2018亚太区房地产市场展望（英文版）_34页-11mb

2018 Asia Pacific Real Estate Market Outlook Summary

Core Content Overview

This report provides an outlook on the real estate market in the Asia Pacific region for 2018, highlighting moderate growth amid a rapidly evolving economic and technological landscape. It covers key sectors including Economy, Office, Retail, Logistics, and Capital Markets, emphasizing the impact of global trends, local conditions, and occupier behavior.

Key Sectors and Trends

Economy

• GDP Growth: Asia Pacific is expected to grow at 4.5% in 2018, slightly slower than 2017’s 4.7%, due to the China slowdown.
• Global Outlook: Positive, with the U.S. and Eurozone showing strong growth, which will support Asian exports.
• Key Risks:
  • Geopolitical tensions, especially on the Korean peninsula.
  • Potential for a faster Chinese economic downturn.
  • Rapid U.S. interest rate hikes.
  • Volatility in cryptocurrency markets.

Office Market

• Rental Growth: Expected to grow at 2.1% in 2018, with moderate increases in most markets.
• Demand Drivers:
  • Financial and tech sectors will remain the main drivers of office leasing.
  • Asian corporations are becoming more prominent in the market.
• Supply Trends:
  • New supply is dominated by India and China, reaching an all-time high of over 60 million sq. ft. NFA.
  • CBD availability remains limited, pushing some occupiers to decentralised areas.
• Occupier Behavior:
  • Focus on core + flexible solutions to future-proof portfolios.
  • Adoption of Activity-Based Working (ABW) and co-working spaces.
  • Emphasis on workplace design, technology integration, and employee experience to attract talent.

Retail Market

• Rental Growth: Projected at 0.3% in 2018, with prime properties performing better.
• Market Shifts:
  • Retailers are shifting from traditional strategies to omni-channel models.
  • Pop-up stores and signature stores are gaining traction.
  • Bricks-and-mortar stores are evolving to focus on experiential elements and consumer engagement.
• Trends:
  • Health and wellness is a growing consumer trend, influencing retail strategies.
  • Technology integration, such as Wi-Fi and smart sensors, will enhance consumer insights and tenant mix optimization.
  • Retailers will increasingly use click-and-collect lounges and interactive events to engage customers.

Logistics Market

• Rental Growth: Expected to increase at 1.7% in 2018, driven by e-commerce expansion.
• Demand Drivers:
  • Rising consumer demand for faster delivery will boost urban logistics space requirements.
  • Last-mile logistics is becoming a critical focus area.
• Landlord Strategies:
  • Enhance portfolios to accommodate automated storage and retrieval systems and logistics robots.
  • Prepare for increased automation and efficiency improvements to meet market demands.

Capital Markets

• Capital Value Growth: All sectors are expected to see a 1.8% growth in 2018.
• Investment Trends:
  • Income growth will be the main driver for capital value appreciation.
  • Investors should focus on markets in the upward rental cycle or assets with potential for rental reversion.
  • Asset management will gain more importance as a strategy to increase rental income.

Key Recommendations

• Landlords and investors should prioritize core + flexible space solutions.
• Office landlords should adapt to occupier needs by offering flexible floorplates, smart-building features, and enhanced workplace amenities.
• Retail landlords should focus on high-impact tenants, experiential retail, and data-driven strategies.
• Logistics landlords should prepare for automation and urban logistics demand.
• Investors should monitor interest rate trends, lending environments, and market consolidation in co-working and other sectors.

Conclusion

The 2018 Asia Pacific real estate market is expected to grow at a moderate pace, influenced by global economic dynamics, local economic conditions, and technological advancements. The evolution of office spaces, redefinition of retail, and technological transformation in logistics will be key drivers of change. Landlords and investors must adapt to these trends to maintain competitiveness and capitalize on emerging opportunities.