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過去半年來，市場對物流業的興趣持續，開發及交易活動均保持強勁。儘管如此，市場似乎已進入轉型期，有些人擔心先前緊張的供需平衡已開始鬆動。.

儘管大東京及大阪地區的整體空置率仍維持溫和，但平均租金在過去半年卻出現萎縮。此外，據報導，一些現有設施正為空置問題掙扎，而幾個新開發項目的預租活動也不景氣。.

事實上，預測在未來幾年內，這兩個次級市場都將出現一波新的供應量，租戶競爭也將加劇，這可能會導致空置率上揚和租金上調。同時，結構性因素看來也會影響物流業的信心。持續的勞工短缺持續增加物流公司的勞動成本，而建築成本和利率的上漲則迫使一些投資者重新考慮購入土地進行開發，以及暫時購入物流設施。.

儘管如此，該行業的基本面仍然強勁，而且由於電子商務產業的強勁增長潛力，租戶需求可能會持續。因此，物流市場未來的整體前景仍將保持樂觀。.

本報告原刊登於 https://www.savills.co.jp/research_articles/167577/210564-0

With e-commerce penetration moderating and the growth in online sales normalising, at the same time consumers are returning to physical retail stores in great numbers, boosting footfall across many markets in Asia Pacific. Our research finds that an overwhelming majority of consumers in the region still choose to purchase goods using a range of different physical and digital touchpoints, otherwise known as omnichannel.

This Viewpoint identifies the factors driving the return to brick-and-mortar retail and explains how operators of physical stores can adapt and evolve to ensure they stay relevant in the omnichannel world.

While evidence shows that physical stores will remain at the forefront of sales strategies, CBRE believes their role must adapt and evolve to serve omnichannel retail. This evolution will see retail stores shift away from being locations purely where transactions are made, towards becoming hubs that provide comprehensive customer experiences. Investors and landlords must also adjust their strategies to suit changing consumer behaviours and retailers’ preferences.

本報告原刊登於 https://www.cbre.com/insights/viewpoints/optimising-brick-and-mortar-stores-to-serve-omnichannel-retail

Nearly six years after CBRE brought to the fore the aspirations of the millennial generation in terms of how they live, work and spend their money, we went back to the drawing board to track how each generation has evolved since then. Our Live-Work-Shop survey, conducted late last year, polled more than 20,000 people worldwide, from Gen Z to baby boomers. The aim again was to understand how they will live, work and shop in the future, and how the shifting dynamics would impact the real estate they use.

The survey featured around 1,500 respondents from India, and its findings revealed fresh insights for real estate occupiers, developers and investors. We believe these stakeholders can harness our survey findings to make informed decisions and strategies to ensure that our real estate spaces are positioned to meet users’ evolving needs.

本報告原刊登於 https://www.cbre.com/insights/local-response/voices-from-india-how-will-people-live-work-and-shop-in-the-future

CBRE’s 2023 China Investor Intentions Survey was conducted between November 8, 2022, and December 2, 2022. A total of 207 mostly China-based investors participated in the survey, which asked respondents a range of questions regarding their buying appetite and preferred real estate strategies, sectors and markets for 2023.

Pandemic-related uncertainty, geopolitical tension, slower economic growth and weaker leasing fundamentals dampened commercial real estate investment sentiment in China in 2022. Full-year investment volume dropped by 22% y-o-y to RMB 220 billion, while cross-border investment fell by 19% y-o-y to RMB 49 billion. Active sectors included multifamily, science parks and industrial factories, which continued to benefit from the development of a public REIT market.

Respondents’ intentions to “buy more” and “sell more” both dropped in 2023 due to recessionary fears and mounting geopolitical tension, reflecting the mood of caution in the short-term. However, it should be noted that this survey was conducted between November 8, 2022, and December 2, 2022, prior to the government’s unveiling of a 10-point plan signalling a shift away from the zero-covid policy. CBRE expects the relaxation of the zero-covid policy; the release of industrial support policies including the “three arrows”; and the promotion of the platform economy to boost investor sentiment, ensuring actual investment activity eclipses the survey results.

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

過去十年，亞太房地產市場經歷了迅猛擴張。亞太房地產協會（APREA）在其《2023年亞太市場展望：向前邁進》報告中，與房地產投資信託基金（REIT）的利益相關者舉行了一場研討會，探討了他們在新冠疫情、電子商務、貨幣政策變化、地緣政治以及新的優先事項（ESG）等背景下的業務戰略，以及他們面臨的下一階段挑戰和機遇。.

Enough has been written about the impact of Budget 2023 on REITs and InvITs. Through this piece, Resolut Partners tries to succinctly capture the what, why, and what next of the proposed changes – keeping it germane mainly to global financial investors.

重點總結：

• Distributions out of repayment of debt principal could now be taxed as ‘other income’ – at odds with global standards
• Distributions out of debt repayments through redemption of units not treated as ‘income’, but reduce cost of acquisition – InvIT / REIT Regulations do not permit redemption of units
• Major impact on IRRs as distribution structure of most InvITs factored in distributions through debt repayments
• Changes and policy ambiguity could thwart the growth of REITs / InvITs, which were just about seen as ‘bond proxies’

Rising interest rates are causing buyers to be mindful of the associated costs when transacting a property. For an international buyer, these costs can vary substantially across jurisdictions. Expressed as a percentage of property prices, they range from under 10% in Chinese cities to 35% in Singapore.

In an increasingly competitive market, Singapore’s government has maintained their Additional Buyer’s Stamp Duty (ABSD) at 30% for foreign buyers purchasing any residential property.

In comparison to other regions, North American cities cost of ownership comprises a substantial share of the buying, holding and selling cost of a property. These costs are largely comprised of annual property tax and house insurance.

本報告原刊登於 https://www.savills.com/research_articles/255800/339112-0