思想領導

• 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.

投資組合策略

• 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

New hybrid work models implemented on a large scale have created a major shift in the expectations of how the future office should be. Offices are now more intelligent, connected and accommodating to hybrid workers. Occupier organisations are planning to switch to flex office models instead of only choosing traditional leases. The change in office space preference and workplace expectations have posed challenges for landlords in Asia Pacific (AP) to keep up with market demands and to understand occupiers’ priorities.

In this study sponsored by essensys, IDC surveyed 180 leaders from occupier organisations, whose organisations are either using traditional lease or in flexible working spaces, and 180 leaders from office real estate organisations across six markets in AP, to capture their expectations, challenges and plans for future offices.

This InfoBrief then deep dives into Australia as a case study to understand the market demands and opportunities.

The findings provide insights to help landlords in AP understand the changing demands of the office real estate market and help them remain competitive in the office real estate landscape.

重點總結：

• For occupiers, a seamless digital experience is highly important. All organisations are willing to pay more to have such an experience.
• Occupiers are using networks more in the dynamic spaces in office buildings such as the common lobby (76%), event and meeting spaces (62%), and food and beverage outlets (26%).
• Landlords in AP have not fully met the demands of occupiers on network and connectivity services, especially in areas such as speed, reliability, security and access.
• Landlords are aware that automated network management brings benefits such as controling networks across a portfolio (76%) and streamlining network infrastructure management (55%).
• Landlords also plan to implement more smart technologies for their portfolio in the next 3 years. Top technologies include network management, space management and touchless and sensor-based solutions.

2023 has brought about the implementation of favorable political and economic policies along with the revitalization of domestic demand and investment. As such, Greater China, the largest emerging market, is set to experience a significant rebound. The new economy real estate industry presents burgeoning growth potential.

Jointly released by Tricor and Asia Pacific Real Assets Association (APREA), ‘New Economy Real Estate in China – Market Review & Operational Guide 2023’ offers a thorough analysis of China’s new economy real estate industry, with specific emphasis on the logistics real estate market. It provides insights into the current market landscape, growth trajectory, and anticipates future trends.

Focusing on three key aspects, Engage, Evolve and Accelerate, the report provides real estate strategies being made by some of the leading global companies to strengthen processes, build resilience, and meet complex needs, with the aim to enrich the workplace experience.

During this time of heightened uncertainty, this report provides potential real estate strategies with recommendations for occupiers to:

• Engage: Preparing workplaces and workforces for change
• Evolve: Meeting future space needs and the demands of a hybrid workforce
• Accelerate: Applying technology to advance change and drive performance

Key highlights

• Across industries, occupiers are in the process of reassessing their current office footprint to determine the most optimal mix for their employees.
• More than 65% of workers are seeking more in-person time with their teams, while 70% of workers want flexible work options to continue.
• 66% of business decision-makers are considering redesigning physical spaces to better accommodate hybrid work environments.
• The growing urgency to attract and retain talent is prompting companies to consider alternative workplace solutions and new locations.
• Flex space has been brought to the forefront by the hybrid working model and has helped occupiers optimize costs and ensure employee flexibility.
• Integration of smart technology, digital infrastructure and smart facilities can help attract tenants and achieve greater operational efficiency, reduce energy consumption and higher customer retention.
• Companies across the globe are investing ESG and DEI initiatives, including green design, tech-enabled features that promote higher health & safety, wellbeing amenities, and inclusive workplace environments.
• Demand for green certified buildings will continue to rise as occupiers continue to seek eco-friendly buildings that meet environmental, energy, and health standards in their design, construction, and performance.