DTZ Research PROPERTY TIMES 供应大潮对写字楼市场带来冲击 中国写字楼市场 2015 年年中回顾 2015 年 8 月 5 日 目录 | 需求 | 2 | | --- | --- | | 存量和供应 | 4 | | 租金 | 6 | | 市场展望 | 7 | | 全球地标性写字楼租金溢价水 平研究：中国地标写字楼租金 | | | 溢价水平对比 | 9 | 图 1 联系人 Richard Yorke 企业研究部主管 +44 (0)20 3296 2319 richard.yorke@dtz.com www.dtz.com Property Times 1 北京 成都 大连 广州 杭州 青岛 南京 上海 沈阳 深圳 天津 武汉 西安 长沙 重庆 厦门 0 50 100 150 200 250 300 350 400 450 0 5 10 15 20 25 30 35 40 45 50 数据来源： DTZ 戴德梁行研究部 2015 年上半年，中国一线城市写字楼需求较供应来说相对平稳，所录得癿吸纳量稍稍高于新 供应量。 相反在同一时期，二线城市癿新供应癿增长持续高于净吸纳量，二线城市供大于求 ...

戴德梁行 China Insight 2016年2月26日 目录 | 摘要 | 5 | | --- | --- | | 前言 | 7 | | 对中国的重要意义 | 11 | | 宏观⸺行业发展 | 19 | | 对房地产市场的影响 | 31 | | 总结 ‒ 对中国的启示 | 59 | 2 戴德梁行 China Insight 作 者 Shaun Brodie 华东区研究部主管 中国战略研究主管 +86 21 2208 0529 shaun.fv.brodie@dtzcushwake.com 3 互联网+ 中国发展新契机 戴德梁行 China Insight 4 互联网+ 中国发展新契机 摘要 随 着" 互 联 网 + "对 经 济 效 益 的 推 动 和 扩 大，更 多 的 新 行业将出现，这将为中国经济的发展提供更多的就业机会。 千 禧 一 代 会 带 着 他 们 新 鲜 的 想 法，成 为 互 联 网 + 经 济 的 一 部分，这也将推动中国经济的创新和多样化 。 到 2 0 2 0 年，一 些 中 国 主 要 城 市 将 成 为 国 际 金 融 中 心， 而 中 国 在 探 索 和 扩 大 新 的" ...

Investment Rating - The report indicates a positive outlook for investment in underground commercial spaces in Shanghai, driven by urban land scarcity and government regulations promoting underground space development [7][66]. Core Insights - The report emphasizes the growing interest in underground commercial spaces as a solution to urban land constraints, with Shanghai leading in this sector through proactive policies and planning [6][7][66]. - It highlights the historical development of underground commercial spaces in Shanghai, noting significant projects and their impact on urban dynamics [28][29]. - The analysis includes a SWOT assessment, identifying strengths such as high foot traffic and direct subway access, while also addressing weaknesses like shopping environment and management practices [45][50][52]. Summary by Sections Introduction - The report discusses the increasing attractiveness of developing and managing high-quality underground spaces in densely populated urban areas, with Shanghai as a key example [12][13]. Policy as a Driver of Reform - Shanghai has implemented regulations to enhance the planning and management of underground spaces, showcasing its forward-thinking approach [7][23]. Development History - The report outlines a timeline of significant underground commercial projects in Shanghai, starting from the Hong Kong Plaza in 1995 to the latest developments [28][29][34]. Performance Analysis - A comparative analysis of rental rates and occupancy rates between underground and above-ground commercial spaces reveals that underground spaces generally perform lower, with an average rental rate difference of RMB 46.1 per square meter per day [38][39][40]. Outlook - The report forecasts a more aggressive and successful development of underground spaces in major Chinese cities as land above ground becomes increasingly scarce [66][68].

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The construction industry accounts for approximately 40% of global energy consumption and carbon emissions, with a shift towards achieving negative carbon emissions through various methods [4][101]. - Climate Positive refers to a carbon management system that absorbs or eliminates more CO2 than it emits, surpassing net-zero emissions [4][101]. - The report emphasizes the importance of various strategies to achieve negative carbon emissions in real estate, including energy efficiency, renewable energy usage, and carbon offset projects [4][12][101]. Summary by Sections Introduction - The report explains the concept of negative carbon emissions and focuses on methods for sustainable carbon governance in real estate [6][101]. Methods for Achieving Negative Carbon Emissions - Key methods include: - Improving energy efficiency - Transitioning to renewable energy sources - Utilizing renewable materials - Reducing waste - Supporting local production to minimize transportation emissions - Investing in carbon offset projects like reforestation - Purchasing carbon credits - Optimizing building design and energy consumption models [4][12][14][101]. Carbon Assessment Frameworks - The report highlights two prominent frameworks for assessing sustainability and the potential for achieving negative carbon emissions: - TCFD (Task Force on Climate-related Financial Disclosures) focuses on identifying and disclosing climate-related risks and opportunities for businesses [5][70]. - GRESB (Global Real Estate Sustainability Benchmark) evaluates the environmental, social, and governance (ESG) performance of real estate assets [5][70]. TCFD Overview - TCFD has over 2,600 supporters globally, including financial institutions managing assets worth approximately $194 trillion, emphasizing the growing demand for climate-related financial information [71][74]. GRESB Overview - GRESB assesses the sustainability performance of real estate, encouraging reductions in greenhouse gas emissions and waste [79][80]. - In 2021, over $5.7 trillion in assets were evaluated through GRESB, indicating its widespread adoption in the real estate sector [79][87]. Case Study: Prologis Shanghai Baoshan Logistics Park - The logistics park achieved LEED v4.1 O+M Platinum certification, demonstrating leadership in sustainable development and carbon reduction practices [105][108]. - The park implemented various carbon reduction measures, resulting in a reduction of over 2,500 tons of carbon emissions in 2021 [108][112].

