DTZ China Insight 中国投资市场信心调查 投资活动放缓 2014 年 1 月 24 日 目录 | 投资额 | 2 | | --- | --- | | 资金来源 | 5 | | 价格、租金和回报率 | 5 | | 展望 | 6 | 作者 聂安达 北亚区研究部主管 +852 2507 0779 andrew.ness@dtz.com 冯国健 亚太区预测部主管 +852 2250 8864 dennis.kk.fung@dtz.com DTZ Research 信心调查发现，受访者认为未来一年中国的投资市场将平稳发展。然而， 调查也显示出大多数受访者预计市场整合将会发生。 其中一个主要的调查结果是开发商和投资者就一系列的问题对中国房地 产业务的影响持有不同的意见（图 1 ）。开发商明确地指出中国房地产 热潮还沒有完全消退，投资者则普遍较为保守及非常关注房地产市场的 下行风险。 开发商对前景最为乐观而投资者则较为谨慎。此分歧将进一步限制商业 投资活动的发展，这有可能导致市场缺乏方向或令市场在未来一段时间 内相对平稳。 尽管开发商对前景普遍较为乐观，市场开始忧虑政策将会阻碍贷款人和 开发商的商业活动。因 ...

Investment Rating - The report indicates that the Yangtze River Middle Reaches Urban Agglomeration is one of the most promising growth areas in China, with a focus on high-quality development and strategic positioning within the national economic framework [3][11][13]. Core Insights - The Yangtze River Economic Belt is a key national strategy for regional coordinated development, with the Yangtze River Middle Reaches Urban Agglomeration serving as a natural "bridge" for integration between eastern, central, and western China [3][9]. - Wuhan is positioned as the core city of the Yangtze River Middle Reaches Urban Agglomeration, playing a crucial role in driving regional development and enhancing its economic influence [3][17]. - The report highlights the rapid growth of high-tech industries and modern services in Wuhan, indicating a shift towards a more diversified economic structure [18][21][24]. Summary by Sections Economic and Geographical Significance - The Yangtze River Middle Reaches Urban Agglomeration acts as a bridge connecting major urban clusters, facilitating regional integration and development [9][11]. - In 2020, the GDP of the Yangtze River Middle Reaches Urban Agglomeration reached 9.3 trillion yuan, ranking third among China's major urban clusters [13][14]. Population Dynamics - Wuhan's population has been increasing rapidly, with a net inflow of residents contributing to a 26% growth from 2010 to 2020, indicating significant future growth potential [31][34]. - The city is projected to have an additional 10 million people over the next 20 years, supported by ongoing urbanization in the surrounding provinces [34][36]. Transportation Infrastructure - Wuhan is a central transportation hub with a 3-hour flight radius covering 80% of major cities in China, enhancing its logistical capabilities [37][41]. - The city has a comprehensive public transport system, including a planned expansion of its metro network to 600 kilometers by 2025 [39][40]. Educational Resources and Innovation - Wuhan is home to a rich array of educational institutions, ranking third in the number of higher education establishments in China, which supports a strong talent pool for innovation [53][54]. - The city has implemented policies to retain graduates, resulting in a significant increase in the number of students choosing to stay in Wuhan for employment [58][59]. Industrial Development - The report outlines Wuhan's focus on upgrading traditional manufacturing and fostering strategic emerging industries, aiming for a GDP of 2 trillion yuan by 2024 [29][27]. - The "965" modern industrial system is being developed, emphasizing strategic emerging industries, advanced manufacturing, and modern services [24][65].

Occupier Perspective 2014 年全球写字楼租赁成本展望 空间已用尽，租金仍看涨 亚太写字楼租户宜采用工作间新策略 2014年2月25日 目录 | 简介 | 2 | | --- | --- | | 第一部分－全球排名 | 3 | | 第二部分－全球概览 | 5 | | 第三部分－空间使用效率 | 7 | | 第四部分－甲级和非甲级写字楼 | 9 | | 第五部分－区域评论 | 10 | 作者 Milena Kuljanin 租户研究部 + 44 (0)20 3296 2305 milena.kuljanin@dtz.com 联系人 图1 2014-15租赁成本年增长率预测及当前空间使用效率（平方米） 0 5 10 15 -5% 0% 5% 10% 平均增长率 最低增长率 最高增长率 最佳方案空间╱工作間（右轴） 东京 吉隆坡 海德拉巴 杭州 旧金山 日内瓦 伦敦城 费城 全球通胀率 欧洲 全球增长率 美国 北亚 南亚 资料来源：戴德梁行研究部 DTZ Research 本期（总17期）全球写字楼租赁成本报告中，我们对全球138个国家甲级写字楼的 租赁成本进行了前景展望和分析。所覆盖市场较去 ...

