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2021年第一季度，大東京地區大型多租戶（LMT）物流設施的空置率環比上升0.6個百分點，達到1.1%，這是自2019年第四季達到1.1%以來，空置率首次超過1%。儘管2020年受新冠疫情影響，口罩和其他日用品的需求空前激增，導致物流空間競爭加劇，但目前市場活動似乎有所緩和。儘管如此，整體需求依然保持穩定。.

2021年第一季，大阪地區的LMT（租賃、租賃及租賃）空置率降至1.9%，季減1.8個百分點。這是自2016年第二季以來，空置率首次降至2%以下，當時的空置率也為1.9%。過去兩年租金上漲了13%，加上未來經濟情勢的不確定性增加，導致租戶更加謹慎，租金上漲速度放緩。.

本季名古屋大都會區的LMT（大型綜合物業）空置率較上季下降1.7個百分點至8.6%。隨著2022年約17萬坪新增樓面面積的湧入，業主們正加強宣傳力度以吸引租戶。.

– 本季度，世邦魏理仕開始發布大福岡地區的LMT指數，該地區的空置率自2019年第二季度以來一直保持在0.0%。隨著多個新的LMT設施的開發正在進行中，擁有更人性化佈局的物業將在競爭中佔據優勢。.

• 2020 年第四季工業增加價值 (GVA) 為負 6.7%。.
• 本季超高端工業地產平均租金上漲0.41兆澳元/平方公尺。澳洲超高端工業地產平均租金為1兆澳元/平方公尺。
• 優質債券殖利率年減57個基點，創歷史新低。
• 1.6 公頃地塊的土地價值較上月成長 2.5%，平均每平方公尺 $570；而 0.25 公頃地塊的土地價值較上季成長 5.4%，達到每平方公尺 $719。.
• 交易量方面，超過$5m的交易總計$393m，共18筆交易。這比2020年第一季記錄的交易量減少了78%。.

• 自2020年11月取消雙重印花稅以來，投資情緒有所改善。.
• 2021 年第一季，房地產基金的投資金額達到 331 兆令吉，其中包括十大交易的一半。.
• 工業交易佔總投資額的 43%，是自 2005 年第四季以來的最高比例。.
• 世邦魏理仕預計，今年工業地產改造租賃變更的新標準費率將提振該產業的投資。.

• 雖然仍有一些科技業的公司希望擴大業務，但其他租戶正在考慮‘調整規模’，因為他們正在採用遠端辦公方式。.

• 租賃活動也來自那些因舊建築將於今年稍後進行重建而被迫搬遷的租戶，他們需要尋找新的辦公室。此外，由於新建築的建設延期，近期租約即將到期的租戶可能會選擇續約或尋找其他辦公室。.

• 新供應延遲、遠距辦公限制解除後更多員工返回辦公室以及健康的辦公大樓投資市場，提振了甲級辦公室業主的信心。.

• 2021 年第一季度，Savills CBD A 級辦公室的整體空置率連續第四季度上升 0.3 個百分點，達到 7.3%。.

• 2021年第一季度，儘管市區重建局（URA）中央區辦公大樓租金指數環比增長3.31萬億新元，但第一太平戴維斯（Savills）中央商務區甲級寫字樓的平均月租金連續第五個季度下降，儘管環比降幅有所放緩，為1.21萬億新元，儘管每平方英尺9.41平方英尺。我們維持先前對租金年減51兆新元的預測。.

重點總結

1. Co-investment is a nifty tool of capital management that delivers efficiencies to both LPs and GPs.
2. A Category I / II AIF is not permitted to invest more than 25% of investible funds in a single investee company. This restricts the formation of dedicated co-investment vehicles.
3. The IFSCA issued a circular in late 2020 permitting AIFs in GIFT City to disapply the 25% diversity requirement subject to certain conditions.
4. More recently, SEBI released a consultation paper on the concept of ‘accredited investors’, which contemplates an enhanced degree of flexibility (including on the diversity requirement) for funds populated solely by AIs.
5. These new measures are likely to facilitate the proliferation of co-investment activity in India.

Manufacturing property as an asset class is rising in importance as more new or rejuvenated production locations outside of China emerge, with transactions of manufacturing assets growing 19% p.a. since 2011.

In the logistics sector, online grocery sales – the fastest-growing category of online retail sales in Asia Pacific – is predicted to rise 30% p.a., driving demand for last mile delivery facilities.

在本報告中，我們將研究

• China Plus One strategies and the opportunities for industrial property occupiers and owners
• Opportunities in the last mile and cold chain segments of logistics networks
• The most attractive cities in Asia Pacific for industrial occupiers and owners
• Investment trends in key markets

Most major regional economies continue to make steady progress after a devastating 2020 and ‘reform and recovery’ should emerge as the key themes of the year. While a smooth transition to normality is not assured (as India has shown) a pick-up in transactions volumes suggests a growing confidence among regional real estate investors as Asia continues to outpace both Europe and the US.

資本市場

With economic recovery gaining traction, preliminary real estate investment volume in Singapore increased by 11.5% q-o-q, to $3.523 bn for Q1 2021.

辦公室

Supported by the tight vacancy, the rental decline in the Grade A (Core CBD) market was arrested after four quarters of correction. Conversely, the Grade B market continued to grapple with higher vacancy rates and rents registered a further decline.

Business Parks

The performance of the business park market softened slightly in Q1 2021. Negative net absorption was noted, contributed by the City Fringe submarket.

零售

There has been a slowdown in rental declines of prime retail spaces. Landlords continue to maintain a flexible stance towards rental expectations.

住宅

The strong performance in the residential market has further shored up homebuyers’ confidence and take-up of new launches.

工業的

Leasing activity was stable in Q1 2021, albeit slowing down from the strong performance of the previous quarter. Transactions consisted mainly of renewals and relocations, along with a handful of new set ups and expansions.