思想領導

隨著電子商務滲透率趨於平穩，線上銷售增長趨於常態化，與此同時，大量消費者正重返實體零售店，帶動亞太地區許多市場的客流量增長。 我們的研究發現，該地區絕大多數消費者仍傾向透過多種實體與數位接觸點進行購物，亦即所謂的全通路購物模式。.

本篇觀點分析了推動實體零售回歸的關鍵因素，並闡述實體店鋪經營者應如何調整與轉型，以確保在全通路時代中保持競爭力。.

雖然有跡象顯示實體店舖仍將是銷售策略的核心，但世邦魏理仕（CBRE）認為，其角色必須適應並演變，以服務全通路零售。隨著這種演變，零售店舖將不再僅是純粹的交易場所，而是轉變為提供全方位顧客體驗的樞紐。 投資者與業主亦須調整策略，以適應不斷變化的消費者行為及零售商的偏好。.

本報告原刊登於 https://www.cbre.com/insights/viewpoints/optimising-brick-and-mortar-stores-to-serve-omnichannel-retail

自世邦魏理仕（CBRE）首次揭示千禧世代在生活、工作及消費方面的嚮往已近六年，我們重新展開研究，以追蹤各世代自那時以來的演變。 我們於去年底進行的「生活、工作與購物」調查，訪問了全球超過20,000名受訪者，涵蓋Z世代至嬰兒潮世代。此調查的目標仍是為了了解他們未來將如何生活、工作與購物，以及這些動態變化將如何影響他們所使用的房地產。.

這項調查共收集了約 1,500 名來自印度的受訪者意見，其結果為房地產租戶、開發商及投資者提供了嶄新的見解。我們相信，這些利害關係人可運用本調查結果，制定明智的決策與策略，確保我們的房地產空間能因應使用者不斷演變的需求。.

本報告原刊登於 https://www.cbre.com/insights/local-response/voices-from-india-how-will-people-live-work-and-shop-in-the-future

世邦魏理仕（CBRE）的《2023年中國投資者意向調查》於2022年11月8日至2022年12月2日期間進行。 共有207位主要以中國為基地的投資者參與了本次調查，調查內容涵蓋受訪者對2023年的購置意願，以及偏好的房地產策略、板塊和市場等各類問題。.

2022年，疫情相關的不確定性、地緣政治緊張局勢、經濟增長放緩以及租賃基本面疲弱，共同抑制了中國商業地產的投資信心。 全年投資總額年減22%，降至2,200億人民幣；跨境投資則年減19%，降至490億人民幣。 活躍的板塊包括多戶住宅、科技園區及工業廠房，這些領域持續受惠於公共REIT市場的發展。.

受訪者「增加購買」與「增加出售」的意願在 2023 年均有所下降，主因是對經濟衰退的擔憂以及日益升高的地緣政治緊張局勢，這反映出短期內的謹慎情緒。 然而，需特別指出的是，本次調查於2022年11月8日至12月2日期間進行，時間點早於政府公布標誌著「清零政策」轉向的十點計劃之前。 世邦魏理仕預期，隨著「清零」政策的放寬、包括「三支箭」在內的產業扶持政策推出，以及平台經濟的推動，將提振投資者信心，確保實際投資活動的表現超越調查結果。.

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

過去十年，亞太房地產市場經歷了迅猛擴張。亞太房地產協會（APREA）在其《2023年亞太市場展望：向前邁進》報告中，與房地產投資信託基金（REIT）的利益相關者舉行了一場研討會，探討了他們在新冠疫情、電子商務、貨幣政策變化、地緣政治以及新的優先事項（ESG）等背景下的業務戰略，以及他們面臨的下一階段挑戰和機遇。.

關於《2023年預算案》對房地產投資信託（REITs）及基礎設施投資信託（InvITs）的影響，相關論述已相當充分。透過本文，Resolut Partners 試圖簡明扼要地闡述擬議變革的內容、原因及後續發展，並主要針對全球金融投資者提供相關資訊。.

重點總結：

• 從債務本金償還中獲得的分配款，現可能被視為「其他收入」而課稅——這與國際標準不符
• 透過贖回單位所獲得的債務償還款項不被視為「收入」，而是用於減少取得成本——InvIT／REIT 法規不允許贖回單位
• 由於多數投資信託基金（InvIT）的分配結構將透過償還債務進行的分配納入考量，這對內部報酬率（IRR）產生重大影響
• 政策變動與政策模糊性可能阻礙房地產投資信託（REITs）／基礎設施投資信託（InvITs）的發展，而這些投資工具此前幾乎被視為「債券替代品」‘

Rising interest rates are causing buyers to be mindful of the associated costs when transacting a property. For an international buyer, these costs can vary substantially across jurisdictions. Expressed as a percentage of property prices, they range from under 10% in Chinese cities to 35% in Singapore.

