市場展望

• The COVID-19 pandemic has significantly accelerated a number of secular shifts that were already starting to have fundamental impacts on the role real estate plays in the economy as well as in investment portfolios.
• Such disruption increases the need for evolving data and analytics to understand the rapidly changing drivers of performance and risk consistently across all types of real estate investments.
• Despite a long list of difficult questions facing the asset class, climate change and its impact on risk and return are more important than ever for real estate investors.

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HEALTHY TRANSACTION VOLUME AND MODERATE PRICE INCREASE IN A PANDEMIC YEAR

• Prices of non-landed private residential properties (excluding Executive Condominiums (ECs)) in Q4 2020** saw the greatest quarter-on-quarter (q-o-q) increase of 3.2% for 2020, bringing the full-year increase to 2.7% despite the economic turbulence.
• In 2020*, non-landed private residential sales volume (excluding ECs) totalled 17,830 units, 4.7% more than in 2019 and a surprisingly good showing in a year of crisis. Strong support from needs-based buyers and eligible HDB upgraders combined to form healthy demand, bolstering sentiment despite economic uncertainty and restrictions on the re-issuance of OTPs.
• There were 9,497 transactions in the primary market accounting for some 53.3% of total sales in 2020*, as developers pushed out new launches amid encouraging sales after Singapore exited the circuit breaker. While the secondary market was slower to regain momentum and trailed with 8,333 sales, sales caught up to some extent with some 2,904 units transacted in Q4* and 2,922 in Q3, more than three times the 760 units in Q2 2020 (Exhibit 1). The practicality of resale units due to its price discount, when compared to new sale units, and the greater choices available will continue to encourage sales.

While office rents continued to drop in the downbeat market, tenants seized the opportunity for better relocation options, resulting in high activity in the leasing market during the month. However, landlords further softened their approach and adopted a more realistic stance in negotiating leasing terms to secure tenants, so the majority of tenants tended to renew their leases. As a result, new take-up of Grade-A office space was at an exceptional low level during the month, particularly in the CBD area.

Amid the challenging economic environment,

While office rents continued to drop in the downbeat market, tenants seized the opportunity for better relocation options, resulting in high activity in the leasing market during the month. However, landlords further softened their approach and adopted a more realistic stance in negotiating leasing terms to secure tenants, so the majority of tenants tended to renew their leases. As a result, new take-up of Grade-A office space was at an exceptional low level during the month, particularly in the CBD area.

Amid the challenging economic environment, cost-competitiveness remains a pressing consideration for tenants. Going into 2021, we therefore expect to see a continuing decentralisation trend. We also foresee rising demand for co-working space, as more companies, especially small and medium-sized enterprises (SMEs), which have been heavily impacted by the coronavirus-induced recession to actively explore flexible leasing options.

自從泰國宣布進入緊急狀態以應對2019冠狀病毒病（COVID-19）疫情以來，已過一個多月。這場全球疫情對泰國經濟造成了嚴重衝擊，以至於泰國央行不得不將先前預測的2020年GDP成長預期從2.81兆至3兆美元下調至萎縮5.31兆至3兆美元。我們看到，不同的組織機構正在以各種方式應對這場危機，這可以說是迄今為止規模最大的職場實驗。一些公司…

自從泰國宣布進入緊急狀態以應對2019冠狀病毒病（COVID-19）疫情以來，已過一個多月。這場全球疫情對泰國經濟造成了嚴重衝擊，以至於泰國央行不得不將先前預測的2020年GDP成長預期從2.81兆至3兆美元下調至萎縮5.31兆至3兆美元。我們看到，不同的組織機構正在以各種方式應對這場危機，這可以說是迄今為止規模最大的職場實驗。.

一些公司正在調整員工的工作安排，讓員工輪流到辦公室上班和居家辦公。另一些公司則讓所有員工居家辦公。這極大地影響了企業和員工的工作方式，尤其是在一個對以往工作場所變革抵抗程度較高的國家。這也引發了人們對新冠疫情將對辦公地產市場產生長期影響的諸多疑問和判斷，其中不乏一些斷言辦公空間將走向消亡的極端論調。.

萊坊和泰國Peoplespace認為，以下動態將受新冠疫情影響，重塑辦公室格局。新冠疫情不太可能徹底顛覆或導致辦公室消亡。雖然疫情會促使人們更加審視並改變一些既有的市場行為，但其最深遠的影響在於推動和加速許多領先的辦公市場參與者早已開始的趨勢。.

“When virus-related restrictions ease, we expect to see the release of some pent-up demand, but this will reflect shifting preferences following the experience of the pandemic and extended working from home, with businesses all likely to take a different approach.”

