思想領導

The rush of post-pandemic activity in the data center space seen throughout 2021 continued in 2022, despite headwinds in the overall economy and resource challenges in some of the largest markets worldwide. Hyperscale tenants continued their relentless expansion across regions, with specific interest toward secondary and emerging markets. Co-location providers and developers have followed suit, driven by higher availability and lower prices for both power and land.

The 2023 Global Data Center Market Comparison reviews all factors outlined in the previous edition of this report, with further commentary on a region-by-region basis. As with previous editions, we assess data center markets across the globe, within 13 different categories, to determine the top overall markets along with the top performers in each category. With this fourth edition of the report, we hope to provide members of the data center community with a better understanding of how the industry is rapidly changing and expanding across the globe.

儘管中國政府在推行「零新冠」政策和嚴格的宏觀審慎措施的同時，面臨著維持經濟穩定發展的諸多挑戰，但它始終堅定不移地推進其對國內房地產投資信託基金（REITs）市場的願景。 2022年，隨著中國首批租賃型房地產投資信託基金於8月上市，這項持續發展進程又邁上了一個新的里程碑，進一步拓展了中國房地產產業的融資管道。.

強有力的監管支持、優質的資產基礎以及中國12兆美元股市投資者對高股息股票的強勁需求，將繼續支撐該行業的高估值。進展顯而易見，我們可以預期2023年將有更多中國房地產投資信託基金（C-REITs）上市。將傳統商業地產納入C-REITs範疇──這可以說是C-REITs發展歷程中的終極目標和最終目標──正逐步成為現實，隨之而來的上市浪潮無疑將帶來巨大的投資機會。.

As many economies continue to raise interest rates to tackle inflation, and with growing concerns of a recession in other parts of the world, Asia Pacific investors have become more cautious, with net buying intention softening in 2023. 

CBRE’s 2023 Asia Pacific Investor Intentions Survey, which features insights from more than 500 investors across the region, finds that although fundraising activity remains healthy, most investors intend to adopt a wait-and-see stance in the first half of 2023 in anticipation of slower yield expansion and milder rate hikes.

Other key findings include:

• Real estate allocations among Asia-based institutional investors are largely below their global peers. These respondents indicate that their allocations to real estate will remain the same or increase over the next 12 months.
• Opportunistic strategies will gain momentum in 2023 as investors look to capitalise on price dislocation and seek distressed opportunities.
• Industrial and logistics remains the most preferred asset class, while residential (especially multifamily and built-to-rent) logged the strongest uptick in interest. Offices are still the top property type among core investors.
• Although healthcare-related properties have overtaken data centres to become the most popular alternative sector, the investible universe for this asset class in Asia Pacific remains limited.
• Tokyo retained its status as the top city for cross-border investment for a fourth consecutive year, followed by Singapore and Ho Chi Minh City.

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

India has long been recognised as a country with immense potential, but it was often hindered by bureaucracy and red tape. In recent years, however, India has made laudable strides, with its economic growth leapfrogging other major countries, in part driven by concerted government-led reforms and sector-focused initiatives that have shaped a more business-friendly climate, particularly for foreign investment.

Today, India has forged ahead into a new era, and the country holds much promise with the largest youth population in the world1 and the second largest labour force2 globally. Investors can look forward to sustained returns from key beneficiaries of these structural advancements, particularly in the Office and Business Park sector.

本報告原刊登於 https://www.capitaland.com/en/about-capitaland/newsroom/inside/2023/January/Riding_the_Growth_Impetus_A_Focus_on_Indias_Office_and_Business_Park_Sector.html

CBRE’s 2022-23 Global Fit-Out Cost Guide is the industry’s most comprehensive analysis of fit-out pricing globally. This year’s edition focuses on the global changes in work models and the challenges faced as a result of the pandemic, climate change and heightened economic uncertainty.

The global shift in workplace behaviors has resulted in new ways of thinking about the construction of offices. Companies have adopted hybrid work models, and people need a blend of flexible, team and event spaces. Likewise, many companies have set net-zero carbon targets, expanding real estate sustainability strategy beyond energy savings to include decarbonization and Environmental, Social and Governance (ESG) criteria.

But with the changes there have been challenges. The lingering effects of COVID-19 and the war in Ukraine have led to economic and supply chain uncertainty, which affects the fit-out market by diminishing budgets amid inflation and causing long lead times in procurement.

CBRE introduced our Fit-Out Cost Guide in 2013 as a benchmarking tool to support planning and investing in capital fit-out projects. This year our cost guide leverages more quality data than ever before, with input from strategic partners.

The 2022-23 guide provides insight into global market trends, with regional data from APAC, EMEA, North America and Latin America.

本報告原刊登於 https://www.cbre.com/insights/books/global-office-fit-out-cost-guide-2022-2023

雖然 2020 年中國估計有 1.5 億人租房居住，但中國多戶家庭租賃公寓的滲透率仍然很低，不足 2%。然而，隨著中國人口結構的演變、住房消費需求的轉變以及政府政策的全面支持，預計到 2030 年，中國多戶家庭租賃公寓的數量將增長至 1200 萬套以上。.

世邦魏理仕相信，該行業強勁的租賃基本面以及資產流動性和可擴展性的潛力，將確保多戶住宅在未來十年內成為中國最具吸引力的商業房地產投資資產類別之一。.

中國約四分之三的目標多戶家庭用戶位於廣東、上海、北京、浙江和江蘇，因此建議投資者以這三大沿海城市群的核心市場為目標。選址時還應考慮公共交通的便利性以及到工作地點的通勤時間。中國多戶家庭租賃公寓的主要投資方式包括收購和翻新現有資產、綠地開發以及平台合作。.

