思想引领

过去五年，亚洲在FTSE EPRA/Nareit发达市场指数（全球最受关注的房地产指数）中的份额从2017年的25.0%下降到2022年底的21.0%。这一变化主要归因于美国房地产投资信托基金（REITs）的增长，进一步将上市房地产投资信托基金的权力平衡转移到北美，北美在该指数中的份额从2017年的57.1%上升到2022年的64.0%。.

美国房地产投资信托基金（REITs）领域的增长主要得益于经济结构转型和股权投资者强劲需求催生的众多另类房地产板块。这些另类板块在富时EPRA/Nareit发达市场指数美国部分的占比从2007年的34.0%上升至2017年的47.5%，并在2022年达到55.0%。.

美国上市 REIT 领域的增长非常显著，以至于像 FTSE 这样的指数编制者推出了上限指数，限制美国成分股的规模，以避免全球指数越来越被视为‘美国及其他’，从而降低其对投资者的实用性。.

有人可能会问：为什么亚洲另类房地产投资信托基金（REITs）的增长速度未能跟上美国的增长步伐？事实上，亚洲另类REITs的增长速度甚至超过了美国。尽管亚洲在全球REIT指数中的权重有所下降——从2017年的27.11万亿至2022年的21.01万亿至2022年——但亚洲另类REITs的权重却从全球指数的2.31万亿至3.8 ...

本文由 CenterSquare Investment Management 亚太区主管兼高级合伙人 Joachim Kehr 撰写，探讨了美国和亚洲另类 REIT 随着时间的推移而扩张背后的行业，并探索了哪些行业为亚洲另类 REIT 提供了最大的增长潜力，提出了维持这种增长的进一步措施。.

As international container shipping increases, so does the need for more logistics real estate—especially in seaport markets. In this report, CBRE looks at 18 well-established and emerging seaports to understand their capabilities and connections to other ports, as well as how they influence nearby industrial real estate markets.

主要发现：

• Ocean shipping keeps growing—more than 80% of the world’s merchandise trade by volume is seaborne, of which more than half is shipped in ocean containers—driving strong demand for logistics space near seaports.
• E-commerce sales and holding more inventory to guard against supply chain disruptions are also spurring demand for industrial & logistics properties—especially those with strong transportation links to seaports.
• Transportation costs are a paramount consideration in site selection, accounting for 45% to 70% of logistics spend, versus 3% to 6% for fixed facility costs like rent.
• Ongoing risks—including persistent inflation, rising interest rates, geopolitical tensions and pandemic-related disruptions—are prompting companies to reevaluate supply chain strategies and locations.

本报告最初发表于 https://www.cbre.com/insights/reports/2022-global-seaport-review

Real estate investors enter 2023 facing a very different investment landscape to the one they encountered at the beginning of 2022. Many property markets were still riding high this time last year. In 2021, they had delivered the strongest returns since before the 2008 global financial crisis (GFC), bouncing back from COVID-19-related weakness on the back of pent-up demand and a particularly buoyant industrial market. As 2022 progressed, however, that pent-up economic demand combined with exogenous supply shocks associated with the Russia-Ukraine war drove inflation to levels not seen in decades.

The future for real estate investing has not been so uncertain since the GFC, and this new environment presents many challenges for investors: Overall deal activity has plummeted as investors pause to reassess the risks they face and underwrite appropriately. While it is clear that sentiment is weak, this pause in activity levels means that pricing evidence is scarce; and for that reason, it will be important to triangulate from a range of data types and sources. Without the tailwind of compressing yields, returns will be driven more by occupier-market fundamentals — which, for office markets, are at a structural turning point. Understanding the interplay of rental growth, occupancy and expenses on delivered income across markets and property types will be key. These factors will be just a selection of the growing number of inputs that may drive asset performance in an increasingly complex investment environment. The ability to attribute risk and performance to a growing number of factors like yield and leasing profile, as well as exposure to more secular risks like climate change, will be increasingly important for investors.

