思想引领

• The Asia Pacific flexible office space market continued to display cautious growth in 2022, with the total volume of flexible office space in the region reaching 76 million sq. ft. as of September, an increase of 6% y-o-y on 2021 and 15% on pre-pandemic levels.
• As of September, flexible office space accounted for about 4% of total office stock and 3% of total Grade A office stock in Asia Pacific. In the Grade A segment, India and Singapore reported the highest penetration of flexible office space, while most North Asian markets are just below 2%.
• Tech firms and business services companies remain the top corporate users of flexible office space. Interest is also growing among financial, life science and consumer product firms.
• Trends that will continue to shape the flexible office landscape in 2023 include:

1. Flexible space operators offering on-demand memberships to cater to more dispersed workforces resulting from the widespread adoption of hybrid work
2. Growing occupier demand for customised enterprise and turnkey solutions to mitigate rising fit out costs and CapEx constraints
3. The use of asset-light strategies as flexible space operators form partnership with landlords using management contracts

本报告最初发表于 https://www.cbre.com/insights/briefs/h2-2022-asia-pacific-flexible-office-market-deliberate-growth-continues

Almost three years after the onset of the global pandemic, the retail industry has been through one the biggest stress tests imaginable, but best-in-class real estate has remained robust – and even emerged stronger in some markets.

Cushman & Wakefield’s flagship Main Streets Across the World report tracks the top retail districts across 92 cities and ranks the most expensive by prime rental value. An annual report until 2019, this year’s report is the first since then, allowing insight into comparative performance pre- and post-pandemic.

Rent Growth Highlights

• Rents across global prime retail destinations declined by 13% on average during the depth of the pandemic but have rebounded to just 6% below pre-pandemic levels.
• The Americas, thanks largely the to the U.S., was the most resilient region – on average rents now sit at a 15% premium to pre-pandemic levels.
• In Asia Pacific rents fell on average by 17%, impacted by international border closures, which curbed tourism in prime locations.

Global Rankings

• New York’s Upper Fifth Avenue moves up one spot to number one, now ranks as the most expensive retail destination in the world.
• Hong Kong has slipped to second place, with Tsim Sha Tsui overtaking Causeway Bay as the most expensive precinct in the city-state.
• Via Montenapoleone in Milan has jumped two positions to achieve third place, followed by London’s New Bond Street and The Avenues des Champs Elysees in Paris rounding out the top five.

This quarter, the Knight Frank Data Centre report focuses on the growth markets of Asia Pacific. Market analysis includes Osaka, Melbourne, Jakarta, Manila, Hanoi, Taipei, and Indian cities Hyderabad, New Delhi and Chennai.

The growth trajectory of data centre supply noted in the principal global data centre markets in previous quarters is now being mirrored in secondary cities across the region. Underpinned by strong demand fundamentals and a trend towards greater localisation of data centre facilities, total supply (live, under construction, and committed capacity) in the reported APAC markets has grown from just under 700MW five years ago to over 3,000MW today. For the first three quarters of 2022 alone, around 600MW of new capacity has been added.

Melbourne, Jakarta and Osaka now each have over half a gigawatt of aggregate IT Supply. At 593MW of registered IT supply, Melbourne is seeing renewed interest from local and regional operators such as NextDC, AirTrunk, Vantage and Stack Infrastructure, which will add close to 450MW to existing live supply. Microsoft is also known to be planning a facility here. Jakarta has seen significant announcements and planned capacity, several times the existing supply, from both hyperscale cloud service providers like Amazon and Microsoft, as well as a variety of local and international operators. Osaka continues to develop as an alternative data centre market in Japan complementing the more established Tokyo region.

The major cities of Hyderabad, New Delhi and Chennai are also registering rapid growth, with between 300MW to 400MW of IT capacity each. About two-thirds of this supply was added in the past couple of years, with around 50% of total supply planned or committed capacity. The increased investment in the data centre sector in recent years is party driven by government policy, including easier access to credit and other incentives to boost data centre investment. Active players in the market include local firms such as CtrlS, Sify Technologies, Nxtra by Airtel and Web Werks, joint ventures such as AdaniConnex and BAM Digital Realty, as well as cloud service providers.

