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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.

主要發現：

• 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.

本報告原刊登於 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.

儘管中國政府在推行「零新冠」政策和嚴格的宏觀審慎措施的同時，面臨著維持經濟穩定發展的諸多挑戰，但它始終堅定不移地推進其對國內房地產投資信託基金（REITs）市場的願景。 2022年，隨著中國首批租賃型房地產投資信託基金於8月上市，這項持續發展進程又邁上了一個新的里程碑，進一步拓展了中國房地產產業的融資管道。.

強有力的監管支持、優質的資產基礎以及中國12兆美元股市投資者對高股息股票的強勁需求，將繼續支撐該行業的高估值。進展顯而易見，我們可以預期2023年將有更多中國房地產投資信託基金（C-REITs）上市。將傳統商業地產納入C-REITs範疇──這可以說是C-REITs發展歷程中的終極目標和最終目標──正逐步成為現實，隨之而來的上市浪潮無疑將帶來巨大的投資機會。.

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.

本報告原刊登於 https://www.cbre.com/insights/reports/asia-pacific-investor-intentions-survey-2023