市場展望

2017年至2019年，印度靈活工作空間的年複合增長率為38%，在企業用戶或企業客戶需求增加的帶動下，許多本地和全球運營商進入該空間。截至 2021 年 2 月底，印度六大城市靈活工作空間總存量為 3,000 萬平方英尺（280 萬平方米）。由於市場狀況不明朗，需求疲弱，2020 年靈活工作空間營運商的租賃面積為 290 萬平方英尺（26.9 萬平方米），較 2019 年減少 75.8%。這約佔六大城市總租賃量的 8.5%。班加羅爾、海德拉巴和孟買佔了大部分交易，因為一些運營商擴大了他們的版圖，主要是在分散的地點。此外，前六大城市取消了約 170 萬平方英尺（158,000 平方米）的預先承租或已進入最後階段的交易。.

截至 2021 年 3 月，在頂尖彈性辦公空間營運商的組合中，約有 65% 的辦公桌已被租出。儘管大部分的辦公空間都是由知名企業所佔用，而非自由工作者或新創企業，但我們認為企業客戶仍有使用更多彈性辦公空間的空間，因為營運商對於大型或多地點的交易都提供相當吸引的價格。目前的租賃期約為一至兩年，因為企業將彈性辦公空間視為臨時解決方案，以容納其勞動力，直到他們完成 2023 年之後的擴張和佈局。.

Colliers 在其最新的 2021 年展望報告中估計，印度房地產的機構投資將從 2020 年的 3,460 億盧比（48 億美元）增長 14.6%，達到 3,960 億盧比（55 億美元）。相比之下，2020 年較 2019 年減少了 23%。Colliers 認為，機構投資者持續看好辦公樓、數據中心和倉庫等印度房地產資產類別，他們希望部署現有的乾粉。.

“印度的投資氣氛非常暢旺，全球投資者對不動產的興趣日益濃厚。全球利率處於歷史低位，而印度的淨收益率則為正值，因此印度已成為房地產投資的首選目的地之一。此外，從各個市場持續良好的住房銷售表現、商業辦公樓和工業園區的大規模機構投資，以及過去六個月兩家房地產投資信託基金的上市，也可看出印度市場的韌性。’

資料中心：全球經濟的重要基礎設施：基金經理的成長機會與營運挑戰
SS&C 的白皮書

世界充斥著數據。據估計，人類每天產生 2.5 百萬億位元組的資料。據報導，世界上的資料量每兩年就會增加一倍，而全球現有的資料中，估計有 90% 是在過去兩年中產生的。.

所有這些資料都需要居住和工作的地方，這有助於解釋全球資料中心迅速激增的原因。根據分析公司 Synergy Research 的資料，截至 2019 年底，全球共有超過 500 個「超大型」資料中心，而且這個數字還在持續攀升。據房地產服務公司 JLL 估計，截至 2020 年年中，全球共有 6,340 萬英呎的數據中心面積，另有 430 萬英呎在建。.

SS&C 透過簡化作業、降低風險、改善客戶體驗和提高可見度來幫助客戶管理其投資。SS&C 在全球擁有 500 多家房地產和私募基金客戶，管理的資產總額超過 $754B，在服務開放式和封閉式房地產、基礎設施、硬資產、債務和混合基金方面擁有豐富經驗，專長於複雜的基金管理、中間辦公室和數據服務以及虛擬數據室。我們的技術可實現並確保資訊的流通，使我們的客戶能夠更有效率地工作，並對我們充滿信心。我們擁有全球最大的 GPs 和 LPs 社群，共有來自 57,000 多個捐贈基金、基金會、退休金、顧問和諮詢師的 240,000 多人使用 Intralinks。.

到 下載 點擊下方查看完整白皮書。.

在此下載

Hong Kong Island Grade-A office leasing demand remained soft in December amid weak economic conditions and the traditional offseason, but the overall market was buoyed by the professional sector, particularly the finance and legal service industries, which took up space in premium buildings in the CBD area. Two Chinese Mainland financial companies, the Bank of Dongguan and FountainVest Partners, leased an entire floor in Two IFC, which was previously occupied by Nomura Holdings. Medical companies also expanded their footprint in the core districts. A medical centre leased the entire top floor of 9 Queen’s Road Central to meet the increasing demand for healthcare and wellbeing. Given the weak economic situation, some tenants gave up more office space. With the current high vacancy rate of 7.8% on Hong Kong Island, we expect some landlords to soften their approach and be more willing to negotiate.

Kowloon Leasing activity in Kowloon continued to slow down in December. New lease transactions dropped by 20% on a monthly basis. Most of the leasing activity was in Kowloon East, at monthly rents below HK$25 per sq ft. While most industries have been largely affected by the COVID-19 pandemic, the logistics industry has remained strong and is one of the winners. Some logistics companies have taken advantage of this golden opportunity in the downbeat market to expand and upgrade their work environment and location. A recent notable example was the relocation of logistics giant DHL. It moved out of Megabox and took up a 91,015 sq ft space in the premium Grade A office International Trade Tower in Kwun Tong, making it the largest new lease acquisition in the market so far in 2020.After reviewing its office requirements, DHL chose to reconfigure its work pattern and adopt agile work practices to achieve workplace size optimisation. Curtailed by the pandemic and economic uncertainty, tenants will continue to be cost-sensitive and seek cost-effective options in Kowloon. Given the approach of the traditional festive season and the continuing unstable COVID-19 situation, we expect leasing demand to remain soft and the current low-level leasing volume to last until at least Lunar New Year.