經濟住屋同時具備政策與市場導向的特點。C-REITs 提供的退出渠道；非住宅房屋轉換為出租房屋的監管批准；以及優惠的稅收和信貸政策，都將為該行業帶來獨特的投資優勢。.

在營運方面，世邦魏理仕建議投資者透過大宗採購、數位化租賃及營運系統、樓層平面重新配置及增值服務等積極管理措施，提高投資回報。.

本報告原刊登於 https://www.cbre.com/insights/reports/investing-in-china-multifamily-real-estate

On December 7, 2022, the Chinese government announced a 10-point plan signalling a shift away from its zero-tolerance COVID-19 policy. The measures were announced as China’s short term economic indicators continued to weaken, with local governments in particular coming under acute financial strain.

Retail and tourism are set to be the main beneficiaries of the policy easing. Given the performance of other Asia Pacific markets since their relaxation of pandemic-related policies, CBRE expects retailer expansion to pick up as early as Q2 2023, supported by rising demand for prime retail space and the bottoming out of shopping mall rents as infections gradually subside and the population adjusts to a living with COVID-19 policy.

With regard to the office market, the easing of pandemic restrictions will bring about an increase in site inspections. A rebound in office demand is likely to follow in another three to six months as occupiers’ business outlook brightens along with the economic recovery.

Improving economic fundamentals should boost commercial real estate investment volume in 2023, which will continue to be driven by domestic institutions. With the Five-Year Loan Prime Rate (LPR) standing at an historically low 4.3%, cheaper lending costs will strengthen China’s relative appeal to cross-border investors.

CBRE recommends long term core investors focus on built-to-rent multifamily, business parks and industrial parks around tier I cities, along with trophy office assets in Shanghai and Beijing. Opportunistic investors are advised to target distressed assets. Mainland China’s re-opening will eventually benefit the retail and hotel sectors in Hong Kong SAR, Japan and Thailand, as well as the student living and residential sectors in Australia.

本報告原刊登於 https://www.cbre.com.cn/en/insights/briefs/China-Brief–China%E2%80%99s-shift-from-zero-covid-to-reopening-seen-as-hugely-beneficial-to-real-estate

• Tenant enquiries and site visits increased in the surveyed period, largely driven by the retail and industrial sector. Activity in mainland China continued to be constrained by strict pandemic-related measures.
• Demand for both traditional and flex office space cooled as many occupiers switched to wait-and-see mode amidst the dimmer economic outlook. The appetite from industrial sector also decreased as respondents saw more consolidations.
• While the outlook for rents in Korea, Singapore and Australia turns more positive in the surveyed period, lagging markets like mainland China also expected a slower rental decline.
• Regional leasing sentiment remained largely stable. Although mainland China was the weakest performer, a more positive outlook is expected along with recent relaxation of zero COVID policy. Landlord strength continued to decline as the market shifted further in favour of tenants.

本報告原刊登於 https://www.cbre.com/insights/briefs/asia-pacific-market-sentiment-survey-december-2022

今年早些時候，世邦魏理仕開展了一項史無前例的全球調查，訪問了超過2萬名受訪者，涵蓋了從Z世代到嬰兒潮一代的各個年齡段，旨在了解他們未來的生活、工作和購物方式，以及這些變化將如何影響他們的房地產需求。其中，亞太地區的受訪者約有9000人。.

調查結果揭示了新的見解，這些見解可以用來指導房地產租戶和投資者的策略，並確保房地產能夠滿足用戶不斷變化的需求。.

亞太地區的主要調查結果包括：

居住

• 強烈的搬家意願：32% 居民希望搬家，其中市中心區域最受歡迎。
• 強勁的購屋意願：在計劃搬家的人中，有 66% 的人傾向於買房而不是租房子。
• 房屋選擇偏好轉變：66% 表示，健康和安全比價格更重要。                  

工作

• 人們希望有更大的彈性：85% 目前每週至少有三天在辦公室工作。
• 地理位置至關重要：75% 對位於市中心的辦公室感到滿意；55% 在郊區工作的同事也表達了同樣的感受。
• 工作場所品質至關重要：69% 的辦公室工作人員更重視工作場所品質。

店鋪

• 大多數消費者喜歡線下購物：61% 更傾向於在網上訂購前先到實體店查看商品。
• 個人財務前景樂觀：53% 預計未來一年他們的財務狀況將有所改善。
• 道德消費主義正在興起：80% 在購物時更關注環境和社會議題。

本報告原刊登於 https://www.cbre.com/insights/local-response/asia-pacific-live-work-shop-report-2022

重點總結

• 亞太地區國家繼續在生產地點排名中名列前茅，這主要歸功於當地勞動力資源豐富且成本低廉：排名前 12 的地區中，有一半位於亞太地區。.
• 與 2021 年相比，許多國家排名下滑，原因是成本增加（特別是勞動力和電力成本）和風險增加（經濟、政治和自然災害）；其中一些國家位於歐洲，烏克蘭戰爭對成本和風險因素產生了重大影響。.
• 隨著失業率持續下降，許多國家也面臨勞動力供應更加緊張的局面；這種情況影響了所有地理區域和經濟發展水平的國家，儘管亞太新興市場的主要生產地點繼續受益於不斷擴大的勞動力資源。.
• 許多國家——尤其是歐洲國家——提高了實現永續發展目標的能力，包括有效利用資源和創造綠色經濟機會，從而增強了其長期經濟前景和風險狀況。.
• 美國企業正以前所未有的速度將工作和供應鏈遷回國內。根據「回流倡議」（Reshoring Initiative）發布的報告顯示，美國企業今年預計將有近35萬個工作崗位遷回美國。.

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