思想領導

As the Asia Pacific region exits the pandemic and business activity returns to normal, corporate occupiers are placing more emphasis on employee productivity and on increasing office utilisation. With workplace transformation underway, there is strong demand to adapt and “build a better office” to meet the fast-evolving needs of employees and senior management. Additionally, occupiers should be actively identifying new opportunities and strategies to future-proof their portfolios. CBRE’s 2023 Asia Pacific Office Occupier Sentiment Survey, which features insights from more than 130 corporate real estate executives in the region, from more than 80 multinational and domestic companies, delves deeper into the future of work and the changing role of the office.Key findings include: 

• Policy on hybrid working is tightening
  • 68% of C-suites are focusing on increasing office attendance or improving work efficiency
  • 66% have policy enforcement on office attendance, including performance and financial consequences
     
• Companies are future-proofing their portfolio
  • 44% expect their CRE portfolio to grow in the next three years
  • Public transportation access, onsite F&B and sustainable building features are the most desired building features
     
• ‘Flight-to-green’ is becoming the next norm
  • 64% want to expand into ESG-certified buildings
  • 47% want to include data sharing in green leases
     
• Demand for a more refined workplace is increasing
  • 48% have adopted flexible seating; this is expected to increase to 80% by 2025
  • Increasing demand for focus space and small-sized meeting rooms

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

Insolvency resolution has been a bane for Indian policy makers and real estate lenders alike, with a poor track record in terms of recoveries and timeliness before the implementation of Insolvency and Bankruptcy Code, 2016.

In our latest report, we examine the development of the IBC relevance, impact and challenges faced in resolving insolvencies in the real estate sector. Our key findings deal with:

Resolution rates in Real Estate within IBC, compared to other sectors.

• Recovery rate, as a proportion of claims, where resolution has been achieved
• Key challenges specific to resolution of real estate stress
• Way forward in resolving real estate insolvencies

Global super-prime ($10m+) residential sales bounced back in Q1 2023, with 417 sales across the 12 markets tracked in Knight Frank’s Global Super-Prime Intelligence report, up 11% on the 376 recorded in Q4 2022 and the highest volume since Q2 last year.

本報告原刊登於 https://www.knightfrank.com.au/research/global-super-prime-intelligence-q1-2023-10221.aspx

Rents in global luxury residential markets are continuing to see strong growth. The Knight Frank Prime Global Rental Index rose by 8.5% in the 12 months to March this year – with rents in a majority of markets hitting new records.

本報告原刊登於 https://www.knightfrank.com.au/research/prime-global-rental-index-q1-2023-10269.aspx

• The Asia Pacific flex space market continues to display stable growth, with the total volume of flexible office space in the region reaching 87 million sq. ft. as of March 2023, an increase of 6% from September 2022.
   
• New flex space supply in Delhi NCR and Bangalore accelerated from 2022, with the two cities witnessing the addition of a combined 3.1 million sq. ft. of stock in Q1 2023. With leasing by flex space operators remaining robust in Q1 2023, the pace of new flex centre openings over the remainder of the year in these two markets is expected to be brisk. Weaker markets included Melbourne, where the potential insolvency of a local flex space operator resulted in a drop in flex office stock.
   
• Flex office penetration in the overall office market was steady at about 4% as of the end of March 2023. The proportion of flex space in Grade A office stock continued to increase, rising to 3.5% from 3.1% in September 2022, reflecting strong demand from flex space operators seeking to upgrade their centres to Grade A office buildings. 
   
• Ongoing economic uncertainty is strengthening the importance of portfolio flexibility and prompting a greater focus on cost management, driving occupier demand for flex space. CBRE’s 2023 Asia Pacific Occupier Survey found that more than half of respondents believe their portfolios to be under-allocated to flexible office space and intend to increase their use of it.
   
• Other key trends observed by CBRE in H1 2023 include tech firms’ continued dominance of usership of flex office space; CapEx concerns driving a preference for dedicated space such as enterprise solutions and strong demand for event space and access passes.

