Knowledge Hub

The COVID-19 pandemic has changed the way we live and work. Long-running conversations surrounding the traditional office model have only proliferated in recent times. In response, we are now seeing new trends in strategies for corporate real estate arise from businesses around the world. When asked about expectations of change in their total amount of space in global portfolios, APAC respondents from the (Y)OUR SPACE 2021 global survey* have been more bullish than their global counterparts. 30% more APAC respondents said that they are likely to increase rather than decrease space. Comparatively, there are 5% more global respondents who are likely to decrease their portfolios than increase.

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• The top five technology centres in APAC are Beijing, Shanghai, Bengaluru, Shenzhen and Singapore. Other cities are developing strengths in specific areas of technology, e.g., Seoul and Hong Kong in fintech, while in Hyderabad and Sydney are emerging
• Among upcoming Indian submarkets, Colliers highlights Whitefield and North Bengaluru in Bengaluru, Peripheral Business District in Hyderabad, and Noida Expressway and Golf Course Extension Road (Gurguram) in Delhi NCR, among others.
• In APAC, technology occupiers should account for 20%-25% of office leasing demand in the next five years. Our research identifies the most attractive technology submarkets across APAC to help occupiers plan their expansion
• The emergence of technology groups as large owner-occupiers creates a new source of capital for investors planning asset disposals, as well as new opportunities for joint ventures and partnerships for developers.

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概览

       亚太股市5月份再度遇冷，由于物价上涨可能加剧通胀，投资者仍然担心持续上升的通胀压力。同时，亚太许多国家，包括印度、日本，和部分东南亚国家，也面临着新一轮的疫情威胁。感染人数在之前防疫工作颇为成功的新加坡、台湾和越南激增，这也让投资者感到不安。亚太地区疫苗普及速度落后于全球，对疫情的担忧将导致延迟放松边境管制，从而推迟经济复苏。在各种因素的影响下，亚太地产股表现逊于亚太股票和债券指数。

亚太上市房地产公司股票

        GPR/APREA上市房地产综合指数勉强维持在正值，澳大利亚、香港、日本略有盈利，勉强抵消中国和新加坡权重股的跌幅。继一场在北京召开的会议后，中国地产股开始下跌。会议考虑通过征收房产税，以遏制房地产投机行为，因此打击了市场信心。

        然而，由于投资者买入升值强劲的人民币，加上美联储承诺的货币宽松政策，香港股票连续两个月收高。尽管印度新冠感染病例位居全球首位，但地产公司Indiabulls和大使馆集团的合并直接推动了印度股票本月斩获最高回报率。监管部门批准了这项并购，这也造就了又一家印度最大的上市房地产公司之一。

亚太REITs

      5月，GPR/APREA综合REIT指数创纪录地继续保持增长。然而，亚太大部分REIT市场表现都不如股票。唯独香港例外，回报率最高达3%以上。从各个版块来看，主要地产板块收益表现也较为平淡。新加坡REITs也位于地区内拖后腿的行列，因为政府加强了管制，以限制疫情感染人数的增加。尽管如此，新加坡工业REITs管理资产继续扩大规模，今年已公布超50亿新元的重大收购。

       亚太REIT市场也迎来了另一个重大发展机遇。众人期待已久的中国公募REIT市场已拉开帷幕，此前监管部门已批准了第一批REITs，包含九只股票，预计将为基础设施项目筹集300亿人民币。然而，与其他市场不同，中国REITs目前只以基础设施为支撑。符合条件的底层资产不包括商业地产，商场或办公楼等。同时，顺丰REIT成功在香港交易所上市，成为香港第一支以物流为主的REIT。

        亚太地区的REITs并购活动也更加活跃。除了目前日本境内对景顺日本办公REIT的争夺外，澳洲证交所上市的澳大利亚联合医疗地产信托也成为了加拿大西北医疗地产信托和新加坡政府投资公司新加坡主权财富基金的竞相收购目标。

前景展望

        资源价格和航运成本的上涨可能使政策性加息比预期来得更早，而通胀问题仍将是投资者的主要关注点。不过，在美联储评论说基于基数效应的价格飙升是暂时性的后，美国国债收益率在5月份有所回落。投资者认为在收益率达到顶峰，债券买入量减少之前，美联储还能容忍更高的价格。在经济持续复苏的背景下，亚太REITs将继续受益于持续的低息环境，以及机构投资者对房地产的强劲需求。

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