In this January 2021 issue, we take a look at the latest updates on the local commercial real estate market as well as share an outlook for the sector in 2021.

• While the gradual return to office is expected this year, the office segment may not immediately return to its pre-pandemic vibrancy as the uncertain global business environment may continue to affect expansion decisions of businesses over the short to medium term. The office segment, however, is seen to benefit from the anticipated growth of the IT-BPM sector with the United States’ less protectionist policies under its new administration.
  
• The new COVID-19 variant has caused renewed anxiety and further stalls the resumption of international travel. It is also seen to discourage domestic travel as the country extends the more stringent community quarantine qualification in major urban areas and tourist destinations, thus, further blurring the tourism industry outlook.

Q4 2020 was a crucial quarter as it marked a recovery momentum with leasing indicators trending favourably compared to the previous couple of quarters. In a time of change with COVID upending the workplace playbook, the leasing trends and occupier strategies are undergoing a rapid shift and will have a bearing on market activity. Even as the COVID scenario was evolving and occupiers continued with evaluating their real estate portfolios and charting their space requirements, almost all the cities saw heightened levels of market activity with expansion driven demand making a comeback of sorts as well.  Mumbai, Pune, Delhi NCR, Ahmedabad, and Kolkata have witnessed higher fresh leasing activity for expansion and consolidation during the last quarter of the year. This augurs well for the leasing momentum in 2021, which is likely to get broad-based across cities with introduction of a vaccine and a gradual return to the workplace providing the much-needed push to market activity. 

In this report, we analyse the Indian office markets’ performance in Q4 as well as during the full year of 2020.  

Although office leasing activity was generally more muted in Q4 compared to other quarters in the year, it was broadly similar to Q4/2019 levels.

• Demand for office space largely emanated from tenants looking for replacement space because of the need to move out of older buildings to be redeveloped, as well as tenants with office leases due for renewal.

• Owing to the uncertainties arising from the pandemic, tenants are continuing to adopt a wait-and-see approach and looking for clarity on trends to emerge on future workplace practices before deciding on future office space requirements.

• In Q4, the office market saw relatively significant leasing deals from technology companies. These companies are expected to continue expanding their presence in Singapore, which they deem as an attractive base due to its political stability, strategic position and strong economic fundamentals.

Strata Office Market outlook

•  In 2021, the strata office market together with the larger office sector in Singapore is expected to remain under pressure, with companies critically reviewing the way space is occupied in the post-pandemic era characterised by evolving remote work protocols. Therefore, transaction volumes as well as prices are likely to remain subdued for at least the first six months of the year.
• Nevertheless, as office users rationalise and right-size their space requirements, occupiers such as small enterprises may turn towards owner-occupied strata offices as a viable alternative to tenanted space. As such demand for strata offices, especially those in central locations, could improve in the second half of 2021.

Strata Retail Market outlook

• Moving forward, the global economic outlook remains uncertain with recurring infections in other nations despite the distribution of the vaccines. And even if vaccine distribution proves to be successful, prices of strata retail units in Singapore are envisaged to remain soft with more distressed sales expected due to the lack of tourists and safe distancing measures still in place.
• The demand for such strata spaces is expected to come from proprietors that intend to run their own businesses, preferring to set up shop in locations where strata retail developments tend to be typically located. Often the lower costs when compared to renting retail space in a prime shopping mall in the same location act as the greatest incentive.
• Thus, with the retail market gravitating towards more experiential placemaking strategies and migrating some of their services to digital platforms, there is a growing imperative for strata retail storeowners to also adopt similar ways to survive in a market that is in constant change.

2020 was a challenging year for Philippine real estate and the global property market, but we see the new year as a promising time for sectors such as industrial & logistics, office, residential, REITs, and data centers, among others. The industrial & logistics sector was the most stable asset class in the past year, and there are huge opportunities in the e-commerce and the rollout of COVID-19 vaccines. The office sector is likely to perform better than 2020, while we anticipate residential real estate to exhibit a slow but gradual rebound.

In 2021, macrotrends such as the boom of e-commerce, flexible office setups, and continued decentralization outside Metro Manila
are likely to continue and contribute to the property market’s soft recovery.

The Philippine population, which has grown at 1.5% on average each year since 2015, is key to recovery. This growth has created a “demographic sweet spot” and continues to drive consumption and, in particular, the expansion of online retail and the related logistics platforms. The young Philippine population will also continue to keep the country at the forefront of the global BPO industry as outsourcing continues to increase.

Global Economy

• Global growth estimated to decline by 3.5% in 2020 but expected to rise by 5.5% in 2021
• Advanced economies likely to grow by 4.3% in 2021 on the back of the early rollout of vaccines
• Emerging economies are expected to grow by 6.3% in 2021 on the back of a contracted base

Indian Economy 

• India’s GDP growth for FY21 is estimated to decline by 7.7%, hit by the global pandemic and the lockdown
• Private consumption estimated to contract by 9.5% in FY21 based on income loss, mobility restrictions, and supply constraints
• Government consumption estimated to rise by 5.8% due to increased expenditure as part of pandemic relief packages.
• Investment estimated to decline by 14.5% due to economic uncertainty and delay in implementation of capital projects

展望 

• Consumption indicators, including FMCG, auto sales, and GST collection indicate a faster demand recovery in Q3
• Continued momentum post-pandemic in health, pharma, telecom, and technology (e-commerce, fintech, ed-tech, etc.) owing to a significant shift in consumption patterns
• The pandemic has led to a preference for digital services and adoption of digitalisation in many companies
• GDP is estimated to grow at 11% in FY22 owing to robust growth in consumption and investment and lower base effect