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Manufacturing property as an asset class is rising in importance as more new or rejuvenated production locations outside of China emerge, with transactions of manufacturing assets growing 19% p.a. since 2011.

In the logistics sector, online grocery sales – the fastest-growing category of online retail sales in Asia Pacific – is predicted to rise 30% p.a., driving demand for last mile delivery facilities.

本报告将探讨以下内容：

• China Plus One strategies and the opportunities for industrial property occupiers and owners
• Opportunities in the last mile and cold chain segments of logistics networks
• The most attractive cities in Asia Pacific for industrial occupiers and owners
• Investment trends in key markets

Most major regional economies continue to make steady progress after a devastating 2020 and ‘reform and recovery’ should emerge as the key themes of the year. While a smooth transition to normality is not assured (as India has shown) a pick-up in transactions volumes suggests a growing confidence among regional real estate investors as Asia continues to outpace both Europe and the US.

资本市场

随着经济复苏势头增强，新加坡2021年第一季度房地产投资额初步环比增长11.51万亿卢比，达到4万亿卢比（35.23亿美元）。.

办公室

受低空置率的支撑，A级（核心CBD）写字楼市场租金下跌趋势在经历了四个季度的调整后止跌回升。相反，B级写字楼市场空置率居高不下，租金进一步下跌。.

商业园区

2021年第一季度，商业园区市场表现略有疲软。净吸纳量为负值，这主要是由于城市边缘子市场的影响。.

零售

黄金地段零售物业租金下跌速度有所放缓。业主对租金预期依然保持灵活态度。.

住宅

住宅市场的强劲表现进一步提振了购房者的信心，并促进了新楼盘的销售。.

工业的

2021年第一季度租赁活动保持稳定，但较上一季度强劲的表现有所放缓。交易主要包括续租和搬迁，以及少量新设和扩建项目。.

Across the Asia Pacific region, property markets started the year on a strongAcross the Asia Pacific region, property markets started the year on a strongnote, with office, industrial and logistics assets driving the ongoing recovery.

In China, the busy first quarter saw end-users and investors, including foreign investors, closing major deals in keycities. There was a resurgence in investor interest in Hong Kong and Singapore, while Japan witnessed the completionof a number of commercial and residential transactions. In Korea, low interest rates and liquidity continued to fueldemand for office space, a trend likely to persist as competition intensifies for a shrinking pool of assets, while Taiwansaw demand spike for commercial properties. In Australia, a typically quiet quarter witnessed heightened activity in theoffice segment, while New Zealand’s property market, buoyed by policy changes, low interest rates and expectations ofreopened borders, is gearing up for an active year.

In the region’s emerging markets, India saw healthy demand for residential and commercial assets, and investorsremain bullish about the market’s medium to long-term prospects. Vietnam’s property sector is in the midst of arebound supported by government reforms, while Indonesia’s property market is benefiting from a smooth rolloutof vaccines and policy changes that should strengthen purchasing power, improve market confidence and encourageinvestment. Thailand is also witnessing higher levels of market activity, especially in the logistics, warehousing andindustrial sectors, but a rebound in the hospitality sector will depend on the resumption of international travel. In thePhilippines, where the economy shrunk last year for the first time since 1998, the property market is likely to pick upfollowing the easing of quarantine restrictions and the deployment of vaccines. Meanwhile, in Myanmar, the ongoingpolitical turmoil will affect the near-term outlook, but the market is expected to retain its long-term growth potential,especially in the infrastructure and industrial segments.

Is Hong Kong is poised for a real estate resurgence?

Two years ago, Hong Kong was the world’s third largest real estate market, trailing only New York and London. The twin challenges of protests and a pandemic have taken their toll. So last week, Yardi called in the experts for their take on Hong Kong’s future.

Is Hong Kong is poised for a real estate resurgence?

Two years ago, Hong Kong was the world’s third largest real estate market, trailing only New York and London. The twin challenges of protests and a pandemic have taken their toll. So last week, Yardi called in the experts for their take on Hong Kong’s future.

David Green-Morgan, Managing Director Real Capital Analytics in Asia Pacific, Tommy Wu, Lead Economist for Oxford Economics in Asia, and Yardi’s Regional Director, 伯尼·德文 joined us for the first instalment of Yardi’s Executive Briefing Series for 2021. And here’s why they think Hong Kong real estate is ready to bounce back.

