思想領導

There were two major factors affecting the Asian real estate market in the past few years, namely COVID-19 pandemic and interest rate hikes.

COVID-19 is no longer considered a public health emergency of international concern while stable or slightly lower interest rates from the Federal Reserve in 2024 is anticipated by many Asian markets. This is expected to increase the appetite for property investment over the next 12-24 months.

Key highlights in the Report:

辦公大樓

• Investors are seeking more stable revenue streams and longer-term capital gains in Asia markets.
• There is an oversupply of office space in Bangkok, Beijing, Jakarta and Shanghai; and it will take time for the market to absorb.
• Rental levels in Bangkok and Beijing are under pressure while office rent in Seoul is rising due to limited new supply.

零售業

• High street and prime retail malls in different markets have faced challenges during the pandemic, with the exception of district retail centres offering daily necessities for the neighourhood.
• High inflation in many Asian markets has impacted overall consumption.

工業部門

• There is an oversupply of industrial space in Beijing, Seoul and Shanghai, making the industrial sector in these markets buyer and occupier’s market.
• Jakarta is expected to have a steady performance in the industrial sector driven by the electronic automotive industry.
• Bengaluru, Hong Kong and Mumbai have stable demand for logistics, warehouses and data centres.

本報告原刊登於 https://www.colliers.com/en-xa/research/2019-to-2023-apac-cap-rates-report

The Wealth Report’s unique data, expert insights, thought-provoking interviews and future views help shed light on the key issues affecting how you live, work, invest and give back.

In brief:

• Private capital is critical for real estate investment, representing a record 49% of all commercial transactions in 2023.
• With wealth creation turning positive again, the choices of UHNWIs will have a growing influence on real estate outcomes.
• 22% of wealthy individuals want to invest in residential property this year, and 19% in commercial property.
• The need for private capital to aid the repurposing and upgrading of global property have never been higher.

本報告原刊登於 https://www.knightfrank.com/wealthreport

Despite a challenging economic environment, data centres remain in focus for the commercial real estate industry in Asia Pacific, with notable market developments across the region.

CBRE’s latest Asia Pacific report explores key data centre investment trends and outlook for the sector in the region, and offers insights into the data centre occupier and investment market in Australia, Hong Kong SAR, Japan, Singapore, India and Korea.

Key regional trends include:

• Investor demand for data centres is strong, with a wide range of buyers seeking stabilised assets. However, there remains a lack of stock for sale.
• Prevailing high interest rates continue to weigh on data centre investment. However, investment volume in 2024 is expected to recover from last year’s low base, driven by activity in Japan.
• In addition to increased activity by hyperscalers and more corporates moving towards a co-location approach, there has been a surge in AI-related demand since late 2023.
• Power supply, especially a lack of renewable energy, is becoming a major challenge for future data centre development. 

本報告原刊登於 https://www.cbre.com/insights/reports/asia-pacific-data-centre-trends-q1-2024

世邦魏理仕 (CBRE) 發布的《2024 年全球投資者意向調查》揭示了買家和賣家的偏好策略、市場和物業類型。報告要點包括：

• 全球投資者預計，與 2023 年相比，2023 年的房地產買賣活動將會增加，因為他們越來越樂觀地認為房地產投資市場狀況將會改善。.
• 儘管預計資本化率還會進一步擴張，但這一趨勢應該會在年中開始逆轉。.
• 儘管大多數市場的投資者在 2024 年上半年仍保持謹慎，但預計年中將下調利率，這將導致下半年商業房地產投資活動有所改善。.

本報告原刊登於 https://www.cbre.com/insights/reports/2024-global-investor-intentions-survey

在經濟情勢動盪的背景下，亞太辦公市場仍維持穩健成長，整體前景樂觀。創新和發展的需求並未減弱。企業正努力實現其環境、社會和治理 (ESG) 目標，新的工作模式強調靈活性、協作性和創新性，同時促進多元化和包容性。辦公空間在許多轉型過程中扮演核心角色，因此，企業越來越重視建築品質、裝修設計和原料選擇。.

今年的指南重點關注該地區的33個主要城市，以及：

• 打造一流辦公空間的關鍵考量：創造辦公室價值、包容性和永續性設計以及與業主建立夥伴關係
• 針對後疫情時代勞動需求，針對三種不同風格的裝修方案進行成本估算
• 一份全面的裝修成本明細，包括家具、機電工程、建築工程、IT設備、視聽設備及其他雜項費用。
• 三種不同等級的修復成本，以及平均改造成本

疫情推動了電子商務的快速發展，但也暴露出全球供應鏈的脆弱性，凸顯了增強供應鏈韌性的必要性。第三方物流（3PL）倉儲業者必須優化供應鏈營運、降低成本並利用新技術。 3PL 模式卓有成效，如今已主導了工業和物流空間的需求，影響著房地產基本面和倉庫建築設計，並推動了第四方物流（4PL）和逆向物流等行業的進一步發展。.

