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The Wealth Report is Knight Frank’s flagship annual publication, offering a unique perspective on global wealth, prime property and investment.

Now in its 17th edition, this year’s Report provides a detailed analysis on economic performance, wealth creation and asset classes around the globe, as well as our forecast for commercial and residential real estate the world over.

本報告原刊登於 https://www.knightfrank.com/wealthreport

Tenant enquiries and site visits rose during the surveyed period. In Hong Kong SAR, the border re-opening and relaxation of anti-pandemic measures led to more enquiries and inspections.

Expansionary demand grew across all sectors, led by retail and industrial. Hong Kong SAR registered a rise in demand for more space, while India continued to see robust new set up and expansion activity.

Incentives weakened across the region in February, particularly in Australia and Korea. Rents continued to recover, led by Korea and India.

Sentiment in most markets improved along with the recovery of expansionary demand. While Asia Pacific remains a tenants’ market, landlords’ negotiation power is increasing.

本報告原刊登於 https://www.cbre.com/insights/briefs/Asia-Pacific-Leasing-Market-Sentiment-Index-March-2023

Interest in the logistics sector has persisted over the past half-year, and both development and transaction activity have remained strong. That said, the market appears to be entering a period of transition, and there are some concerns that the previously tight balance between demand and supply has already started to loosen.

Although vacancies in Greater Tokyo and Greater Osaka remain moderate overall, average rents experienced a contraction over the past half-year. Furthermore, some existing facilities are reportedly struggling with vacancies, and pre-leasing activity has been sluggish in several new developments.

Indeed, a wave of new supply is forecast over the next few years in both submarkets, and competition for tenants will increase, which is likely to contribute to some upward vacancy movement and revisions in rents. Meanwhile, structural factors also look set to affect confidence in the logistics sector. The ongoing labour shortage continues to increase labour costs for logistics companies, while the increase in construction costs and interest rates are forcing some investors to reconsider acquiring land for development as well as logistics facilities for the meantime.

Nonetheless, the fundamentals in the sector are still strong, and tenant demand will likely persist due to the strong growth potential of the e-commerce industry. Hence, the outlook should remain positive overall for the logistics market going forward.

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。.