思想領導

近年來，在消費者信心高漲、樓盤供應充足、價格競爭力強以及利率環境有利等因素的推動下，住宅市場持續開啟成長新篇章。 2023年上半年強勁的銷售業績充分印證了住宅市場的強勁勢頭，兩季均售出超過6.2萬套住宅。.

值得注意的是，2023年第二季銷售超過64,500套，較上季成長41兆至3兆美元。有趣的是，過去一年中，住宅銷售額每季都在持續攀升，創下新高。與此趨勢相符，2023年第二季銷售量超過了2023年第一季創下的歷史最高紀錄，成為自2008年以來最高的季度銷售量。.

2023年第一季和上半年住宅市場的主要趨勢：

• 得益於高品質的產品上市，季度銷售額創下新紀錄。
• 2023年上半年住宅銷售額飆升至15年來的最高水平
• 高端公寓的銷售呈現上升趨勢
• 2023年第二季及2023年上半年新產品發表量仍維持強勁動能。
• 班加羅爾、孟買和浦那的銷售額佔季度銷售額的 62%。
• 強勁的需求推動印度七大城市資本價值上漲。

2023年第二季度，印度七大主要城市的辦公大樓租賃總面積達1,270萬平方英尺，延續了上一季的市場成長勢頭，凸顯了印度辦公大樓市場的韌性。與上半年相比，租賃總面積也成長了2.51兆平方英尺，顯示印度辦公大樓市場明顯免受全球經濟逆風的影響。.

淨吸收量較上季成長41兆至3兆美元，但鑑於全球經濟不確定性帶來的不利因素依然存在，租戶對大規模擴張計畫仍持謹慎態度。印度七大城的淨吸收量打破了先前的下滑趨勢，達到三季以來的最高水準。儘管租戶對擴張活動仍略顯謹慎，但印度本土企業和全球租戶仍在持續成長，但成長略有放緩。.

目前空間需求已趨於穩定，並呈現復甦跡象，交易完成情況有所好轉，新的需求不斷湧現，從而維持了整體需求規模。儘管全球經濟逆風和科技成長乏力仍將是限制因素，但印度過去六個月展現的韌性預計將在今年餘下的時間裡得以延續。交易完成將對2023年的預測產生重要影響，任何延誤都可能導致2023年的成長略顯疲軟，但會對未來幾年產生正面影響。.

2023年第二季辦公大樓市場主要趨勢

• 淨吸收量回升至795萬平方英尺，為三個季度以來的最高水準。
• 季度供應量為1050萬平方英尺，季增5.31兆平方英尺。
• 科技企業持續領先季度租戶活動；彈性辦公空間鞏固成長勢頭，位居第二。
• 各大城市租金持續上漲

隨著新加坡逐步走出疫情的陰霾，商業活動逐漸恢復正常，企業租戶更加重視員工生產力和辦公空間利用率提升。隨著辦公場所轉型升級，企業迫切需要調整併“打造更優質的辦公空間”，以滿足員工和高階主管快速變化的需求。此外，租戶也應積極尋找新的機會和策略，以確保其投資組合能夠適應未來發展。.

世邦魏理仕 2023 年新加坡辦公大樓租戶情緒調查報告包含了來自金融服務、科技、媒體、電信和專業服務等各行業租戶的見解。.

主要研究結果包括：

• 新加坡的平均使用率達到 64%，預計未來 6 至 12 個月內將進一步提高。.
• 短期內租賃市場情緒依然謹慎，更多企業選擇續約或重新談判，但 45% 預計未來 3 年將擴大其企業投資組合。.
• 綠建築需求強勁，但綠色溢價仍較低。 67% 願意支付的溢價低於 5%。.
• 隨著越來越多的公司採用彈性辦公和混合辦公模式，員工與辦公桌的共享比例預計將會增加。 67%計劃在未來兩年內提高辦公桌共享比例。.

