2024年亚太地区房地产新兴趋势报告

Emerging Trends in Real Estate® Asia Pacific 2024 Overview

Executive Summary: The Emerging Trends in Real Estate® Asia Pacific 2024 report highlights significant shifts in the real estate landscape, emphasizing the impact of rising interest rates, a shift towards alternative asset classes, and the growing importance of sustainability metrics.

Key Points:

1. Interest Rate Impact: The resurgence of high interest rates, following a prolonged period of low rates, has led to asset revaluations. Investors now require higher yields to compensate for increased borrowing costs, leading to adjustments in cap rates and asset valuations.

2. Asset Class Shift: Traditional asset classes, particularly offices and retail, are losing attractiveness due to market conditions and concerns over declining demand. Investors are increasingly focusing on alternative asset classes like multifamily, student housing, senior living, logistics, data centers, and life sciences, which offer better long-term growth potential and are less correlated with macroeconomic fluctuations.

3. Transition Risk: Awareness of environmental standards and transition risks is increasing, particularly in Australia, Singapore, and Japan. Buildings that fail to meet environmental standards might face valuation discounts as investors, tenants, and regulators increasingly penalize non-compliant properties.

4. Refinancing Challenges: Owners of assets purchased during periods of lower interest rates are facing challenges as loans come up for refinancing. Lenders are demanding lower values, necessitating either recapitalization or property sales, contributing to the rapid decline in property values in Western markets.

Geographical Focus:

• Australia: Key themes include operational challenges, avoidance of development risk, and a pivot towards alternative assets.
• China: The focus is on migrating towards higher-quality assets and attracting manufacturers to emerging markets.
• Japan: Energy intensity gains traction, highlighting the need for compliance with environmental standards.

Alternative Asset Classes:

• Multifamily, Student Housing, Senior Living, Hotels: These sectors offer better long-term growth potential and are less susceptible to macroeconomic downturns.
• Logistics, Data Centers, Life Sciences: These sectors benefit from specific features like short Weighted Average Lease Expiries (WALEs), which protect against inflation, and operational components that generate additional profit.

Conclusion: The report underscores the evolving dynamics in the Asia Pacific real estate sector, emphasizing the importance of adaptability, sustainability, and strategic asset selection in navigating current market conditions.