In Southeast Asia, Taipei, Manila and Hanoi continue to see growing interest from hyperscale CSPs and data centre investors. AWS announced local zones in both Manila and Hanoi this year and is in the process of rolling them out, while the global firm also launched its local zone in Taipei in October 2022. Current key players in these markets mainly comprise the local telcos, with a handful of regional joint ventures such as STT-Globe in the Philippines and NTT-VNPT in Vietnam.

Overall, the expansion of data centre activity into the growth markets across the APAC region remain on a strong footing, reflecting the continued resilience of demand across each geography.

本报告最初发表于 https://app.dcbyte.com/knight-frank-data-centres-report/Q3-2022/

In this article, we explore an emerging sub-set of infrastructure which is garnering increasing amounts of interest from global private equity and pension funds – Educational Infrastructure or ‘EduInfra’. EduInfra refers to the infrastructure, building and land used to deliver social services like education.

EduInfra is attractive to international annuity investors looking for stabilized yield plays. The sector has an edge over other similar asset classes due to its non-GDP linked and rather recession proof character with significant potential for capital appreciation. It offers a promising 10 – 11% entry cap rate with rental escalations in the region of 3 – 5%. While the market boasts of significant depth, potential has not been unleashed as operators are only slowly moving towards asset light models.  EduInfra’s classification as infrastructure allows for tax optimal exit through InvITs which can also serve as a growth platform attracting institutional investors.

This was originally published in https://resolutpartners.com/2022/11/15/eduinfra-emergence-of-a-new-asset-class/

Office: Macroeconomic headwinds and inflationary pressure weighed on office leasing activity in Q3 2022, pulling down net absorption by 11% q-o-q to 10.1 million sq. ft. NFA. Finance remained the main engine of leasing demand, with activity also seen from tech and co-working platforms. Rents increased by 0.4% q-o-q and 1.1% y-t-d.

Retail: Retail sales growth slowed as global recessionary fears continued to cloud consumer confidence. However, vacancy declined across the region along with the further easing of pandemic-related restrictions. Rents fell 1.8% y-o-y but posted a quarterly gain of 0.3% q-o-q.

Logistics: Leasing activity eased across Asia in Q3 2022, with markets including mainland China, Korea and India recording weaker demand. Leasing volume in the Pacific was weak compared with the same period of last year, owing to a further drop in availability. Rents grew by 1.4% in Q3 2022, a slightly slower rate than in the previous two quarters.

Investment: High interest rates continued to impair investment in major Asia Pacific markets, driving down commercial real estate investment volume by 20% y-o-y to US$27.3 billion. Acquisitions were driven by real estate funds, property companies, REITs, and institutional groups. Cross-border investment fell 1.0% y-o-y to US$8.0 billion.

本报告最初发表于 https://www.cbre.com/insights/figures/asia-pacific-figures-q3-2022

过去五年，电子商务发展迅猛，疫情爆发后更是加速扩张。尽管疫情限制措施解除后，电子商务渗透率已从疫情高峰回落，但世邦魏理仕预计，亚太地区未来的增长速度仍将超过世界其他地区。在世邦魏理仕确定的六大电子商务驱动因素中，亚太地区在三项方面拥有显著优势：城市人口增长、数字钱包普及以及充满活力的电子商务生态系统。.

随着零售业不断向全渠道模式发展，实体店的角色和功能也将随之改变。零售商和业主需要进行自我革新，以应对零售业的变革和全渠道模式的兴起。.

电子商务的蓬勃发展也带动了工业和物流地产的强劲需求，但供应渠道不太可能满足未来的需求。建议物流企业考虑定制开发项目，并投资最新的仓储技术。. 

本报告的主要亮点包括：

• 世邦魏理仕预测，到2026年，亚太地区的电子商务渗透率将增长至35%。然而，不同产品类别的电子商务渗透率会有所不同。.
• 预计到 2026 年，韩国、中国大陆、印度尼西亚、澳大利亚和台湾将成为亚太地区电子商务渗透率最高的五个市场。.
• 虽然实体店仍然至关重要，但全渠道的兴起正促使许多传统的实体零售商考虑新的业态和选址。.
• 未来五年内，将新增1亿至1.3亿平方米的专用土地。
• 亚太地区在线销售的增长需要电子商务物流空间的支持。.