• The macro indicators are positive

Political unrest had already damaged Hong Kong’s economy prior to Covid-19, and a 6% contraction followed in 2020, Wu told Yardi’s engaged audience. But Oxford Economics is forecasting a strong recovery, with 4% growth in 2021, and then 2.5% annually out to 2025. All the macro indicators bode well, Devine added, pointing to the vaccine rollout, slowly improving retail performance and unemployment rate, as well as the city’s strong financial governance framework, which remains a source of competitive advantage.

• Office’s bumpy ride is over

Political protests had a greater impact on Hong Kong’s commercial office sector than the global pandemic, Wu highlighted. Office prices fell during the protests, but the market is “bottoming out” and demand is returning. Green-Morgan agreed, pointing to recent deals struck at the 73-storey skyscraper at 99 Queens Road, The Center, which were “more or less on par” with 2018 prices.

“Quite a few multinationals have been shifting business functions to other key cities in Asia – like Singapore and Kuala Lumpur – but they are still keeping their offices in Hong Kong,” Wu added. Oxford Economics expects the financial sector “to continue to thrive” and the tech sector, while small, will be a powerful engine for growth. Hong Kong remains “the gateway in and out of China”.

• Residential remains resilient

While Covid-19 hurt the labour market, and unemployment currently sits at 7%, this has not affected housing demand, Wu said. Why is this? Most participants in the housing market are in the financial and other high-paying sectors, and these weren’t hit hardest by Covid. “The real impact on Hong Kong was the protests. In fact, Covid has had hardly any impact on property prices, when you take a high-level view,” Devine observed.

Will migration, especially from those who hold British National Overseas passports, affect the housing market? Wu pointed out that the bulk of these migrants are young and footloose, but not asset-rich and were unlikely to be in the market for housing. Meanwhile land supply will remain “tight – at least over the next few years,” Wu added.

• Risk and rewards in restructured retail

Retail could take some time to recover, and Oxford Economics does not expect to see a repeat performance of the bounce back in 2003, following SARS. This marked a golden decade for retail and China’s emergence as a “major force” in tourism. “This won’t happen again,” Wu warned.

More than 80% of inbound tourists hail from China, but the falling price of luxury goods in China has eroded Hong Kong’s appeal as a shopping destination. Tourism is now at a “crossroads,” Wu added. Recovery in tourist arrivals will lag other nearby cities, and this will lead to “structural change” in retail.

While Hong Kong has some of the highest rents in the world, and while yields have been “incredibly low” in recent years, some investors are beginning to take a punt on the return of Chinese tourism. “This is the big unknown,” but prices are now low enough “that people are willing to take a bet,” Green-Morgan added.

• Hong Kong stays strong

“The last two years have been a real challenge for Hong Kong, but overall investor sentiment towards the city is becoming more positive,” Green-Morgan said. Despite recent declines, “Hong Kong is still one of the most investable cities in the region, and indeed the world”.

Hong Kong’s performance over the last decade has shown “some of the strongest price growth markets in the world”, and is bested only by Tokyo, Seoul and Shanghai for investment.

According to Real Capital Analytics data, a massive $50.3 billion in cash was splashed on property throughout the Asia Pacific region in the last quarter of 2020. Hong Kong’s 171% increase in transaction volumes year-on-year was “a big reason why the region as a whole did so well,” Green-Morgan explained.

• A new wave of capital is coming

Real estate investment trusts came under “huge pressure” in 2020, posting 30-40% price declines, Green-Morgan explained. Some of that has been “clawed back”, although retail REITs are “still being quite badly beaten up”.

But Hong Kong and China will continue to be “major players” and an important source of capital around the world, with $10 billion of Chinese and Hong Kong capital flowing out in 2020 alone. Our experts pointed to 联易房地产信托, Asia’s largest REIT in terms of market capitalization, as just one example of investors on the hunt for premium-grade assets.

Private equity, pension funds and sovereign wealth funds are those with the “big war chests at the moment,” Green-Morgan explained, and have real estate in their sights. Expect some “big deals on the horizon,” he said.

If you missed Yardi’s Hong Kong market update, don’t skip our insights into Singapore and Malaysia on 21 April, and Australia and New Zealand on 28 April. Click Here to register.