市场前景

甲级和乙级写字楼市场在过去一年中租金均实现了显著增长。然而，受新冠疫情影响，市场增速放缓的趋势可能在2020年末出现。.

• 中央五区（C5W）的空置率仍然极低，租金也再次上涨。然而，随着市场努力应对新冠疫情的影响，预计这股上涨势头将会逐渐减弱。.
• C5W A级写字楼市场的平均租金环比增长1.0%，同比增长7.1%，达到每月每坪37,759日元。.
• 截至 2020 年第一季度，C5W 地区 A 级写字楼的平均空置率在本季度和本年度保持稳定，约为 0.3%。.
• 大型 B 级写字楼的平均租金上涨至每坪每月 28,558 日元，环比增长 1.31 万亿日元，同比增长 6.51 万亿日元。.
• 与甲级写字楼类似，本时期大型乙级写字楼的平均空置率变化不大，为 0.3%。.

China is the world’s second-largest economy and its second-largest consumer market (13.1% in 2018) having overtaken Japan in 2005, as well as being one of the fastest-growing large markets. International retailers have been placing increased importance on the market with some making China its regional headquarters. Meanwhile…

China is the world’s second-largest economy and its second-largest consumer market (13.1% in 2018) having overtaken Japan in 2005, as well as being one of the fastest-growing large markets. International retailers have been placing increased importance on the market with some making China its regional headquarters. 

Meanwhile, domestic brands are growing in confidence, experience and markets share and have started to expand internationally. These brands, having grown up in China, are incredibly nimble and have a native understanding of the unique challenges and opportunities in China—from innovation speed, distribution and marketing channels (social ecommerce, live streaming, KOLs, etc.).

They are incredibly disruptive and innovative, as well as gaining in scale, number and influence. Gone are the days that China would look to the west for inspiration.

As COVID-19 continues to spread across the world without an end in sight, global capital markets have unsurprisingly been hit hard and the J-REIT market has suffered more than most. Yet, under the current circumstances, it is easy to forget that J-REITs had performed solidly up until 20 February – when the TSE REIT Index peaked at over 2,250 (Dividend: 3.5%, NAV: 1.28). Things swiftly changed thereafter, however, as the index lost around half of its value over the course of the following month, plummeting to 1,145 (Dividend: 6.8%, NAV: 0.69) by 19 March. A modest recovery to 1,640 (Dividend: 4.8%, NAV: 0.97) by 25 March notwithstanding, the index has hovered around the 1,500 mark (Dividend: 5.2%, NAV: 0.90) since the start of April – around 30% below its preCOVID-19 high. 

As reported in the semi-annual survey by the Japan Real Estate Institute (JREI) and BAC Urban Projects, rental growth in Tokyo’s prime retail submarkets on the whole was impressive during 2H/2019. Average 1F rents increased by 4.9% half-year-on-half-year (HoH) and 14.9% year-on-year (YoY). As for Non-1F rents, growth in this sector has yet again exceeded its typically more volatile 1F peer, rising 8.8% HoH and 15.9% YoY. As such, for the first time, non-1F rents in all submarkets sit above JPY30,000 per tsubo per month. At the submarket level, 1F rents in Ginza remain streets ahead of rivalling districts, whilst the spread between average non-1F rents remains tight.

新冠疫情持续打压写字楼租金，中环和金钟的租金同比分别下降18.61万亿令吉和22.21万亿令吉，连续第11个月下跌。由于当前租金大幅下调，注重成本的租户开始在低迷的市场中寻求更优惠的交易，从而带动了租赁活动的增加，高于上月水平。然而，在港岛东，由于写字楼空置率保持在较低水平（鲗鱼涌：0.51万亿令吉，北角：5.11万亿令吉），该地区的租金保持稳定。.
 

持续的新冠疫情无疑是影响亚太房地产市场第一季度的主要因素。疫情对整个地区的市场情绪造成了一定程度的冲击，但各国政府强有力的刺激计划和政策正在缓解疫情的影响，并且该地区许多行业都涌现出新的机遇。在香港，经历了长期的政治和经济不确定性之后，疫情进一步加剧了市场的下行压力，导致主要参与者持观望态度。同样，在新加坡，不确定性也开始限制住宅和商业地产市场的活跃度。流入印度房地产市场的私募股权资金已大幅减少，而对缅甸等充满活力的新兴市场的投资也已被搁置。.

从 2016 年秋季开始，日本经济持续温和扩张。然而，2018 年，经济转入停滞趋势，随后自 2019 年起持续温和放缓，年底前衰退几成定局。日本房地产销售/交易市场出现转机的迹象已经非常明显，例如，房地产销售签约率下降，交易收益率触底反弹。市场似乎已经达到顶峰。日本房地产租赁市场的状况继续改善。然而，在酒店和零售设施方面，转机已经显现，这表明市场将在一定时间后转向衰退。.

该地区的主要长期投资属性依然存在：

- 经济增长与业务扩展

- 基础设施投资

- 增强连通性

- 收入与消费之间的良性循环

新型コロナウイルス (COVID-19) が世界中で広がり続けている中、消费者による、生产、流通消费量な影响を受けており、消费财及び小売 (CG&R)行业で事业を行う企业の课题は増加している。ラグジュアari及びfu ァッション、食品及び饮料、化妆品、耐久消费财及び电子机器からホテル、rizoto、観光まで、あらゆる业界のサブセクターに属する企业は、多くの重大な経営上及び法律上の问题に直面している。本チェkkurisuto は、CG&R企业が急速に変化する状况を切り抜けるための一助となることを目的とした、新兴risukuと可能な解决策のチェkkrisutoである。 

紧急事态宣言の発令以降、大都市圏の多くの企业が急速なテルワークへの切替えや事业体制の见直しに追われる一方面、3月决算企业では决算·监查対応を中心に多くの课题が生じるなど、事业への影响は日々拡大しています。多くの海外地域においては引き続き厳格な境外限制や営业禁止等のロックダウン措置が継続している单独一份、地域においては行动制限の軽减・解除に向けた议论が始まるなど出口戦略の模索も始まりつつあります。