In an increasingly competitive market, Singapore’s government has maintained their Additional Buyer’s Stamp Duty (ABSD) at 30% for foreign buyers purchasing any residential property.

In comparison to other regions, North American cities cost of ownership comprises a substantial share of the buying, holding and selling cost of a property. These costs are largely comprised of annual property tax and house insurance.

本報告原刊登於 https://www.savills.com/research_articles/255800/339112-0

過去五年，亞洲在FTSE EPRA/Nareit已開發市場指數（全球最受關注的房地產指數）的份額從2017年的25.0%下降到2022年底的21.0%。這項變更主要歸因於美國房地產投資信託基金（REITs）的成長，進一步將上市房地產投資信託基金的權力平衡轉移到北美，北美在該指數中的份額從2017年的57.1%上升到2022年的64.0%。.

美國房地產投資信託基金（REITs）領域的成長主要得益於經濟結構轉型和股權投資者強勁需求催生的眾多另類房地產板塊。這些另類板塊在富時EPRA/Nareit已開發市場指數美國部分的佔比從2007年的34.0%上升至2017年的47.5%，並在2022年達到55.0%。.

美國上市 REIT 領域的成長非常顯著，以至於像 FTSE 這樣的指數編制者推出了上限指數，限制美國成分股的規模，以避免全球指數越來越被視為‘美國及其他’，從而降低其對投資者的實用性。.

有人可能會問：為什麼亞洲另類房地產投資信託基金（REITs）的成長速度未能跟上美國的成長步伐？事實上，亞洲另類REITs的成長速度甚至超過了美國。儘管亞洲在全球REIT指數中的權重有所下降——從2017年的27.11萬億至2022年的21.01萬億至2022年——但亞洲另類REITs的權重卻從全球指數的2.31萬億至3.8 ...

本文由 CenterSquare Investment Management 亞太區主管兼高級合夥人 Joachim Kehr 撰寫，探討了美國和亞洲另類 REIT 隨著時間的推移而擴張背後的行業，並探索了哪些行業為亞洲另類 REIT 提供了最大的增長潛力，提出了維持這種增長的進一步措施。.

As international container shipping increases, so does the need for more logistics real estate—especially in seaport markets. In this report, CBRE looks at 18 well-established and emerging seaports to understand their capabilities and connections to other ports, as well as how they influence nearby industrial real estate markets.

主要發現：

• Ocean shipping keeps growing—more than 80% of the world’s merchandise trade by volume is seaborne, of which more than half is shipped in ocean containers—driving strong demand for logistics space near seaports.
• E-commerce sales and holding more inventory to guard against supply chain disruptions are also spurring demand for industrial & logistics properties—especially those with strong transportation links to seaports.
• Transportation costs are a paramount consideration in site selection, accounting for 45% to 70% of logistics spend, versus 3% to 6% for fixed facility costs like rent.
• Ongoing risks—including persistent inflation, rising interest rates, geopolitical tensions and pandemic-related disruptions—are prompting companies to reevaluate supply chain strategies and locations.

本報告原刊登於 https://www.cbre.com/insights/reports/2022-global-seaport-review

Real estate investors enter 2023 facing a very different investment landscape to the one they encountered at the beginning of 2022. Many property markets were still riding high this time last year. In 2021, they had delivered the strongest returns since before the 2008 global financial crisis (GFC), bouncing back from COVID-19-related weakness on the back of pent-up demand and a particularly buoyant industrial market. As 2022 progressed, however, that pent-up economic demand combined with exogenous supply shocks associated with the Russia-Ukraine war drove inflation to levels not seen in decades.

The future for real estate investing has not been so uncertain since the GFC, and this new environment presents many challenges for investors: Overall deal activity has plummeted as investors pause to reassess the risks they face and underwrite appropriately. While it is clear that sentiment is weak, this pause in activity levels means that pricing evidence is scarce; and for that reason, it will be important to triangulate from a range of data types and sources. Without the tailwind of compressing yields, returns will be driven more by occupier-market fundamentals — which, for office markets, are at a structural turning point. Understanding the interplay of rental growth, occupancy and expenses on delivered income across markets and property types will be key. These factors will be just a selection of the growing number of inputs that may drive asset performance in an increasingly complex investment environment. The ability to attribute risk and performance to a growing number of factors like yield and leasing profile, as well as exposure to more secular risks like climate change, will be increasingly important for investors.

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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.