李凌表示，高库存是行业"内卷"的根源，但这一局面有望在"十五五"期间迎来转折。办公楼新开工面积 在2024年已降至2019年峰值的四分之一，预计从"十五五"后期开始，新增供应将显著放缓。 高标仓市场的调整更为迅速。2026年新增供应预计同比下降30%，2027年将进一步降至300万平方米以 下，空置率有望回落至15%左右的健康水平。尽管跨境电商需求增速放缓，但高标仓作为基础设施的韧 性凸显：2025年前三季度净吸纳量同比增长62%，达720万平方米，创历史新高。 "高标仓资产价格已逐步触底，部分项目估值甚至跌破建设成本。"李凌指出，"随着供需在未来1–2年内 再平衡，资产价格将迎来系统性重估。"与此同时，零售物业展现出抗周期韧性。他建议投资者关注区 域型购物中心和目的地型奥特莱斯，并适度布局经济发达区域的三线城市龙头项目。 新华财经北京11月14日电（康耕甫） 近日，国内一线城市商业地产迎来投资风口。研究报告显示，国 资、险资等投资型买家正积极买入上海核心物业，人民银行重庆分行也在推动发行重庆市首单公租房商 业地产抵押贷款支持票据。展望后市，经历了多年周期性低谷之后，商业地产凭借长久期、低波动和现 金流稳定等 ...

This story was originally published on Facilities Dive. To receive daily news and insights, subscribe to our free daily Facilities Dive newsletter. CBRE is paying $1.2 billion to acquire Pearce Services, a technical services provider that works with companies building and operating data centers, digital networks and other types of infrastructure projects, the company announced Tuesday. CBRE will pay up to an additional $115 million based on Pearce meeting performance thresholds.  The deal will give CBRE 4, ...

DALLAS--(BUSINESS WIRE)--CBRE Group, Inc. (NYSE:CBRE) (the "Company†) today announced the pricing of the offering of $750,000,000 aggregate principal amount of 4.900% Senior Notes due 2033 (the "Notes†). The Notes will have an interest rate of 4.900% per annum and are being issued at a price equal to 99.813% of their face value. The Company's wholly owned subsidiary, CBRE Services, Inc. ("Services†), will issue the Notes, which will be guaranteed on a full and unconditional basis by the Company. ...

Core Insights - The retail industry is evolving to align with consumer trends and demographic shifts, emphasizing the importance of understanding customer behavior in real estate investments [1][2][3] Group 1: Retail Real Estate Evolution - The session at the Apparel & Retail CEO Summit highlighted the need for retail real estate to adapt to a rapidly changing market [2] - A holistic approach that combines real estate analytics with consumer trends is essential for success in retail investments [3] Group 2: Retail-Landlord Relationships - A synergistic relationship between retailers and landlords is crucial, focusing on mutual growth rather than an adversarial approach [4] - Leveraging landlords' lower capital costs can facilitate faster expansion for retailers, with tenant improvements (TIs) identified as growth opportunities [4] Group 3: Industry Challenges - The retail sector faces a talent deficit, with 40% of commercial real estate professionals expected to retire in the next decade, creating a "talent cliff" [5] - CBRE is actively working on succession strategies to ensure sustainable growth targets amidst these challenges [5]

Core Viewpoint - CBRE Group, Inc. has announced the acquisition of Pearce Services, LLC for approximately $1.2 billion in cash, with a potential earn-out of up to $115 million based on performance thresholds in 2027 [1] Acquisition Details - The initial purchase price for Pearce Services is around $1.2 billion in cash [1] - An additional earn-out of up to $115 million is contingent on Pearce meeting specific performance metrics by 2027 [1] - The acquisition is expected to be immediately accretive to CBRE's core earnings-per-share [1]

This story was originally published on Facilities Dive. To receive daily news and insights, subscribe to our free daily Facilities Dive newsletter. U.S. office vacancies showed their first year-over-year decline since the pandemic, according to a report by CBRE. The shift has been driven by a slowdown in new construction and the demolition and conversion of older office space, according to Stefan Weiss, U.S. head of office research for CBRE.  The vacancy rate of 18.8% in Q3 compares to 19% a year prior — a ...

This story was originally published on CFO Dive. To receive daily news and insights, subscribe to our free daily CFO Dive newsletter. Dive Brief: U.S. office vacancies notched the first year-over-year decline since Q1 2020, falling to 18.8% in Q3 from 19% in the prior year period. This represents a high that previously hadn’t been touched since 1992 in the wake of the savings and loan crisis, according to a report from the real estate services firm CBRE and Stefan Weiss, U.S. head of office research for ...