Investment Rating - The report indicates a positive investment outlook for the biotechnology sector in China, driven by various favorable factors [7][9][16]. Core Insights - The biotechnology industry in China is experiencing significant growth due to increased government and private investments, an aging population, and rising healthcare awareness [7][9][16]. - The market size of China's biopharmaceutical industry was approximately 3.57 trillion RMB in 2020, expected to exceed 4 trillion RMB in 2022, with continuous growth potential [9][25]. - The report emphasizes the importance of strategic location selection for biotechnology companies, highlighting the role of biotechnology parks in fostering industry growth [10][94]. Summary by Sections Macro Economy - The macroeconomic environment is crucial for the development of the biotechnology sector, with key factors including actual industry growth, demographic changes, public spending, and personal consumption capabilities [19][30]. Industry Growth - The global pharmaceutical and medical device markets have expanded significantly, with the COVID-19 pandemic further stimulating demand for related products [21][24]. - China's biopharmaceutical industry has reached a level of maturity comparable to many developed markets, particularly in areas like gene engineering and innovative drug development [24]. Population Structure - By 2035, China's elderly population (aged 60 and above) is projected to reach 409 million, accounting for 28.5% of the total population, which will increase demand for healthcare services [30][32]. Healthcare Spending - China's healthcare expenditure as a percentage of GDP has been steadily increasing, reaching 7.12% in 2020, driven by rising disposable incomes and a growing willingness to spend on health [32][36]. National Health Coverage - The expansion of national health insurance coverage has significantly increased access to healthcare services, with nearly 100% of the population now covered [39][40]. Macro Policies and Reforms - The report outlines key national policies such as the "Healthy China 2030" initiative, which aims to enhance public health and disease prevention [46][51]. - Local policies are also critical, with various cities offering financial incentives to support biotechnology research and development [56]. Research and Innovation - Research and innovation are vital for creating new business opportunities in the biotechnology sector, with significant investments in R&D leading to breakthroughs in pharmaceuticals and medical devices [61][66]. Industry Landscape - The report identifies various market segments within the biotechnology industry, including urban hospitals, pharmacies, online sales, and export markets, highlighting the growing importance of e-commerce in pharmaceutical sales [80][82]. Biotechnology Real Estate - Real estate plays a crucial role in the success of biotechnology companies, with strategic site selection being essential for operational efficiency [87][90]. - The establishment of biotechnology parks has become a key driver of growth in the sector, attracting both domestic and international companies [94].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The manufacturing sector in China has maintained its position as the world's largest since 2010, facing challenges such as land resource scarcity and the need for high-quality development [6] - The "Industrial Upward" model is emerging as a solution to optimize land use and enhance manufacturing quality, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area [6][26] - The report emphasizes the importance of government policies and urban renewal initiatives in promoting the "Industrial Upward" model, which is expected to be a mainstream industrial space supply model in the next 10-15 years [26][36] Summary by Sections Development Background and Policies - The "Industrial Upward" concept is defined as a new industrial space model that involves high-density, multi-story buildings for production, research, and office functions [16][18] - The report outlines the historical development of the "Industrial Upward" model, highlighting its origins in Hong Kong and Singapore due to land scarcity and industrial expansion pressures [24][25] - Recent policies from various cities, including Shenzhen and Dongguan, have begun to standardize and promote the "Industrial Upward" model, indicating a shift towards more structured development [36][39] Key Elements of "Industrial Upward" - The report introduces a five-element model for the "Industrial Upward" approach, focusing on environmental safety, equipment load, vertical transportation, vibration control, and process requirements [124][125] - The model serves as a guideline for determining the suitability of different industries for the "Industrial Upward" production method [132] Case Studies - The report presents several case studies, including the Daya Bay Industrial Park in Singapore and the Quanzhi Technology Innovation Park in Shenzhen, showcasing successful implementations of the "Industrial Upward" model [50][70] - These case studies illustrate the integration of production, research, and living spaces, enhancing operational efficiency and employee satisfaction [55][114] Future Trends - The report predicts that the "Industrial Upward" model will continue to evolve, with increasing adoption in regions beyond the Greater Bay Area, such as the Yangtze River Delta and Bohai Rim [30][31] - The emphasis on high-value, low-impact industries aligns with national policies aimed at upgrading the manufacturing sector and optimizing land use [32][36]