Investment Rating - The report indicates a positive investment outlook for the North China region, particularly in the commercial real estate sector, with strong demand and rising rental prices in key cities [1][2][3]. Core Insights - The North China region's economy is stable with growth, particularly in Beijing, Tianjin, and Xi'an, where GDP growth rates exceed the national average [9][10]. - The demand for Grade A office space remains robust across the six cities in North China, with significant absorption rates and rental increases noted in Beijing and Tianjin [11][12]. - The retail market shows steady growth, with a stable rental environment despite increased competition from new supply in major cities [49][53]. - The residential market is active, with varying trends in price and volume across different cities, indicating a complex landscape influenced by local policies and market conditions [86][95]. Economic Overview - The GDP of Beijing reached 1,376.62 billion RMB (226.05 billion USD) in Q3 2013, with a year-on-year growth of 7.7% [9][10]. - Tianjin and Xi'an reported higher GDP growth rates of 12.6% and 11.5%, respectively, indicating strong economic performance [9][10]. Office Market - The average rental price for Grade A office space in Beijing increased to 298.9 RMB (49.1 USD) per square meter, reflecting a 0.7% quarter-on-quarter rise [11][12]. - The overall vacancy rate for Grade A offices in Beijing is low at 2.6%, with significant demand from domestic enterprises [18][19]. - In Tianjin, the average rental price for Grade A offices is 120.8 RMB (19.8 USD) per square meter, with a slight increase due to strong demand [24][25]. Retail Market - The retail market in North China is characterized by stable growth, with a year-on-year increase in social retail sales of around 10% [49][53]. - Beijing's retail market saw the introduction of several new shopping centers, contributing to a total retail space of 7,119,400 square meters [53][58]. - The average occupancy rate for new retail projects is above 80%, indicating strong initial performance [54]. Residential Market - The residential market in Beijing experienced a decline in transaction volume but an increase in prices, with average prices reaching 52,129 RMB (8,559.8 USD) per square meter [88][89]. - In Tianjin, the average transaction price for new residential properties rose to 14,495 RMB (2,380 USD) per square meter, reflecting a 5.5% increase [95][96]. - The residential market in Xi'an showed a decrease in transaction volume but maintained stable prices, with an average price of 7,192 RMB (1,181 USD) per square meter [121][122]. Investment Market - The investment market in Beijing remained active, with 43 transactions completed in Q4 2013, reflecting a 10.3% increase from the previous quarter [130][131]. - The total transaction value reached 50.74 billion RMB (8.33 billion USD), with a significant portion attributed to land transactions [130][131]. - The report anticipates continued interest from domestic and foreign investors in Beijing's real estate market, particularly in residential land [131][132].

Investment Rating - The report indicates a strong investment interest in the TMT sector in Beijing, highlighting its growth potential and strategic importance in the industry [5][6]. Core Insights - The TMT industry in Beijing is experiencing significant growth, with over 34% of China's major TMT companies headquartered in the city, benefiting from its political and educational advantages [5][12]. - The demand for office space from TMT companies is the highest among all industries, with a net absorption of 74,900 square meters in 2013, accounting for nearly 30% of the total net absorption [4][22]. - A trend of relocating labor-intensive departments to suburban tech parks is emerging due to high rental costs in core areas, while medium-sized TMT companies prefer leasing office properties [4][12]. - The report forecasts continued strong demand for office space from TMT companies, with 77% of surveyed firms optimistic about long-term growth in the sector [25][32]. Summary by Sections TMT Companies in Beijing - Approximately 34% of the 241 large TMT listed companies in China have their headquarters in Beijing, making it a national hub for high-tech and information technology industries [5][12]. - The information technology sector's contribution to Beijing's GDP has increased from 7.5% a decade ago to 9.0% in 2013, with a GDP value of 174.96 billion yuan [5][9]. Office Space Demand - TMT companies accounted for 30% of the total office space absorption in Beijing in 2013, surpassing the financial sector's 24.3% [22][23]. - The average rental price for prime office space in Beijing's CBD has risen from 149 yuan per square meter per month in 2010 to 300.8 yuan in Q2 2014, leading to a trend of companies relocating to more affordable areas [49][50]. Future Outlook - The report suggests that the demand for office space will remain robust, with many TMT companies planning to expand their office areas and workforce [25][32]. - New tech parks and office areas are expected to attract TMT companies due to lower rental costs and favorable tax policies, allowing for a mixed strategy of maintaining some operations in core areas while relocating others [61][62].