本報告原刊登於 https://www.cbre.com/insights/briefs/agile-real-estate-infographic-h1-2023-asia-pacific-flexible-office-market

While tenant enquiries and site visits remain frequent, momentum cooled from the previous survey. Although enquiries and inspections in mainland China were active, occupiers’ cautious stance resulted in a limited number of actual transactions.

Expansionary demand grew across the office and retail sectors but fell for industrial. Australia and Japan registered a rise in requirements for more space, while India continued to see robust new set up and expansion demand.

Two-thirds of respondents expect rents and incentives to stay flat. The view in mainland China is slightly negative, with rents forecasted to decline.

Despite falling slightly from the previous quarter, leasing sentiment in most markets stayed in positive territory. Sentiment in mainland China remains negative and will take more time to recover.

本報告原刊登於 https://www.cbre.com/insights/briefs/asia-pacific-leasing-market-sentiment-index-june-2023

Despite a challenging global economic environment and recent muted investment sentiment, the Asia Pacific commercial real estate market has remained largely resilient. In particular, the office sector remains an important asset class in the region, and one that investors should consider.

This report explores the opportunities presented by investing in the office sector in Asia Pacific, the supporting data and factors that differentiate this asset class from others, as well as the implications and potential strategies for investors.

主要亮點包括：

• Deal flow in Asia Pacific remains resilient despite weaker investment sentiment
• The outlook for longer-term office demand is positive
• Asia Pacific is leading office attendance globally
• Price and rental correction has created a window of opportunity
• CBD offices can aid portfolio diversification

本報告原刊登於 https://www.cbre.com/insights/reports/asia-pacific-major-report-why-asia-pacific-offices-are-different-and-now-is-the-time-to-invest

Hong Kong SAR and Singapore are both firmly established as popular locations for multinational corporates to locate their Asia Pacific headquarters.

While the two cities have always enjoyed a competitive rivalry, recent sociopolitical developments and the enactment of anti-pandemic measures, although now abated, have prompted some companies to think about their operational and physical footprint in the region.

This report compares the two markets across seven key factors:

• Influence in Asia Pacific
• Scale of financial industry
• Scale of technology industry
• ESG and green building initiatives
• Talent availability and attraction
• Office rents/price
• Office availability

The report also discusses topical issues such as:

• How the two cities are set up to develop and grow in the post-covid world
• The competitive advantages of the two cities across industries
• Whether real estate pricing and rental gaps are narrowing, and by how much
• How the two cities will evolve over the next decade with reference to government master plans

本報告原刊登於 https://apacresearch.cbre.com/en/research-and-reports/A-Tale-of-Two-Cities-Hong-Kong-SAR-vs-Singapore

Real estate remains a key asset class within investors’ diversified strategies even as the turmoil in global financial markets and the instability across the capital spectrum continue to cause concerns.

That’s backed by some solid fundamentals, particularly in Asia Pacific. One, the region’s market resilience, versus its European and the US counterparts, put niche assets here on top of investors’ radar, and now, the reopening of China comes in as a shot in the arm. Two, the flight to quality – led by climate actions and return to office initiatives, has fuelled tight occupancy and rental growth across key Asia Pacific markets. Three, alternatives powered by the region’s living, logistics and life sciences sectors are luring investors with new opportunities and robust growth potential. There are several other reasons.

The moot point is the impact of rising interest rates on valuations and cap rates across key Asia Pacific markets appears mitigated, as rental growth remains powered by strong demand on the back of tight vacancy. However, it’s vital today for real estate investors to proactively map the next 12 months and ensure a winning action plan to make the most out emerging opportunities in the year ahead.

Read more to find out the 2023 APAC action plan in a smart investor’s diary

The logistics sector in Asia-Pacific has seen increased interest from both investors and occupiers. This report highlights the prevailing trends including the diversification of demand, the continuing undersupply of logistics properties, and the implications for investors.

本報告原刊登於 https://www.knightfrank.com/research/report-library/the-state-of-logistics-asia-pacific-focus-report-2023-2023-10082.aspx