本报告最初发表于 https://www.cbre.com/insights/reports/Asia-Pacific-Report-Omnichannel-Retail-and-its-Impact-on-Asia-Pacific-Real-Estate-October-2022

随着全球经济在后疫情时代继续探索发展路径，房地产投资领域出现了一个新的热门词汇——新经济资产。虽然这个术语起源于数字和互联网技术的兴起，但在通货膨胀飙升和利率不断上涨的背景下，新经济资产的重要性已显著提升。.

那么，新经济究竟有何新颖之处？其关键动力在于数字技术的融合，这正在彻底改变传统经济的服务和产品，催生创新的分销渠道，并催生与科技发展大趋势紧密相连的新兴高增长产业。数字化转型正日益影响着我们的生活、工作和娱乐方式，而支撑这一大趋势的房地产行业也即将迎来多年的上升周期。.

乘上数字浪潮

随着新技术的兴起，产业也在不断演变，这绝非新鲜事。纵观历史，创新加速了创造性破坏，重塑了全球经济，而移动技术和电子商务的兴起则处于数字时代的核心地位。尽管这种转变在疫情爆发前就已经开始，但社交隔离的影响尤为显著。疫情期间保持联系的需求加速了数字化转型。各行各业的公司都被迫采用通信和移动技术，并转向技术赋能型服务。.

这一转型促使更多符合数字化格局需求的资产类别兴起。从移动通信基站和数据中心到支撑线上生活的物流枢纽，“房地产承载着经济”这句老话在新数字时代依然适用。这是一个简单却又令人信服的联系：大趋势需要房地产，科技规模越大，所需的基础设施就越多。数字化颠覆的影响被放大，并将持续到疫情之后，推动技术投资结构性地大幅增长。.

亚太地区依然占据着数字化浪潮的有利地位。作为全球最大的零售电商市场，亚太地区拥有超过全球一半的人口，其中90后出生的人口超过6亿亿，他们是数字原住民，将推动数字技术的普及。麦肯锡的一项调查显示，亚太地区消费者的数字普及速度比疫情前提前了四年，而企业用户的数字普及速度在疫情期间更是跃升了10倍，增幅位居全球之首。.

一系列投资机会

这使得多个另类行业焕发出新的光彩，也让投资者意识到这些资产蕴藏的巨大潜力。医疗保健和生命科学行业在疫情危机后脱颖而出，而对流媒体内容的需求则吸引了资金涌入，用于发展电影制片厂。然而，尽管科技是新经济房地产领域的一大亮点，但它并非仅仅关乎科技本身。更重要的是，它关乎把握正在亚太地区乃至全球范围内涌现的潜在趋势。.

以该地区的居住行业为例，它正处于此类变革的前沿。快速的城市化、人口老龄化和远程办公正在推动新兴的居住行业——从多户住宅到共享居住和辅助生活——走向主流，并吸引大量机构资金。随着越来越多的人涌向城市，对基础设施建设的需求也创造了一系列长期投资机会。在如今我们面临的低增长、高通胀的新常态下，基础设施投资因其能够提供高、稳定且与通胀挂钩的回报，成为理想的反周期投资选择。.

这些行业的韧性在上市房地产市场中得到了充分体现。以GPR/APREA REIT综合指数为代表的医疗保健、工业和住宅房地产投资信托基金（REITs）在过去三年中持续保持正的年化收益率，而办公、酒店和零售行业的REITs则处于亏损状态。值得注意的是，工业REITs的市值在疫情期间增长了超过501万亿卢比，尽管近期有所回调，但仍比疫情前的峰值高出301万亿卢比以上。.

重新平衡和面向未来

这种新的房地产格局也给投资策略带来了变化。新经济的一个重要特征是数字领军企业的涌现和价值链的相互依存，从而产生了显著的网络效应。这意味着，对于投资者而言，迅速扩大规模对于在特定行业中占据较大的市场份额至关重要。.

