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 ...

Investment Rating - The report indicates a positive outlook for the Hong Kong Grade A office market, particularly highlighting the rise of Kowloon East as a second core business district [1]. Core Insights - The total stock of Grade A office space in Hong Kong has increased by 31.3% over the past 15 years, from 60.3 million square feet to 79.2 million square feet, with the number of buildings rising from 139 to 183 [1][2]. - Kowloon East has become increasingly attractive to tenants and investors, accounting for approximately 58.7% of the investment amount in Hong Kong's five office districts in 2014 [1][2]. - The ownership structure of Grade A offices is predominantly local, with 71.6% owned by local participants as of 2014 [3][4]. Summary by Sections Ownership Analysis - The report analyzes 183 Grade A office properties, focusing on the types and nationalities of owners [2]. - Local owners dominate the market, with 71.4% of owners being from Hong Kong, while overseas ownership has significantly decreased [42][43]. Current Market Status - As of 2014, the overall vacancy rate for Grade A offices in Hong Kong is 5.5%, with 59% of the properties owned by listed developers [8][33]. - Kowloon East has the highest percentage of dispersed ownership at approximately 32.4% [3][4]. Transaction Volume - The investment market has been influenced by global and local economic factors, with significant fluctuations during crises such as SARS and the global financial crisis [9][10]. - From 2003 to 2014, corporate buyers accounted for 63.4% of total investment, driven by rising rental costs [14][15]. Stock Growth - The supply of Grade A offices has been limited due to land constraints, with only 18.96 million square feet added from 2000 to 2014, reflecting a compound annual growth rate of 1.84% [18][19]. - Kowloon East's share of the total Grade A office stock increased from 5.7% in 2000 to 17.0% in 2014 [19][20]. Age and Concentration - The average age of Grade A offices in core areas like Central is 23.8 years, with limited redevelopment due to high costs [26][27]. - Kowloon East has the lowest average age of office properties, indicating its recent development [27][28]. Listed Developers' Holdings - The top 10 listed developers own 49.1% of the total Grade A office space, with Swire Properties holding the largest share at 11.5% [33][34]. - The average age of properties held by major developers varies, with some properties dating back to the 1960s [34][35]. Ownership Changes - The report notes a shift in ownership dynamics, with local developers retaining properties while overseas investors are selling off holdings due to lower returns [42][43]. - The rise of corporate ownership in Grade A offices reflects a trend towards self-use to mitigate rental costs [51][52]. Kowloon East's Rise - Kowloon East is projected to surpass Central as Hong Kong's largest business district in the coming years, driven by significant investment and development [59][60]. - The area's infrastructure improvements and integration of various districts are expected to enhance its appeal further [60].

DTZ/Cushman & Wakefield CHINA INSIGHT 上海高端住宅回归需求 2015年11月19日 作者 Shaun Brodie 中国战略研究部主管 +86 21 2208 0529 shaun.fv.brodie@dtzcushwake.com 欧瑜莹 华东区研究部高级分析师 +86 21 2208 0642 sunny.yy.ou@dtzcushwake.com 上海高端住宅回归需求 CHINA INSIGHT 目 录 • 概述 • 简介 • 市场现状 • 成交量价 • 供给存量 • 买家构成 • 需求驱动 • 未来展望 • 精华要点 1 2 4 5 6 7 9 15 16 概述 近来，上海高端住宅市场相当受买家青睐，成交量 飙升至五年新高。过去的两个季度，上海高端住宅 成交量达到 927,573 平方米，同比激增 274.96%. 高端市场买家中 70% 为上海本地人。尽管上海市场 的本地买家数量巨大，但比例远不及中国的其他城 市。这表明上海是一个买家群体相当多元化的市场。 在上海高端住宅市场的众多需求驱动因素中，最为 重要的两个是市场政策及货币政策。 展望未来，供应方面受可开发 ...

目录 | 1 | 摘要 | | --- | --- | | 2 | 引言 | | M | 宏观经济概况 | | ব | 相关政策解读 | | 5 | 调研结果分析 | | 6 | 房地产市场展望和机遇: | | | 1. 总体投资 | | | 写字楼 2. | | | 3. 零售物业 | | | 4. 工业 (物流) | | | 5. 数据中心 | | | 6. 住宅(长租公寓) | | | 7. REITs (基础设施) | | 1 | 要点总结 | | 00 | 研究团队联系人 | FF 2 8 RG 防控后的复苏 中国房地产市场展望和机遇 2022年6月 CUSHMAN & WAKEFIELD 德 梁 行 前 摘要 洞察剖析 宏观经济概况、 相关政策解读与调研结果分析 要点: 房地产的前景和机遇 01.摘要 CUSHMAN & WAKEFIELD 德 梁 行 戴 要点: · 2022年第二季度经济势必受到疫情攻坚战影响,预计当季度GDP增长 处于低位,甚至达到全年底值。 · 若疫情得到有效控制，制造业、服务业和消费市场将在下半年逐步恢复 活力，推动经济进一步复苏增长。 政府出台了一揽子经济刺激措施，减免 ...