We entered 2020 with cautious optimism as Asia-Pacific property markets remained relatively healthy and the phase one trade deal was signed between the US and China. Then COVID-19 struck, throwing markets into turmoil, and with it, knocking many of our previous forecasts off-course. This year has been dominated by the pandemic, with activity and performance of the various real estate asset classes linked to just how they have been impacted by the virus. As this report highlights, geographies and property types have all been influenced by lockdowns, restrictions, and the ensuing economic weakness. However, as we now look towards 2021 and the potential recovery it may bring, here are six trends that give a sense of what lies ahead:

We entered 2020 with cautious optimism as Asia-Pacific property markets remained relatively healthy and the phase one trade deal was signed between the US and China. Then COVID-19 struck, throwing markets into turmoil, and with it, knocking many of our previous forecasts off-course. This year has been dominated by the pandemic, with activity and performance of the various real estate asset classes linked to just how they have been impacted by the virus. As this report highlights, geographies and property types have all been influenced by lockdowns, restrictions, and the ensuing economic weakness. However, as we now look towards 2021 and the potential recovery it may bring, here are six trends that give a sense of what lies ahead:

1. Work-from-home experiment will leave a lasting impact
2. Logistics driven by e-commerce and supply chain security
3. Investors circling for distress may be disappointed
4. Monetary policy to remain supportive of residential markets
5. Real estate to contribute to the ‘Green Recovery
6. US-China relations to continue to be important for the region

Many occupiers are looking to reduce the total amount of office space they occupy, due to the preference for some employees to continue working from home following lockdown. This change in occupier preference, combined with the large amount of new supply, has resulted in occupiers looking to…

Many occupiers are looking to reduce the total amount of office space they occupy, due to the preference for some employees to continue working from home following lockdown. This change in occupier preference, combined with the large amount of new supply, has resulted in occupiers looking to secure smaller office spaces within new developments, enabling them to increase the quality of their offices whilst also potentially reducing their total rent. This shift will have a severe impact on landlords of older buildings, however and it is likely that occupancy rates across the market will continue to fall.

With the eff ects of the pandemic looking likely to continue into 2021, Savills expects to see more occupiers looking to reduce their office space. Considering this along with the large amount of future supply completing over the next five years, it’s likely a large number of occupiers will seek to relocate into smaller units within newly completed office buildings.

The trade war between China and the US has pushed Taiwan’s tech and manufacturing companies to rethink their supply chain strategies which used to rely heavily on China. Taiwan’s tech industry saw a large wave of off shoring to China from 2000, especially the electronic component and computer sectors, resulting in…

The trade war between China and the US has pushed Taiwan’s tech and manufacturing companies to rethink their supply chain strategies which used to rely heavily on China. Taiwan’s tech industry saw a large wave of off shoring to China from 2000, especially the electronic component and computer sectors, resulting in four of China’s top 10 companies exporting to the US originating from Taiwan, including Foxconn, Quanta, Pegatron, and Compal Electronics. As the trade war tensions have escalated, Taiwanese companies are considering relocating production lines to Southeast Asia and Taiwan in order to diversify their manufacturing base.

Industrial land prices have increased steadily over the past five years owing to the strong demand from local end-users. Although the global economic outlook is gloomy, we believe that the average industrial land price could rise by 3% in 2020, especially in traditionally cheaper areas. As land prices in New Taipei City and Taoyuan have increased significantly, tech corporates have had to modify their factory expansion plans to focus on more affordable areas, such as industrial parks in middle and southern Taiwan. We reason that industrial land in those areas is expected to witness stronger price growth in the near future.

Retail projected were forced to actively adjust their tenant brand mixes to stand out in the increasingly competitive crowd of retail projects in Chongqing. Following the Metro Park’s substantial brand adjustment in 1H/2020…

Retail projected were forced to actively adjust their tenant brand mixes to stand out in the increasingly competitive crowd of retail projects in Chongqing.

Following the Metro Park’s substantial brand adjustment in 1H/2020, the shopping mall actively introduced many new retail brands into its low zones, such as children’s entertainment brands, medical beauty institutions and fine dining establishments with larger leased areas than in the high zone, helping strengthen the brand richness in the project.

In Q3/2020, Starlight Plaza, located in the Jiefangbei submarket, announced that it would officially launch a major adjustment to comprehensively renew the positioning of the mall and brand categories to accelerate the integrated development of the project. This adjustment will be the first since the project opened in 2015.

Hyderabad has steadily risen to a position among the top three office markets of the country. In terms of office leasing volumes, it has progressed from being a distant sixth to its current position in a span of just three years. In 2019, the city registered record transaction activity of approximately 9.5 million sq ft, just behind Bangalore and the National Capital Region (NCR).

The rise in commercial leasing activity can be attributed to a variety of factors. These include government support by way of… 

Hyderabad has steadily risen to a position among the top three office markets of the country. In terms of office leasing volumes, it has progressed from being a distant sixth to its current position in a span of just three years. In 2019, the city registered record transaction activity of approximately 9.5 million sq ft, just behind Bangalore and the National Capital Region (NCR).

The rise in commercial leasing activity can be attributed to a variety of factors. These include government support by way of investor friendly policies and infrastructure growth matching urban agglomeration expansion; as well as enabling demographics which has created an abundant and skilled talent pool. Also, the influx of MNCs over the last two decades has been instrumental in setting up large campuses and office complexes in the city. In recent landmark legislation, the state government announced a single window portal facilitating faster clearances and self-certification for real estate construction on land parcels of a specific size. Such enabling regulations have provided an important boost to the real estate sector in the city.