七 粤 系列之 港 澳 大 湾 区 G R E A T E R B A Y A R E A 湾区战略下的发展机遇与挑战 佛山 戴德梁行研究院 2022 年 3 月 佛山地处珠江三角洲腹地，是国家历史文化名城、重要的制造业基地、 粤港澳大湾区的重要节点城市、珠三角地区西岸经贸中心和综合交通枢 纽。佛山经过多年发展建立起来的健全的工业体系，涵盖了几乎所有制 造业行业，其中家电、家具、陶瓷、机械装备、金属加工等传统行业优 势突出，拥有装备制造、泛家居 2 个产值超万亿产业集群，孕育了一 批世界级民营企业品牌。 佛山：湾区战略下的发展机遇与挑战 1 | CONTENTS 目录 | FOSHAN | | --- | --- | | 一、传统制造业强市，产业升级为参与湾区发展提供核心竞争力 | P5 | | 宏观经济：经济实力及综合竞争力全国领先，广佛融合拓展湾区发展纵深 | P7 | | 产业结构与发展趋势 | P8 | | 坚持制造业立市，产业集群化、规模化基础雄厚 | P8 | | 民营企业蓬勃发展，民营经济政策环境持续优化 | P9 | | 以数字化赋能和培育新兴产业，来加快建设现代产业体系，推动未来高质量发展 ...

DTZ China Insight 建立首都经济圈 产业转移，不同城市的商办用地增值 进程加速，部分城市商办用地初现增值缓慢 2014 年 8 月 30 日 目录 | 可持续发展将达极限 | 2 | | --- | --- | | 首都经济圈概念的兴起 | 3 | | 非核心功能的加速疏解 | 5 | | 建立首都经济圈对土地市场的影 | | | 响 | 11 | | 结论 | 14 | 作者 聂安达 北亚区研究主管 + 852 2507 0779 andrew.ness@dtz.com 赵岩 华北区研究主管 + 86 10 8519 8087 grace.y.zhao@dtz.com 联系人 Hans Vrensen 全球研究主管 + 44 (0)20 3296 2159 hans.vrensen@dtz.com 首都经济圈的概念早于 2004 年就已由国务院提出，但是，过去十年间北京市、 天津市及河北省之间却产生了许多的暗中争执和矛盾，主要原因是由于在产业布 局重新调整问题上，三地的利益分配难以协同一致。交通一体化的争议性较小， 区域内快速公路、高速公路以及北京市郊铁路已经开始建设，因此交通基础设施 建设 ...

Investment Rating - The report indicates a focus on the North Asia real estate market, highlighting Tokyo as a leading market, with Shanghai and Tianjin also showing strong potential for growth in the coming years [4][54]. Core Insights - The North Asia market is becoming a focal point for investors due to its high risks and potential returns, with long-term low interest rates benefiting tenants and investors alike [3][5]. - Tokyo ranks first in the North Asia leasing market and investment market, with Shanghai and Tianjin following closely [4][54]. - The report anticipates that by 2017, Shanghai will rise to the top of both the global and North Asia rankings, driven by high vacancy rates and new supply [4][54]. Summary by Sections Global Outlook - The global economy is expected to grow, with the US economy recovering and the Federal Reserve ending its quantitative easing policy [10]. - Despite some downwards risks, long-term low interest rates have allowed tenants and investors to benefit significantly [5][11]. Regional Outlook - Tokyo leads the North Asia leasing market, with Shanghai and Tianjin following, while the future supply of office space in China is expected to exceed current stock [54][56]. - The average rental cost per workstation in North Asia is projected to reach $7,490 by the end of 2017, with significant downward pressure on rents in secondary cities due to new supply [56]. Leasing Market Assessment - The report identifies key factors influencing tenant decisions, including market entry potential, market supply, and investment returns [22][25]. - Mumbai, Tokyo, and Los Angeles are highlighted as the most attractive cities for tenants globally, with Mumbai's high score attributed to its industrial base and low rental prices [28][75]. Investment Market Assessment - The investment market remains attractive in Tokyo, Shanghai, and Beijing, with these markets being undervalued [63][64]. - The industrial market in China is increasingly viewed as a prime investment opportunity due to stable income growth and the rise of e-commerce [65][66]. Future Projections - By 2017, Shanghai is expected to lead the rankings in the Asia-Pacific region, with significant growth in industrial and high-tech sectors [73][74]. - The report emphasizes the shift in focus from traditional manufacturing to high-tech and high-value industries in Chinese cities [74].