第三方物流公司在全球發展壯大：

• 亞太： 2023年，第三方物流公司（3PL）的物流租賃業務量預計在3億至4億噸之間，未來成長幅度有限。這一趨勢主要受成本削減措施和物流行業日益複雜化背景下對效率提升的需求所驅動。.
• 美國： 自疫情爆發以來，由於電子商務的顯著增長，對倉儲空間的需求也隨之增加，第三方物流（3PL）租賃活動已完成超過30%的大宗交易（超過10萬平方英尺）。儘管經濟的不確定性減緩了3PL的短期成長，但其長期前景仍然強勁。第四方物流（4PL）將進一步推動現代化倉儲空間的需求。.
• 歐洲： 3PL 在物流租賃需求中所佔比例越來越大，自 2019 年以來成長了 10 個百分點以上。在此期間，對於 XXL 設施（超過 50,000 平方米或 580,000 平方英尺的倉庫），最終租戶越來越傾向於自己控制租賃，並與 3PL 簽訂合約來運營倉庫。.

本報告原刊登於 https://www.cbre.com/insights/reports/the-global-outsourcing-of-warehousing

亞太房地產市場格局正在發生變化，資料中心和醫療保健等另類領域蓬勃發展。亞太房地產協會 (APREA) 與 CenterSquare Investment Management 共同進行的一項調查收集了來自不同行業領導者和專業人士的見解，揭示了他們對另類房地產的顯著偏好。.

投資者預計未來1-3年這些行業的潛在回報將更高，其中數據中心、醫療保健以及多戶住宅和學生公寓尤為值得關注。挑戰包括股票供應有限以及營運平台對實現最佳回報的重要性。.

日本被視為當前的熱點地區，而印尼和泰國則被視為未來極具潛力的市場。調查強調，需要持續進行教育，以提升投資者對不斷變化的房地產市場動態的理解。.

Like other commercial real estate sectors, the industrial sector globally has been buffeted by a variety of headwinds and tailwinds over the past few years. Notwithstanding these near-term fluctuations, the underlying driver for the sector in Asia Pacific is one of growth and expansion. This is being fuelled by several sources which is driving transformative change across the region and is creating a range of opportunities for occupiers, developers and investors alike. However, at the same time there are challenges that need to be overcome for the sector to reach its full potential in the region. 

Cushman & Wakefield’s latest industrial report offers a comprehensive view of these drivers and challenges impacting the logistics and industrial sector, as well as put a focus on the trends and provides strategies for key markets such as Greater China, India, and Southeast Asia to help navigate these conditions.

• Intra-APAC trade has increased 5-fold in USD dollar values since 2000, further growth is expected which will force supply chains to become more regionally focused.
• As mainland China continues to move up the value chain, new manufacturing and logistics hubs are emerging, especially across Southeast Asia and India creating opportunities across the region.
• Although labour pools are deep compared to Europe and US, talent is heavily concentrated within the region. At the same time, there is great variability in skill levels, meaning investment in capability and capacity building.
• Port throughput capacity also needs to be expanded across much of the region. India and Southeast Asian markets, cumulatively account for 19% of throughput of the world’s top 50 ports, while China accounts for 45%.
• Sectoral trends are also driving the need to redesign supply chains to incorporate greater flexibility, automation and resilience while also reducing input costs and accommodating greater sustainability initiatives.
• Occupiers of logistics and industrial space can capitalise on these opportunities by expanding into new markets and/or expanding existing facilities to meet the forecast growth in demand. However, they would be well advised to undertake rigorous supply chain mapping and location analysis to help ensure the optimum design of their manufacturing and distribution strategy.
• For investors and developers, opportunities will flow from leveraging existing relationships with tenants to aid their expansion through providing bespoke solutions. In turn, this will provide opportunities to deploy capital and expand portfolio sizes.

The new PMRE Monitor 2024: An AI User Manual provides assistance and offers guidance on the path to the future. The results of the market analysis have been used to create a handbook – an AI User Manual – that prepares players of the real estate industry for the use of AI.

You will learn in detail

• which visions can be realised with AI in the real estate industry,
• how employees can be mobilised to use AI and
• how the transformation of the entire company can be managed.

The Global Real Estate DEI Survey is the only corporate study of diversity, equity and inclusion (DEI) management practices and data benchmarking in the commercial real estate (CRE) industry.

This third iteration of the Global Real Estate DEI Survey is the result of the collaboration between six sponsoring associations NAREIM, NCREIF, PREA, REALPAC, ULI and Ferguson Partners, as well as 14 supporting associations AFIRE, AIA, APREA, AREF, BOMA, BPF, CFMA, CoreNet Global, CREFC, EPRA, NAIOP, OSCRE, PFA and RICS.

This is a summary report of high-level results providing a view of DEI metrics relating to:

• DEI program structure, resources and ownership.
• Policies focused on recruitment, retention and promotion, inclusive culture, tracking and accountability, and pay equity.
• Employee demographics by gender and race/ethnicity, across seniority and job function, as well as DEI hiring, promotion and

departure trends year-over-year.

Survey participants receive a spreadsheet with full data, providing for an in-depth look and suitable for benchmarking DEI policies and achievements against peers.

The Global Real Estate DEI Survey Volume III represents 296,902 full-time real estate employees, $1.98 trillion of assets under management, and a cross-section of the commercial real estate industry in terms of size, region and business classification.

The Survey brings together participation from 216 unique organizations which provided 236 submissions detailing their DEI practices in North America (79.2% of respondents), Europe (11.9%) and Asia-Pacific (8.9%). Data was collected between July 17 and September 29, 2023.