赛事兴城 赛事兴城 赛事之下，成都向东 随着全球化进程的加快，资源流动性的增强导致城市之间的竞争日趋激烈。为了在发展中获 得足够的资源与发展要素，国际范围的重要赛事、会议等关注度高、影响范围广的大事件成 为了城市发展的重要催化剂。可以说，如今大型城市事件早已不只是简单的"事件"本身，它 已经在经济社会下被赋予了更多的意义。 大事件不仅可以实现城市经济和城市地位的飞跃式发展，若会场选址与城市长期空间规划 相吻合，那么大事件的成功举办还会成为助推城市空间蝶变的重要触媒。以北京为例，北京 奥运会大部分场馆选址在城市中轴线北端的奥林匹克公园，最终该区域形成了集体育、文 化、会展、休闲于一体的全新城市功能区——奥林匹克公园中心区，并对北京城市空间发展 产生了至关重要的影响。在成渝地区双城经济圈发展的重要时间节点下，选址成都"东进"方 向的大运会俨然成为了加速成渝相向发展的关键一棋。 成都向东、重庆向西是历史的必然选择，也是成渝两座超大城市至少未来10年的发展方向。成都充 分利用大事件作为加速空间变革的工具，借大运会的东风完成了一次大踏步的"向东"迈进，实现了 东安新城和东部新区的飞跃式发展，让成都-重庆的空间距离再次缩 ...

Investment Rating - The report indicates a positive long-term outlook for the Chinese retail property market, despite short-term challenges due to the pandemic [4][24]. Core Insights - The retail property market in China is undergoing a comprehensive recovery post-pandemic, with a focus on quality upgrades in consumption [4][10]. - Key trends influencing the retail property market include the emergence of community commercial spaces, the rise of new consumption brands, and a growing emphasis on sustainable development [4][25][38]. Summary by Sections Current Development of Retail Properties - As of Q2 2022, the total stock of quality retail properties in 16 major cities in China reached 97.202 million square meters, with average rents at 735.5 RMB per square meter per month, a decrease of 0.9% quarter-on-quarter [4][19]. - The retail market is expected to see a gradual recovery, supported by government policies aimed at stimulating consumption [4][19]. Future Trends - Approximately 28.01 million square meters of new quality retail properties are planned to enter the market over the next three years, with Shanghai expected to have the largest supply [24][38]. - The report identifies five major trends shaping the future of the retail property market: the rise of new consumption brands, the growth of the prepared food market, the popularity of new-style baking, the emergence of green consumption, and trends in fitness consumption [43][44][49][56]. Key Market Dynamics - The report highlights the impact of favorable government policies on consumer spending, with various local governments implementing measures to boost consumption [26][27]. - Community commercial spaces are gaining traction as urbanization continues, with a focus on providing essential services within a short distance for residents [28][31]. - The report emphasizes the importance of omnichannel retail strategies, integrating online and offline shopping experiences to meet diverse consumer needs [35][36].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report emphasizes the importance of smart cities in improving resource efficiency and enhancing the quality of life for urban residents, particularly in Shanghai, which has implemented a series of smart city development plans since 2011 [8][9][10] - The report highlights that over 300 government-approved smart city development plans exist in China, with a growing demand for smart development solutions [8][9] - The report outlines the significant role of technology in transforming urban environments and real estate markets, focusing on smart office, retail, and industrial logistics properties [12][14] Summary by Sections Summary - The report discusses the global trend of urbanization and the increasing economic significance of cities like Shanghai, which is leveraging technology to address resource scarcity and improve urban services [8][9] Introduction - The report explores how technology is utilized in urban settings, particularly in commercial properties, to create smarter cities and examines the achievements of Shanghai in this regard [12] Smart Cities Overview - Smart cities are defined as urban areas that effectively manage resources through technology, leading to reduced costs, improved performance, and enhanced quality of life [18][19] Significance of Smart Cities to China and Shanghai - By 2013, over 300 smart city development plans were approved in China, with a concentration in eastern coastal regions, and cities are increasingly focusing on integrating smart technologies into their urban planning [74][75] Technology and Smart Real Estate - The report discusses how smart real estate development integrates the latest technologies to enhance efficiency, asset value, and sustainability, with examples such as smart offices and shopping centers [10][14] Conclusion - The report summarizes the key points regarding the development of smart cities and smart real estate, emphasizing their importance for the future urban development of Shanghai [12][14]

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