Investment Rating - The report does not explicitly provide an investment rating for the banking industry Core Insights - Domestic banks are increasingly adopting innovative office designs and strategies to enhance their corporate image and brand recognition, which is seen as crucial for competing with foreign banks [2][3] - The majority of banks are focused on improving profitability through cost reduction, increased office space utilization, and enhanced productivity [3][4] - There is a notable difference in the adoption of new office space strategies between domestic and foreign banks, with 87% of foreign banks considering such strategies compared to 69% of domestic banks [3][4] - Domestic banks show a higher confidence level (93%) in adapting their workplaces to business and technological changes compared to foreign banks (54%) [3][4] - The emphasis on employee welfare differs, with foreign banks prioritizing employee benefits more than domestic banks, which focus on collective welfare in back-office spaces [11][18] Summary by Sections Conventional Office Space Strategies - Both domestic and foreign banks prioritize corporate image in office design, with domestic banks placing greater emphasis on this aspect [8] - Cost control is critical, especially for domestic banks that are expanding into first-tier cities where rental costs are significantly higher [9] - Improving space utilization is a key strategy to mitigate rising rental costs due to increased personnel [10] New Office Space Strategies - The transition to new office space strategies (AWS) is more prevalent among foreign banks (87%) than domestic banks (69%) [22] - High-level management drives the adoption of AWS in both domestic and foreign banks [23] - AWS is not uniformly adopted across all business areas, with many banks recognizing its applicability to only certain operational segments [24] Technological Innovation and Application - Technology is deemed a crucial factor in promoting AWS, with banks increasingly utilizing various technologies in their office spaces [51] - Domestic banks are catching up in technology adoption, with significant improvements noted in recent years [60] - The flexibility of office spaces is essential, with 93% of domestic banks believing their spaces are sufficiently adaptable compared to 54% of foreign banks [61] Future Outlook on Office Space Strategies - Banks are expected to continue focusing on cost control while leveraging new technologies to meet these needs [82] - The importance of maintaining flexible workspaces to adapt to technological advancements is emphasized [82] - The report concludes that respecting employee needs will remain a fundamental aspect of office space strategies in the banking industry [85]

2022年5月 与先机 变局 中国新消费时代下 零售市场洞察 | 摘要 | | P4 | | --- | --- | --- | | 寄语 | | P5 | | 引言 | | P6 | | | 中国已迈入新消费时代 | P7 | | • | 中国"新中产"阶层——消费升级 | P8 | | • | "Z世代"——成为未来的消费主力军 | P12 | | | | P16 | | • | 后疫情时代——购物中心消费者行为模式转变 | | 2 戴德梁行研究部 目录 中国零售行业——破圈之路 | • | "国潮"品牌从线上走到线下 | P20 | | --- | --- | --- | | • | 生活方式品牌方兴未艾 | P25 | | • | 元宇宙引领商业和社交体验新浪潮 | P27 | | • | "社交+"场景为品牌和购物中心赋能 | P33 | | • | 都市文旅综合体正在兴起 | P38 | | 要点总结 | | P41 | 变局与先机：中国新消费时代下零售市场洞察 3 P20 附录（6个案例） 摘要 现如今，中国消费领域的底层逻辑正在发生变化。品牌商和零售物业的业主将不断 挖掘细分市场和新兴需求机会 ...