本報告原刊登於 https://www.cbre.com.sg/insights/viewpoints/2023-singapore-office-occupier-sentiment-survey

• 2023年第一季度，工業租賃和物價指數連續第十個季度上漲。租賃指數季增2.81兆噸，較上一季的2.11兆噸有所加速，創下自2013年第三季以來的最大季度漲幅。同樣，工業價格較上季上漲1.51兆噸，較上一季的1.71兆噸略有放緩。.
• 2023 年剩餘供應量為 1,030 萬平方英尺，從現在到 2025 年平均供應量為 1,090 萬平方英尺，較高的供應量將繼續抑制租金和價格的成長，但也可能為租戶提供更多選擇。.
• 工業指標依然疲軟，製造業產出、NODX 和 PMI 均持續萎縮。.
• 貿易緊張局勢導致業內人士尋求加強供應鏈，一些企業計劃在新加坡設立工廠，這將繼續支撐工業需求。.

Rents in the region fell at a faster clip in Q2 2023, maintaining a year-long downward trend as Knight Frank’s Asia-Pacific Prime Office Rental Index dipped by a fourth consecutive quarter, down 1.6% quarter-on-quarter, in Q2 2023. This brings annual decline to 3.1%, which were largely due to continued soft conditions in the Chinese Mainland.

15 out of the 23 tracked cities reported stable-to-increasing rents, down from 16 in Q1 2023. Vacancies also rose marginally by a quarter of a percentage point quarter-on-quarter to 13.8%, sustaining a trend that has seen the metric rise to its highest in over 10 years since Q4 2022.

However, seen in the context of a delivery of over 4 million sf during the quarter, office demand in Asia-Pacific has held up better than those in US and Europe, with a stronger return-to-office trend. With tech occupiers continuing to rationalise employee headcount, financial and professional services firm as well as flexible space operators have made up the slack in leasing activity. Demand was also supported by a flight-to-quality trend that has pervaded across the region.

With the region entering a development phase, new supply in 2023-24 will clock in at cyclical highs, near doubling the levels in 2022, which will add close to 10% to existing stock. Consequently, market conditions across most of the region will continue to favour tenants for the rest of the year.

本報告原刊登於 https://apac.knightfrank.com/office-highlights

• A worldwide shortage of available power is inhibiting growth of the global data center market. Sourcing enough power is a top priority of data center operators across North America, Europe, Latin America and Asia-Pacific. Certain secondary markets with robust power supplies stand to attract more data center operators.
• New development is occurring across all four regions despite limited power availability. Northern Virginia remains the world’s largest data center market with 2,132 megawatts (MW) of total inventory.
• Despite new development, vacancy rates are declining in all four regions due to strong demand. Singapore—the world’s most power-constrained data center market—has less than 4 MW of available capacity and a record-low vacancy rate of less than 2%.
• Large corporations are finding it increasingly difficult to find enough data center capacity. Low supply, construction delays and power challenges are impacting all markets. For example, Querétaro, Mexico, has only 1.2 MW available for lease.
• The worldwide shortage of available supply is leading to price increases for data center capacity. Singapore has the highest rental rates at $300 to $450 per month for a 250- to 500-kilowatt (kW) requirement, while Chicago has the lowest at $115 to $125.
• The rapid growth of artificial intelligence—along with other modern technologies, such as streaming, gaming and self-driving cars—is expected to drive continued strong data center demand. This will spur innovations in data center design and technology as operators aim to deliver the capacity that meets the increased power density requirements of high-performance computing.

本報告原刊登於 https://www.cbre.com/insights/reports/global-data-center-trends-2023

On 4 July 2023, the Lease Agreements for Retail Premises Bill (“Bill”) had its first reading in Parliament. The Bill seeks to make it mandatory for retail lease contracts to comply with the Code of Conduct for Leasing of Retail Premises in Singapore (“Code“).

The Code was issued by the Fair Tenancy Pro Tem Committee in 2021 and was last updated in 2022. It sets out guidelines and principles for landlords and tenants of qualifying retail premises to enable fair and balanced lease negotiations. The full Code is available 這裡.

The Bill serves the following functions:

• Establishes the Fair Tenancy Industry Committee;
• Provides for the Code and the obligations of landlords and tenants in relation to the leasing principles contained therein; and
• Establishes a dispute resolution process in relation to complaints of non-compliance with the leasing principles or obligations.

The introduction of the Bill follows a public consultation on the proposed legislation held by the Ministry of Trade and Industry from 18 July 2022 to 5 August 2022.

While adoption of the Code has thus far been voluntary, the Bill – when passed – will require compliance with the Code’s leasing principles. Landlords and tenants of retail premises should thus be aware of their obligations under the Code to ensure compliance.

