思想引领

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/

我们对写字楼的看法正在发生变化，但写字楼对企业的发展仍然举足轻重。随着我们从艰难的阶段中走出来，我们来看看在过去的 30 个月中，办公空间的吸收发生了怎样的变化。.

在本报告中，我们观察了大流行前和大流行后的租赁模式。虽然从 2020 年 4 月起租赁量有所下降，但也出现了一些有趣的趋势。首先，北部城市群和班加罗尔成为最具弹性的写字楼市场。其次，租户正在更新现有空间，同时推迟新的租赁决定。第三，大流行病过后，金融、保险和证券公司继续扩大其业务范围。.

入驻者希望在新一代的办公室里办公，配备现代化的设施，注重健康和保健。办公空间将更加注重灵活性，办公者热衷于为分散的员工探索协同办公空间。.

未来是混合型的。写字楼的使用模式将发生变化，使用方将变得灵活，以最大限度地提高效率。随着用户制定战略，开发商也将变得更加灵活。.

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/

8 月份的零售额同比下降了-1.7%。这一下降是由于悉尼、墨尔本和堪培拉的停业导致消费者在服装、鞋类以及咖啡馆和餐馆的消费急剧下降。一旦停工解除，预计第四季度将出现强劲反弹。.

消费者信心持续回升，部分原因是就业形势好于预期。在解禁路线图公布后，9月份消费者信心指数为106.2，环比增长2.0%。.

大多数市场的租金保持稳定，大型零售商铺的净租金同比增长 9.9%，表现强劲。.

由于资本继续向零售业寻求稳健的回报，所有资产类别的收益率都大幅上升。.

2021 年第三季度的交易量共计 $2.12 亿吨，比受到 COVID 限制严重影响的 2020 年同期增加了 91% 吨。.

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/

Following the sobering assessment of climate risk by the UN’s Intergovernmental Panel on Climate Change (IPCC) and ahead of the imminent COP26 summit in Glasgow, in our latest report, Real (E)state of Emergency, we give our view on the impetus for the property industry across Asia Pacific to act.

Whether you are an investor or occupier in this region, find out how to translate net-zero organizational goals to tangible initiatives and strategies at the corporate, portfolio and asset level, including:

• TCFD climate risk disclosures
• Green financing
• ESG due diligence
• Refurbishing of ageing stock
• Decarbonization through property lifecycle
• Carbon hierarchy
• Mitigation & adaptation strategies
• Carbon/green certifications

本文最初发表于 https://www.cushmanwakefield.com/

中国  

“Excessive leverage and tighter financing conditions for both developers and homebuyers have heaped pressure on the market, causing some spectators to suggest an impending real estate collapse. Seasoned watchers, however, expect a drawn-out, managed asset restructuring of heavily indebted developers unable to meet their repayment obligations as well as assurances that home buyers, suppliers and employees are taken care of.” – James Macdonald 

香港

“Fresh challenges have emerged as the Evergrande saga begins to unfold and mainland authorities move to regulate a wide range of industries with negative implications for office demand, while an assured retail market recovery remains elusive.”– Simon Smith

印度 

“Decision-delays owing to the second wave of pandemic led to a noticeable slowdown in investments. PE investment inflows into the Indian real estate sector during Q3/2021 declined by 45% QoQ. The silver lining, however, was seen in data centres and life science R&D assets, which attracted investors during the quarter.” – Arvind Nandan

印度尼西亚 

“Positive news from the management of the pandemic has boosted confidence among developers who are preparing new launches or rolling out expansion plans. Sales are rising in the residential market while interest from foreign investors in the data centre and logistics sectors continues to strengthen on the back of robust demand from both domestic and regional players.” – Anton Sitorus

日本 

“Amid hopes of fresh leadership, Japan’s faster pace of vaccinations is paving the way for new economic progress.”– Tetsuya Kaneko 

马来西亚 

“Total transaction volume in the first three quarters of 2021 amounted to RM5.7 billion, a notable 30% increase compared to the first three quarters of 2020.” – Nabeel Hussain 

新加坡 

“The need to deploy investment capital is greater than the obstacles posed by the pandemic.” – Alan Cheong

韩国

“Officetel prices are booming as a result of the ongoing housing shortage.” – JoAnn Hong

台湾 

“The Taiwanese Central Bank announced another round credit controls to cool the market, however, China’s power cuts might be another catalyst for Taiwanese companies to shift production back to Taiwan which will support further price increases in the industrial property sector.” – Erin Ting 

泰国 

“A tentative easing of lockdowns and improved vaccination rates are providing some relief to the hard-hit economy while New Economy companies continue to emerge as key drivers of demand for offices, data centres and logistics space.” – Palathip Chunhasomboon

越南 

“Vietnam remains an attractive investment destination for foreign investors from Japan, Korea and Singapore, with the real estate market achieving total registered foreign direct investment of US$1.78 billion in the first 9 months of the year. Projects located in satellite areas, with space to develop infrastructure and value add facilities, are the focus.” – Troy Griffiths

本文最初发表于 https://www.savills.co.jp/

• In Q3/2021, Wuhan’s retail property market saw no new supply and witnessed the closing of Hanjie Wanda Plaza in Zhongnan Zhongbei Road, which will be transformed into an SKP by Wanda Group and Beijing Hualian Group. The citywide retail property stock decreased to 6.64 million sq m by the end of Q3/2021.
• Upgraded stock projects brought several central China first stores, especially in the luxury retail sector.
• Driven by capital investments, popular F&B brands expanded vigorously. Several coffee and bakery brands opened their first stores during the quarter.
• Due to the tenant adjustments in current projects, the citywide vacancy rate decreased 1.0 percentage point (ppt) to 8.1% quarter-on-quarter (QoQ). The prime area’s leasing performance took the lead, with its vacancy rate falling 1.8 ppts to 9.3% QoQ.
• The average rent for the ground floor of citywide shopping malls rose to RMB 308.2 per month per sq m, with the rental index moving up 0.7% QoQ and 0.3% year-on-year (YoY).
• In Q4/2021, Wuhan’s retail property market will see the delivery of Huafa & City Hub, Wuhan Joy City, Wanda Plaza (Hanyang) and Vanke Future Centre, adding over 450,000 sq m new supply to the market.

本文最初发表于 https://en.savills.com.cn/

• 2021 年第三季度，武汉甲级写字楼市场没有新增供应，因此全市甲级写字楼存量仍为 226 万平方米。.
• 本季度信息技术、商业服务和消费服务的租赁需求活跃，分别为 26.3%、16.0% 和 15.1%，位居各行业前三位。.
• 租金下降释放了升级和搬迁需求，占全市总量的 44.2%，而新设需求也很旺盛，占 26.5%。义务教育 “双减 ”政策的实施，使许多在线教育企业被淘汰出局。.
• 全市甲级写字楼净吸纳量为40,000平方米，环比下降12.1%。截至本季度末，甲级写字楼平均空置率下降 1.8 个百分点，为 35.1%。.
• 全市甲级写字楼平均租金已连续 7 个月下跌，但跌幅有所收窄。截至 2021 年第三季度末，甲级写字楼平均租金跌至每月每平方米 102.2 元，租金指数环比下跌 0.41TP3，同比下跌 4.11TP3。.
• 武汉甲级写字楼市场有望在下一季度引入 TF 大厦和华夏银行大厦。由于工期延误，多栋地标性甲级写字楼将推迟至 2022 年交付。.

本文最初发表于 https://en.savills.com.cn/