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The rush of post-pandemic activity in the data center space seen throughout 2021 continued in 2022, despite headwinds in the overall economy and resource challenges in some of the largest markets worldwide. Hyperscale tenants continued their relentless expansion across regions, with specific interest toward secondary and emerging markets. Co-location providers and developers have followed suit, driven by higher availability and lower prices for both power and land.

The 2023 Global Data Center Market Comparison reviews all factors outlined in the previous edition of this report, with further commentary on a region-by-region basis. As with previous editions, we assess data center markets across the globe, within 13 different categories, to determine the top overall markets along with the top performers in each category. With this fourth edition of the report, we hope to provide members of the data center community with a better understanding of how the industry is rapidly changing and expanding across the globe.

尽管中国政府在推行“零新冠”政策和严格的宏观审慎措施的同时，面临着维持经济稳定发展的诸多挑战，但它始终坚定不移地推进其对国内房地产投资信托基金（REITs）市场的愿景。2022年，随着中国首批租赁型房地产投资信托基金于8月上市，这一持续发展进程又迈上了一个新的里程碑，进一步拓展了中国房地产行业的融资渠道。.

强有力的监管支持、优质的资产基础以及中国12万亿美元股市投资者对高股息股票的强劲需求，将继续支撑该行业的高估值。进展显而易见，我们可以预期2023年将有更多中国房地产投资信托基金（C-REITs）上市。将传统商业地产纳入C-REITs范畴——这可以说是C-REITs发展历程中的终极目标和最终目标——正逐步成为现实，随之而来的上市浪潮无疑将带来巨大的投资机遇。.

As many economies continue to raise interest rates to tackle inflation, and with growing concerns of a recession in other parts of the world, Asia Pacific investors have become more cautious, with net buying intention softening in 2023. 

CBRE’s 2023 Asia Pacific Investor Intentions Survey, which features insights from more than 500 investors across the region, finds that although fundraising activity remains healthy, most investors intend to adopt a wait-and-see stance in the first half of 2023 in anticipation of slower yield expansion and milder rate hikes.

Other key findings include:

• Real estate allocations among Asia-based institutional investors are largely below their global peers. These respondents indicate that their allocations to real estate will remain the same or increase over the next 12 months.
• Opportunistic strategies will gain momentum in 2023 as investors look to capitalise on price dislocation and seek distressed opportunities.
• Industrial and logistics remains the most preferred asset class, while residential (especially multifamily and built-to-rent) logged the strongest uptick in interest. Offices are still the top property type among core investors.
• Although healthcare-related properties have overtaken data centres to become the most popular alternative sector, the investible universe for this asset class in Asia Pacific remains limited.
• Tokyo retained its status as the top city for cross-border investment for a fourth consecutive year, followed by Singapore and Ho Chi Minh City.

本报告最初发表于 https://www.cbre.com/insights/reports/asia-pacific-investor-intentions-survey-2023

India has long been recognised as a country with immense potential, but it was often hindered by bureaucracy and red tape. In recent years, however, India has made laudable strides, with its economic growth leapfrogging other major countries, in part driven by concerted government-led reforms and sector-focused initiatives that have shaped a more business-friendly climate, particularly for foreign investment.

Today, India has forged ahead into a new era, and the country holds much promise with the largest youth population in the world1 and the second largest labour force2 globally. Investors can look forward to sustained returns from key beneficiaries of these structural advancements, particularly in the Office and Business Park sector.

本报告最初发表于 https://www.capitaland.com/en/about-capitaland/newsroom/inside/2023/January/Riding_the_Growth_Impetus_A_Focus_on_Indias_Office_and_Business_Park_Sector.html

CBRE’s 2022-23 Global Fit-Out Cost Guide is the industry’s most comprehensive analysis of fit-out pricing globally. This year’s edition focuses on the global changes in work models and the challenges faced as a result of the pandemic, climate change and heightened economic uncertainty.

