2018亚太区投资者意向调查（英文版）_24页_1mb

ASIA PACIFIC INVESTOR INTENTIONS SURVEY 2018 SUMMARY

Core Content

The CBRE Asia Pacific Investor Intentions Survey 2018 highlights the evolving landscape of real estate investment in the region. Despite concerns about global and local economic shocks, investor appetite for real estate remains robust, driven by the desire for stable income streams and asset class diversification. The survey reflects the preferences, strategies, and trends among cross-border investors.

Main Points

1. Strong Investment Appetite

• 92% of respondents indicated that their investment activity in 2018 will be the same or greater compared to 2017.
• $53 billion of real estate private equity capital is expected to be deployed into Asia Pacific real estate by 2020.
• Real estate is viewed as a stable and less volatile asset class compared to equities and bonds.

2. Shift in Investment Focus

• Core and core-plus assets remain popular, but value-added assets have overtaken prime core as the most preferred.
• Shanghai, Sydney, and Tokyo are no longer the only traditional preferred markets; Singapore, Melbourne, Brisbane, and regional cities in China and Japan are gaining attention.

3. Narrower Return Expectations

• Unlevered total returns (average annual over 3 years) are expected to be in the range of 3–9%, depending on the investment strategy.
• Core/core-plus investors expect 3–6%, value-added investors 6–9%, and opportunistic investors 6–12%.
• This trend suggests increased competition for assets offering high single-digit returns.

4. Rise of Niche Sectors

• Industrial and logistics sectors are experiencing significant growth due to e-commerce expansion and modern logistics facilities becoming institutional investment products.
• Multi-family is gaining popularity due to high housing prices and declining affordability, especially among millennials.
• Data centres and student accommodation are emerging as attractive investment opportunities, with healthcare and retirement living also showing potential.

5. Co-Working as a New Trend

• 60% of investors believe co-working is the future of office space and a key amenity for tenants.
• The optimal percentage of co-working space in an office building is 20%, with more than 40% seen as detrimental to asset value.
• Property companies are developing their own co-working brands to enhance tenant mix and building value.

6. Potential Slowdown in Chinese Outbound Investment

• Although Chinese investors are still the largest source of capital, there is a shift towards more selectivity and reduced appetite for overseas investment.
• New capital controls introduced in 2018 are expected to slow the pace of Chinese outbound investment.
• There is a greater focus on Belt & Road countries and industrial assets due to regulatory flexibility.

Key Trends to Watch

• Narrower return expectations among different investment strategies.
• Thematic sector focus, particularly in industrial and logistics, multi-family, data centres, and student accommodation.
• Growing interest in co-working spaces as a flexible and value-enhancing amenity.
• Continued slowdown in Chinese outbound investment due to regulatory scrutiny and capital controls.

Investor Strategies

• Core/Core Plus: Focus on prime assets in non-core areas or non-prime assets in core areas.
• Value Added: Enhance asset value through upgrades, conversion, and integration of rent-paying amenities.
• Opportunistic: Targeting assets with higher potential for returns, especially in secondary and emerging markets.

Survey Methodology

• Conducted online between November 2017 and January 2018.
• 366 responses were collected, with 82% from Asia Pacific and 18% from Western Europe, the Middle East, and North America.
• Respondents were categorized into funds/asset managers, listed property companies, developers, and sovereign wealth funds, among others.

Conclusion

Despite high property prices, real estate remains an attractive asset class due to its stability and diversification benefits. Investors are expected to shift focus from traditional markets to emerging cities and niche sectors. The survey also indicates a reduction in return expectations, increased interest in co-working, and a potential slowdown in Chinese outbound investment.

Key Cities and Strategies

Sources

• CBRE Asia Pacific Investor Intentions Survey 2016, 2017, and 2018
• Asia Pacific Millennials Survey, CBRE Research, October 2016
• Demographia, MSCI, and other market reports

Contact Information

For more information, contact the CBRE Research team:

• Asia Pacific: Henry Chin, Ph.D. (henry.chin@cbre.com.hk)
• Global Research: Nick Axford, Ph.D. (nick.axford@cbre.com), Richard Barkham, Ph.D., MRICS (richard.barkham@cbre.com)
• Capital Markets: Yvonne Siew (yvonne.siew@cbre.com)
• Industrial & Logistics: Dennis Yeo (dennis.yeo@cbre.com)
• Debt & Structured Finance: Steven Lim (steven.lim@cbre.com.au)