Core Insights - The article discusses the current state and future outlook of the retail property market in Chengdu, highlighting the growth of non-standard commercial spaces and the challenges faced by traditional retail [1][2][5] Retail Property Market Overview - In Q3 2023, Chengdu's premium office buildings recorded a net absorption of approximately 9,900 square meters, a year-on-year decrease of 39.2% [1] - The retail property market saw no new shopping center openings, but non-standard commercial spaces added about 40,000 square meters of new commercial area [2] - The logistics sector experienced growth due to "Double Eleven" preparations, with a net absorption of approximately 84,000 square meters, a quarter-on-quarter increase of 3.5%, leading to a decrease in the overall vacancy rate of high-standard warehouses by 0.3 percentage points to 9% [1] Non-Standard Commercial Growth - Non-standard commercial spaces are emerging as a response to changing consumer demands, with a focus on unique experiences rather than traditional retail formats [2][3] - The retail market has seen a continuous decline in net absorption for three consecutive quarters, with a negative absorption of approximately 12,000 square meters in Q3 [2] - The overall vacancy rate in the retail market increased by 0.1 percentage points to 9.1%, with average rental prices for shopping center first floors declining by 0.7% to 354.5 yuan per square meter per month [2] Market Differentiation - The retail market is experiencing increasing differentiation among shopping districts, with core areas seeing a vacancy rate rise of 0.6 percentage points to 7.1% due to the retreat of retail brands [4] - Operators are focusing more on experiential and lifestyle categories, with dining and experiential sectors accounting for approximately 55% of new demand [4] - In secondary shopping districts, leading operators are attracting new brands, while many others are resorting to price reductions to fill vacancies [4] Future Outlook - For Q4 2025, the retail property market in Chengdu is expected to see a pause in shopping center supply, while non-standard commercial spaces will continue to expand with upcoming projects [6]

Core Insights - The net absorption of high-quality office buildings in Shenzhen increased by nearly 70% in Q3 2025, driven by growth in the tech sector and a recovery in consumer and trade segments [1][2] Office Market Overview - In Q3 2025, Shenzhen's high-quality office market saw a record high of 445,000 square meters in new supply, marking the highest level for the year and the ninth consecutive quarter of growth, with about half of this supply coming from Qianhai [1] - The net absorption for the quarter reached 175,000 square meters, reflecting a year-on-year increase of 68.5% and a quarter-on-quarter increase of 10.3% [1] - The technology sector remained the largest demand driver, accounting for 25.0% of total demand, primarily from software development, internet, e-commerce, and artificial intelligence [1] Retail Market Insights - The retail property market in Q3 2025 saw 337,000 square meters of new supply, benefiting from strong pre-leasing performance and high occupancy rates [2] - Retail emerged as the largest demand segment, comprising 42.8% of total demand, while the food and beverage sector followed closely with over 40% demand share, marking the highest level for the year [2][3] Investment Market Activity - The bulk transaction market in Shenzhen became more active in Q3 2025, recording 11 transactions with a total value of RMB 5.5 billion, representing a significant quarter-on-quarter increase of 2.9 times and a year-on-year growth of 45.1% [3] - Commercial properties accounted for 17.6% of the total transaction value, while office buildings made up 10.4% [3][4] - The market is expected to remain active in the next six months, with particular interest in apartment properties eligible for REITs due to their clear capital exit paths [4]

Core Insights - The Third Avenue Real Estate Value Fund achieved a return of +13.54% for the first nine months of 2025, outperforming its benchmark, the FTSE EPRA/NAREIT Developed Index, which returned +11.26% [3] - The Fund's long-term performance since inception in 1998 shows an annualized return of +9.12%, indicating significant growth for initial investments [5] Performance Contributors - Key contributors to the Fund's performance included investments in U.S. homebuilders such as D.R. Horton, PulteGroup, and Lennar, as well as preferred equity in Fannie Mae and Freddie Mac [4] - Detractors included investments in U.K. property companies and holdings related to the U.S. existing-home market [4] Market Trends - The Fund's management noted increasing bifurcation in the real estate sector, with significant differences in performance across property types and markets [10] - The "tale of two markets" theme was prevalent at the Zelman Housing Summit, highlighting disparities between new-home and existing-home sales [11] Investment Strategy - The Fund increased its position in Champion Homes, a leading producer of affordable housing, despite mixed industry orders and low stock prices [12][13] - The Fund also added to its investment in Unite Group, a U.K. REIT focused on student housing, capitalizing on price-to-value discrepancies in the market [15][16] Geographic Allocation - Approximately 41.9% of the Fund's capital is invested in U.S. residential real estate, with a focus on homebuilding and mortgage services [22] - 27.5% is allocated to North American commercial real estate, emphasizing real estate services and logistics [23] - 25.6% is invested in international real estate companies, targeting similar activities in developed markets [24] Cash and Hedging - The remaining 5.0% of the Fund's capital is held in cash, debt, and options, including hedges against currency exposure [25] Macro Economic Factors - The Fund's management is tracking macroeconomic indicators, including inflation rates and interest rates, which could impact the real estate sector [31][36] - A potential decline in mortgage rates could stimulate activity in the residential market, which is significant for the broader economy [36]