市场前景

Momentum in the Japanese economy slowed with a negative 2.5% growth in the third quarter of 2018. This is largely related to the drop in exports and consumer spending due to the occurrence of natural disasters. Airport closure also caused a decrease in exports and the number of inbound tourist spending, which makes up part of total exports.

The Singapore economy grew at a slower 2.2% YoY in 3Q2018. The finance & insurance sector grew at a stronger 5.6% YoY, while the information & communications sector expanded by 4.7% YoY, leading to office-using employment increasing by 7,500 workers.

After nine years of relentless expansion, Asia’s real estate markets are facing rising headwinds.

An impending trade war, rising interest rates, tighter access to credit, and buyer fatigue at sky-high prices for both commercial and residential properties are causing investors to question whether the long bull cycle may be reaching its peak: “The market’s wobbling like a jelly on a plate,” as one investor put it. “We’re at historic highs across the board.”

That said, market fundamentals in 2018 remain robust.

After nine years of relentless expansion, Asia’s real estate markets are facing rising headwinds.

An impending trade war, rising interest rates, tighter access to credit, and buyer fatigue at sky-high prices for both commercial and residential properties are causing investors to question whether the long bull cycle may be reaching its peak: “The market’s wobbling like a jelly on a plate,” as one investor put it. “We’re at historic highs across the board.”

That said, market fundamentals in 2018 remain robust. Transactions for the year are at record levels and pricing is strong, sustained by ever-growing volumes of institutional capital piling up in Asia’s biggest economies.

For now, then, the music continues, and although some investors are looking to sell down their holdings and reposition, the sheer weight of capital looking to find a home in real estate means that prices may not fall significantly even if other indicators turn south.

Investors must consider more varied strategies than in the past to get money into the market.

布里斯班中央商务区的下一步发展方向是什么？

租户需求依然旺盛。点击“下载”按钮了解更多信息：

• 经济指标
• A级周边净租金市场展望
• 布里斯班边缘供应管道
• 2018年下半年主要租赁交易

近年来，由于净供应量偏低，市场复苏情况好于预期。我们认为入住率提升空间已不大；在我们看来，目前的供需关系依然紧张，足以支撑未来几个季度租金的温和增长。.

近年来，由于净供应量偏低，市场复苏情况好于预期。我们认为入住率提升空间已不大；在我们看来，目前的供需关系依然紧张，足以支撑未来几个季度租金的温和增长。.

自2013年以来，年均净吸纳量为2.01万吨，高于年均净新增供应量0.81万吨，使空置率降至周期性低点。我们认为，鉴于空置率已触及周期性低点，当前市场价格仍有上涨空间。自2012年以来价格复苏乏力，也有助于延续目前缓慢但稳定的市场复苏势头。.

布里斯班中央商务区的下一步发展方向是什么？

大型租户正在寻找办公空间。点击“下载”按钮了解更多信息：

• 经济指标
• 优质毛有效租金 
• 新建项目和大型翻新工程
• 2019年第一季度主要租赁交易

GPR/APREA亚太地区业绩概览追踪亚太地区12个国家/地区和8个行业在多个时间跨度内上市房地产证券（包括房地产投资信托基金）的动态变化。

• 亚太地区政府债券受 10 月份市场调整的影响最小（总回报 -1.3%），其次是 REITs（-3.6%）。.
• 在一年、五年和十年的投资期限内，房地产投资信托基金（REITs）都是表现最强劲的资产类别。.

澳大利亚房地产委员会 (PCA) 于 8 月发布数据显示，截至 2018 年 7 月 1 日，墨尔本中央商务区的空置率仅为 3.6%。这是自 2008 年 7 月以来的最低空置率。该空置率也低于一年前调查受访者的预期‡，当时预计 2018 年第三季度的空置率为 6%。.

本文将涵盖以下内容：

机会型房地产：高风险，高回报

随着投资者对高风险策略的追求日益增长，机会型私募房地产基金也越来越受到他们的关注。本文将分析该策略的风险/回报特征。请阅读文章第二页了解更多信息。.

房地产投资者最新动态……

本文将涵盖以下内容：

机会型房地产：高风险，高回报

随着投资者对高风险策略的需求不断增长，以期获得高回报，机会型私募房地产基金越来越受到他们的关注。我们将深入分析该策略的风险/回报特征。

房地产投资者最新动态

本文摘自最新发布的Preqin投资者动态报告《另类资产，2018年下半年》，详细介绍了投资者未来一年的房地产投资计划，包括他们接下来的投资目标以及最具投资机会的地区和策略。欲了解更多信息，请阅读第4页全文。.

GPR/APREA 亚太地区业绩快照》对亚太地区 12 个国家/地区和 8 个行业的上市房地产证券（包括房地产投资信托基金）的动态进行了多时段跟踪。.

• 2018 年 9 月及过去三年，亚太股票资产类别的总回报率表现最佳。.
• 在一年、五年和十年的投资期限内，房地产投资信托基金（REITs）都是表现最强劲的资产类别。.