为了把握新格局带来的机遇，投资者需要快速行动。这意味着他们需要迅速积累实力。在整个区域，房地产企业纷纷进行重组，并通过并购来扩张并保持竞争力，它们整合了资产和基金管理部门，打造了一个端到端的平台，从房地产开发和孵化到最终上市，全程参与。在发达市场拥有稳定新经济资产组合的房地产投资信托基金（REITs）正成为大型交易的目标。.

当前的经济环境促使投资者迫切需要重新平衡投资组合，使其适应未来发展。新兴经济领域正处于人口结构和经济格局重大转变以及技术趋势的交汇点，这些转变正在该地区发生，而传统房地产类型显然未能充分满足这些领域的需求。气候变化问题进一步丰富了新兴经济资产的概念，拓展了其投资可能性。.

在利率上升和通胀压力加剧的环境下，识别那些结构性供应不足但长期需求基本面良好、能够带来正向租金回报的行业，对于维持实际收益至关重要。新经济房地产恰好符合所有这些条件，是一个极具吸引力的投资主题。这些令人瞩目的基本面，发生在一个未来可能拥有全球一半以上特大城市的地区，预示着巨大的投资机遇，而这些资产正是确保该地区未来发展的关键所在。.

西格丽德-齐亚尔西塔

首席执行官
亚太不动产协会

西格丽德-齐亚尔西塔

首席执行官
亚太不动产协会

Sigrid 是亚太不动产协会（APREA）的首席执行官。她常驻新加坡，负责监督协会在亚太地区的战略方向、计划和运营。在她的领导下，亚太不动产协会重新定位为专注于房地产和基础设施的行业贸易集团。.

在加入 APREA 之前，她于 2010 年至 2018 年担任 Cushman & Wakefield (C&W) 亚太研究与咨询服务董事总经理，负责研究、思想领导、战略制定和客户管理。.

西格丽德是全球经济、公共政策和房地产领域的知名专家，经常在行业活动中发表演讲。她对商业和住宅房地产市场的评论也经常出现在众多全球出版物上，包括《华尔街日报》、《金融时报》、《彭博社》、《纽约时报》和路透社。此外，她还多次做客财经频道和广播节目，例如CNBC、彭博社、CNN、美国国家公共广播电台和亚洲新闻台。.

亚太物流及工业市场在强劲的基本面支撑下继续保持强劲表现——尽管有迹象表明，增长正在从投资市场转向租户市场。.

阅读完整报告

零售业被视为印度房地产行业的核心资产类别。目前，该行业正从疫情造成的前所未有的严峻商业环境中复苏。由于两大主要因素——电子商务的迅猛发展和消费者数字化程度的提高，零售商、开发商和投资者在涉足该领域时都采取了谨慎的态度。.

限制措施解除后，购物中心客流量强劲回升。购物中心开发商和零售商的收入和客流量已基本恢复到疫情前水平。.

高纬环球最新发布的零售地产新篇章报告指出：

反弹 零售地产的最新动态
复仇 随着疫情恐慌逐渐消退，一种新的购物文化应运而生。
重塑 零售商和购物中心开发商正在考虑采用数字化、分析和技术集成方案。

要了解更多关于印度房地产零售业发展历程的信息，请阅读报告：《反弹、复仇与重塑》。.

随着边境重新开放和运营业绩恢复到疫情前水平，亚太地区酒店及餐饮市场的信心持续增长。.

复苏主要由国内需求驱动，太平洋和东南亚市场国际游客数量加速增长，这些市场已放宽入境和隔离限制，目前对所有游客开放。世邦魏理仕预测，到2024年，该地区的游客数量将恢复到疫情前水平，酒店业绩也将同期恢复到2019年的水平。.

此外，鉴于酒店的每日定价结构以及在不断变化的经济环境下价格调整的灵活性，酒店可以有效对冲通胀风险。因此，世邦魏理仕预测，投资者对酒店等运营型房地产的需求将会增加，以此作为提升和/或维持投资组合回报的策略。.

本报告最初发表于 https://www.cbre.com/insights/reports/2022-asia-pacific-hotels-and-hospitality-a-roadmap-to-recovery