This Update highlights the key features of the framework set out under the Bill and the Code.

Despite ongoing economic uncertainty, logistics occupiers in Asia Pacific maintain a positive business outlook for the next three years. Expansionary demand continues, although appetite has weakened slightly compared to 2021, with occupiers shifting their focus toward optimising their operations.

CBRE’s 2023 Asia Pacific Logistics Occupier Survey features insights from more than 120 logistics real estate executives in the region on their business outlook, growth plans, strategic opportunities and concerns for the next three years. Key findings include:

Market Sentiment

• 81% of respondents are confident about their business outlook for the next three years.
• Expansionary appetite weakened from 78% in 2021 to 68% this year.

Supply Chain

• Warehouse automation is seen as integral to logistics operations; Automated storage and retrieval systems remains the most sought after logistics technology.
• 87% plan to outsource more or the same amount of operations to 3PLs to enhance operational efficiency.

Portfolio Strategy

• Modern logistics assets near customers and public transport are the most sought after, especially those in urban areas.
• Short-term leases and/or flexibility for expansion ranked as the most important element of future lease management.

ESG Considerations

• ‘Green energy supply’ and ‘Electric Vehicle charging stations’ are the most desirable features for future-proof warehouses.
• 51% expressed an interest in green certified warehouses.

本報告原刊登於 https://www.cbre.com/insights/reports/2023-asia-pacific-logistics-occupier-survey

Despite facing lower risks of obsolescence compared to the US and Europe, the office sector in Asia Pacific is not without challenges. Pressure is starting to build on several fronts including elevated vacancy levels, evolving occupier space requirements and impending government legislation .

This report takes a deeper dive into the underlying dynamics and drivers across the APAC region’s major markets and provides a roadmap for asset optimisation.

下載報告

Since 2015, Cushman & Wakefield has been taking the pulse of CRE leaders around the world to understand What Occupiers Want. In our annual survey—conducted in partnership with CoreNet Global External Link—we ask about trends in office location and workplace, perspectives on changes to portfolios, and strategies around policies, procedures and decision-making. Over the past five years alone, we’ve uncovered critical insights about what matters most to occupiers, including sustainability, recruiting tech talent and post-pandemic portfolio transformations. This year, we asked more questions about Environmental, Social and Governance (ESG), and occupiers told us how they’re incorporating meaningful changes across environmental, sustainability and governance standards within their organizations.

KEY TAKEAWAYS FROM THE 2023 SURVEY:

• Cost and talent—cost pressure is the #1 challenge for companies across the globe
  • Globally, cost has moved to the forefront of strategic drivers for CRE, followed by talent and operational excellence. In 2022, the reverse was true, as most occupiers sought talent before cost reduction.
• Communal office space for sparking creativity and innovation—targeted space has doubled from pre-pandemic levels, from 20%-30% to 40%-50%
• • Most occupiers see the office as a centralized, planned meeting spot to learn, develop and ignite ideas collaboratively. As such, they seek to grow their communal spaces to foster a flexible and synergistic workplace environment.
• Finding talent beyond the city limits—26% of occupiers are recruiting from anywhere in the world
• • Though occupiers mostly prefer Central Business Districts (CBD) for HQ locations, this doesn’t limit their reach to hire from a global talent pool.
• Footprint reduction—nearly two-thirds of occupiers (63%) plan to reduce real estate footprint in the next two years
• • With office occupancy at half of pre-pandemic levels, most occupiers want to reduce overall footprint, while simultaneously optimizing their current space with amenities and services to increase office usage and experience.
• The importance of ESG—with a dramatic jump, from #8 to #5, ESG rose in importance as a key driver of real estate decisions
• • Social consciousness and sustainability are becoming increasingly important to occupiers around the world. Forty-two percent of CRE executives told us they have ESG goals either in operation or in planning stages.
• Making an impact with flexible work—employees report a better workplace experience when given autonomy to work when and where they want
• • Employees want to have agency to independently choose where and when to work. CRE executives see that providing workplace flexibility not only drives employee engagement, but also aligns with their social pillar goals.

本報告原刊登於 https://www.cushmanwakefield.com/en/insights/what-occupiers-want