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The impact Covid-19 will have on the global economy is being fiercely debated. Most forecasters agree that there will be a global recession deeper than the global financial crisis (GFC) and many expect it to be the deepest since the Second World War. The debate is around the shape of the recovery. Will there be a V-shaped rebound? Or is a U, L or W shape more likely? We’re even hearing discussions about ‘a Nike swoosh-shaped’ recovery. As countries come out of their strict lockdowns but social distancing is still encouraged, the long-term impact of Covid-19 is yet to be seen. Many believe the world will emerge as a different place.

While real estate value is unsurprisingly concentrated in Tokyo’s central business district, namely the central five wards of Chiyoda, Chuo, Minato, Shinjuku, and Shibuya, Greater Tokyo’s comprehensive rail system grants great accessibility to outlying areas. The key advantage of Tokyo’s rail network is its density and globally-renowned punctuality. Although delays certainly occur and carriages become overcrowded during rush hour, commuters can largely count on trains arriving on time and at a high frequency. Looking at global comparisons, Tokyo is often ranked as having the most efficient and punctual railway system, especially considering its vast transport capacity.

自19世紀末日本對外開放以來,橫濱經歷了漫長的發展。最初,它只是一個小漁村,後來發展成為日本的主要港口和門戶,最終成為對外貿易中心。由於毗鄰東京的地理優勢,橫濱在接下來的幾十年中蓬勃發展。然而,二戰期間及戰後,橫濱市中心遭到大規模破壞和徵用,情況急轉直下。由於缺乏必要的重建,許多公司被迫遷往東京,帶走了先前橫濱蓬勃發展的經濟活力。事實上,當日本戰後經濟起飛時,橫濱卻在某種程度上被邊緣化,淪為東京通勤者的居住區。.

氣候變遷對建築環境的物理影響日益顯著,並可能造成極高的損失。由於建築物位置固定,它們本身可能面臨氣候變遷帶來的重大損失風險。此外,建築物的建造和運作通常都需要消耗大量能源。它們佔全球最終能源消耗和二氧化碳排放量的三分之一以上,其中營運排放主要來自空間供暖、冷氣和熱水供應(國際能源總署,2019)。 MSCI針對商業和住宅房地產的情境分析能夠幫助投資者和房地產管理者評估其投資組合中與氣候變遷相關的轉型影響和實際影響。.

了解更多關於MSCI房地產氣候風險價值解決方案的信息 這裡

  • 在疫情近期數量下降以及各地區經濟體分階段重新開放的背景下,5月的亞太REIT贏大盤。整個亞太地區正在採取積極的財政應對措施,包括對受社會疏離政策和出行限制最大的部門以及對中小企業的進一步救助。
  • 按部門劃分,工業仍然是表現最好的行業,5月以數位形式成長。以國家劃分,由於住宅和工業部門產生了可觀的回報,澳洲的房地產股票表現堪比大城市。
  • 5月,日本房地產投資信託基金(REITs)在酒店和零售業的推動下領先亞太其他地區。日本國會下議院通過了一項緊急預算,其中包括針對中小企業的關稅,因此對辦公部門而言是個好兆頭。在工業和零售業投資信託基金的強勁表現的推動下,新加坡房地產投資信託基金也跑贏了股市。

Along with the improving COVID-19 situation in Hong Kong and the return to normal economic activity, market sentiment has improved, with a higher level of leasing activity in the office market. Most of the new leases in Central were premises of no more than 10,000 sq ft, while isolated new leases of larger areas were found outside the CBD area. With no quick escape in sight for COVID-ravaged economies, many tenants continued to look for costsaving solutions, which include rental abatement, rental deferment or lease restructuring to ease their financial pressure. But rental reductions were seen mainly for office tenants with a retail presence and were implemented only on a case-by-case basis.

新冠疫情的影響波及整個房地產投資信託基金(REITs)領域。然而,不同產業受疫情本身以及為因應疫情而採取的行為和措施的影響程度各不相同。儘管截至撰稿時,REITs可能已被超賣,但不同類型物業的定價已分化,這或許預示著私募市場價值的未來走向。.

請查看 GPR/APREA 指數的成分股變更,這些變更將於 2020 年 6 月 22 日(交易開始日)生效。. 

新冠疫情幾乎使世界大部分地區,以及本文討論的許多亞洲主要門戶市場陷入停滯。這幾乎是一場骨牌效應,這場健康危機引發了經濟和金融危機。然而,危機中往往蘊藏著新的機遇,正如2020年和2021年的GDP預測所示,尤其是中國內地和香港,預計增幅將超過700個基點——這清楚地表明了經濟成長潛力及其帶來的機遇。.

儘管全球大部分地區的房地產市場在進入今年第二季度後加速放緩,但全球兩個主要城市(均位於中國)的收購趨勢卻轉趨正面。全球成交量在今年三月左右開始減弱,但亞太地區的疲弱勢頭早已顯現,因為該地區前十大都會區在第一季均出現雙位數字的跌幅。相比之下,歐洲和美國超過半數的主要都會區在本季較後時間因經濟停工和旅遊限制而錄得交易活動增加。.