CBRE+2023年零售市场报告-31页

Retail Market Report 2023

Economic Framework

• Economic recovery for retail slowed post-pandemic due to labor shortages, inflation, and high energy costs.
• Retailer confidence fluctuates significantly, reaching an average of –10% and dipping to –26% in March 2023.
• GDP and consumer spending are constrained by inflation (estimated at 6.6% by end-2023, falling to 3.6% in 2024).
• Turnover increased nominally but decreased in real terms; a full recovery expected from 2024.

ESG in Retail

• ESG Innovations: Focus on sustainability through green leases (covering energy, waste, materials), CSRD compliance (starting 2024) impacting real estate attractiveness, and supply chain laws imposing due diligence.
• Energy Optimization: Solar power integration in retail properties (e.g., Westfield Süd) and widespread adoption of electric vehicle charging infrastructure in retail areas (e.g., Tesla chargers in Frunpark Asten).
• Implications: Requires building upgrades for sustainability, increasing ESG-compliant properties’ appeal and value, especially for older retail stock.

General Trends

• Revival of Physical Stores: Consumers increasingly value the in-store experience, especially for groceries, cosmetics, jewelry; electrical goods remain strong online.
• Luxury & Discount Expansion: Both segments continue growing; luxury brands enter high-traffic A-locations while discounters expand via retail parks and centers.
• Entertainment & Wellness: Post-pandemic leisure activities boost foot traffic (e.g., Westfield multiplexes); health/beauty brands also integrate into retail settings.
• Online Stagnation: E-commerce growth halted with pandemic measures easing; physical retail remains attractive after online-only ordering fatigue.

High Streets Overview

• Vienna: High streets like Graben, Kohlmarkt, and Mariahilfer Strasse remain prime locations with high demand and rent prices (€360–€380/sqm/m for Graben). Tourism and new developments (e.g., Louis Vuitton) drive visitor numbers.
• Linz: A mixed market with struggles in central areas (Landstrasse) but growth for local supply retail parks and upscale developments like the Linzerie. Lower vacancy rates but higher rental prices for prime locations.
• Graz: Strong student and tourism demand support diverse retail. Karl-Franzens-University and hotels boost activity; investments focus on upgrading the old town and expanding retail complexes like Shopping Seiersberg.
• Salzburg: High visitor volumes post-pandemic sustain tourism-driven retail; popular locations face challenges balancing traditional markets like tourism with modern economic pressures, including the need for ESG compliance.

Investment Market

• Investment volume in Austrian retail (€520m in 2023) returned to pre-pandemic levels after a dip, driven by renewed interest in supermarkets and retail parks.
• ESG factors significantly influence investment, with investors willing to pay up to 20–200% more for sustainable properties, driving building efficiencies and upgrades.
• Prime yields are cooling due to inflation and interest rate rises; yields were 3.95% for high streets and 5.25% for retail parks in 2023.

## Summary
- **Economic Context**: Retail recovery remains fragile, with labor shortages and inflation limiting consumer and operational spending.
- **ESG Impact**: Strong focus on sustainability, driving investment in green buildings, energy optimization, and compliant reporting.
- **Consumer & Retailer Shifts**: Increased store visits for experience, with unchanged dominance in online ordering for specific goods. Growth across luxury, discount, entertainment, and health/wellness sub-sectors.
- **City-Specific Insights**: High demand for prime real estate in tourist-heavy cities like Vienna, Salzburg, and Graz; contesting dynamics in Linz balancing traditional centers with modern retail parks.
- **Investment Outlook**: Renewed interest in retail, especially for ESG-compliant and local supply assets, but yields are cooling and are expected to remain volatile.