• With three transactions, Japan led the region with a total hotel transaction volume of US$590 million, a sharp increase compared to the same quarter last year which reported US$168 million. 
• Taiwan recorded US$265 million across six transactions. This reflects a decrease of 72% YoY, mainly due to the sale of Sunworld Dynasty, largest hotel transaction of 2020. 
• Reporting the highest number of transactions in the region this quarter, South Korea registered US$253 million across ten transactions.

本文最初发表于 https://www.savills.co.jp/

The way we view offices is changing, but they remain pivotal to an organization’s growth. As we emerge stronger from a tough phase, we look at how office space absorption have changed over the last 30 months.

In this report, we observe leasing patterns pre pandemic and post pandemic. While leasing has declined from April 2020, there are some interesting trends that have emerged. Firstly, NCR and Bengaluru emerged as the most resilient office markets. Secondly, occupiers are renewing existing spaces, while postponing fresh leasing decisions. Thirdly, BFSI companies are continuing to expand their footprint, post pandemic.

Occupiers are looking to be in new-generation offices with modern amenities with focus on health and wellness. There will be more emphasis on flexibility, with occupiers keen to explore coworking spaces for a decentralized workforce.

The future is hybrid. Office usage patterns will change, and occupiers will become nimble to maximize efficiency. As occupiers devise their strategies, developers too will become more adaptable.

本文最初发表于 https://www.colliers.com/

The future is hybrid. Office usage patterns will change, and occupiers will become nimble to maximize efficiency.

• Fresh leasing post pandemic was at 67 million sq ft, a drop of 45% from pre-pandemic levels.
• Occupiers are negotiating and renewing spaces, while postponing fresh leasing decisions. 
• Bengaluru followed by Mumbai witnessed the highest share of term renewals post pandemic.
• Renewals accounted for 23% of the leasing post March 2020, up 8 percentage points from pre 
pandemic scenario.
• Pune, followed by Hyderabad saw the steepest decline in leasing post pandemic.

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

As landlords grapple with changing consumer behaviour and increasing vacancy, the number of new gyms and fitness studios opening across Australia has grown solidly. Can landlords capitalise on this demand to fill residual space in shopping centres?

本文最初发表于 https://www.cbre.com/

Retail sales fell -1.7% (m-o-m) in August. This fall was off the back of lockdowns in  Sydney, Melbourne and Canberra which resulted in a sharp decline of consumer spend on clothing and footwear and at cafes and restaurants. This is expected to rebound strongly in Q4 once lockdowns lift.

Consumer confidence has shown continued recovery, in part driven by stronger than expected employment outcomes. Consumer sentiment index grew 2.0% m-o-m in September to measure 106.2 off the back of roadmaps out of lockdowns being released.

Rents were stable in most markets with large format retail recording strong net face rental growth of 9.9% y-o-y.

Yields sharpened across all assets classes as capital continues to look to the retail sector for solid returns.

Transaction volumes in Q3 2021 totalled $2.12b, up 91% on the same period in 2020 which was heavily impacted by COVID restrictions.

本文最初发表于 https://www.cbre.com/

Vacancy rate rising but demand growing for large-scale units in Tokyo

Tokyo: Grade A minus vacancy rate reaches 4% for first time in seven years
All-grade vacancy rate rose by 0.8 points q-o-q to 3.6% in Q3 2021, led by increase in vacancy in existing premises. In particular, Grade A-minus vacancy rate rose the largest among all three grades. All-grade rent was down by 0.8%, with Grade A rents falling the most.  With significant new supply slated for 2023, landlords are lowering rents to secure tenants.
 
Osaka: Vacancies filled in Grade B buildings
The all-grade vacancy rate rose by 0.5 points q-o-q 2.8% in Q3 2021. With many tenants remaining cost-conscious, smaller premises are in higher demand than larger spaces, meaning that Grade B units are increasingly favored. Rents fell across the board in Q3 2021, with Grade A rents dropping sharper than those for Grade B buildings.
 
Nagoya: All-grade vacancy exceeds 3% for first time in four years
The All-grade vacancy rate rose by 1.0 points q-o-q to 3.8% in Q3 2021. Larger premises tend to require more time to secure new tenants. With pre-leasing of units slated for completion also sluggish, the vacancy rate is projected to continue to rise. All-grade rents were down 0.1% q-o-q, driven by lowering of asking rents for Grade A offices with relatively large vacancies.
 
Regional cities (Sapporo, Sendai, Saitama, Yokohama, Kanazawa, Kyoto, Kobe, Takamatsu, Hiroshima, Fukuoka): Subdued tenant interest in large-scaled office space
The All-Grade vacancy rate for Q3 2021 rose in six of 10 regional cities, fell in two, and remained unchanged in two. Smaller units of 100 tsubo or less secured tenants across a range of industry sectors looking to expand or set up new establishments. All-Grade rents rose q-o-q in five of 10 cities, fell in three, and remained unchanged in two. The cities whose rents rose were due to contracted rents of newly completed buildings pushing up the overall average.

本文最初发表于 https://www.cbre.com/