The global shift in workplace behaviors has resulted in new ways of thinking about the construction of offices. Companies have adopted hybrid work models, and people need a blend of flexible, team and event spaces. Likewise, many companies have set net-zero carbon targets, expanding real estate sustainability strategy beyond energy savings to include decarbonization and Environmental, Social and Governance (ESG) criteria.

But with the changes there have been challenges. The lingering effects of COVID-19 and the war in Ukraine have led to economic and supply chain uncertainty, which affects the fit-out market by diminishing budgets amid inflation and causing long lead times in procurement.

CBRE introduced our Fit-Out Cost Guide in 2013 as a benchmarking tool to support planning and investing in capital fit-out projects. This year our cost guide leverages more quality data than ever before, with input from strategic partners.

The 2022-23 guide provides insight into global market trends, with regional data from APAC, EMEA, North America and Latin America.

本报告最初发表于 https://www.cbre.com/insights/books/global-office-fit-out-cost-guide-2022-2023

尽管2020年中国约有1.5亿人租房居住，但该国多户租赁公寓的普及率仍然很低，不足2100万套。然而，随着中国人口结构的演变、住房消费需求的转变以及政府各项政策的支持，预计到2030年，多户租赁公寓的数量将增加到1200万套以上。.

世邦魏理仕认为，该行业强劲的租赁基本面以及资产流动性和可扩展性的潜力，将确保多户住宅在未来十年成为中国最具吸引力的商业房地产投资资产类别之一。.

中国约四分之三的目标多户住宅用户集中在广东、上海、北京、浙江和江苏，因此建议投资者重点关注这三大沿海城市群的核心市场。选址还应考虑公共交通的便利性和通勤时间。在中国，多户住宅租赁投资的主要方式包括收购和改造现有资产、新建项目开发以及平台合作。.

经济适用房兼具政策导向和市场导向的特点。中国房地产投资信托基金（C-REITs）提供的退出渠道；非住宅住房转为租赁住房的监管审批；以及优惠的税收和信贷政策，将为该行业带来独特的投资优势。.

在运营方面，世邦魏理仕建议投资者通过积极的管理措施来提高投资回报，例如批量采购、数字化租赁和运营系统、楼层平面图重新配置和增值服务。.

本报告最初发表于 https://www.cbre.com/insights/reports/investing-in-china-multifamily-real-estate

On December 7, 2022, the Chinese government announced a 10-point plan signalling a shift away from its zero-tolerance COVID-19 policy. The measures were announced as China’s short term economic indicators continued to weaken, with local governments in particular coming under acute financial strain.

Retail and tourism are set to be the main beneficiaries of the policy easing. Given the performance of other Asia Pacific markets since their relaxation of pandemic-related policies, CBRE expects retailer expansion to pick up as early as Q2 2023, supported by rising demand for prime retail space and the bottoming out of shopping mall rents as infections gradually subside and the population adjusts to a living with COVID-19 policy.

With regard to the office market, the easing of pandemic restrictions will bring about an increase in site inspections. A rebound in office demand is likely to follow in another three to six months as occupiers’ business outlook brightens along with the economic recovery.

Improving economic fundamentals should boost commercial real estate investment volume in 2023, which will continue to be driven by domestic institutions. With the Five-Year Loan Prime Rate (LPR) standing at an historically low 4.3%, cheaper lending costs will strengthen China’s relative appeal to cross-border investors.

CBRE recommends long term core investors focus on built-to-rent multifamily, business parks and industrial parks around tier I cities, along with trophy office assets in Shanghai and Beijing. Opportunistic investors are advised to target distressed assets. Mainland China’s re-opening will eventually benefit the retail and hotel sectors in Hong Kong SAR, Japan and Thailand, as well as the student living and residential sectors in Australia.

本报告最初发表于 https://www.cbre.com.cn/en/insights/briefs/China-Brief–China%E2%80%99s-shift-from-zero-covid-to-reopening-seen-as-hugely-beneficial-to-real-estate