Investment Rating - The report indicates a continued downward trend in the Shenzhen Grade A office market, with rental prices under pressure and a high vacancy rate, suggesting a cautious investment outlook for the sector [3][5]. Core Insights - The Shenzhen Grade A office market is experiencing significant adjustments, with average effective rents declining to RMB 148.4 per square meter per month, a 2.2% decrease from the previous quarter [3][8]. - The market is characterized by an imbalance between supply and demand, with new supply reaching approximately 219,000 square meters, the highest level this year, while net absorption was only 68,000 square meters, leading to a vacancy rate of 26.1% [3][12]. - The TMT sector remains dominant, accounting for 52.0% of leasing transactions, driven primarily by internet platforms and software development companies [4][12]. Supply and Demand - New supply surged in the third quarter, with major projects like the headquarters of various companies entering the market, while demand has significantly slowed, resulting in a structural oversupply [12]. - The demand structure shows a strong focus on the TMT sector, with professional services and healthcare also contributing to leasing activity [12][4]. - The overall market activity is low, with relocation needs dominating at 77.0%, but the proportion of upgrade relocations has decreased to 31.3%, indicating a trend towards cost control [13]. Rental Trends - Rental prices continue to decline, with the most significant drop observed in the Bao'an submarket at 5.8% [8][11]. - The report anticipates that rental prices will remain under pressure in the fourth quarter, with landlords expected to adopt strategies such as price adjustments and incentives to attract tenants [9][5]. Investment Market - The investment market remains subdued, with only one notable transaction recorded, where China Merchants Shekou transferred a property for RMB 716 million, reflecting a focus on asset optimization and cash flow [19]. - The overall transaction activity is low, with self-use buyers and industrial capital being the primary market participants, indicating a shift towards long-term value preservation [19].

Investment Rating - The report indicates a stable outlook for the Perth CBD office market, with expectations of a decline in vacancy rates starting from 2026 [2][25]. Core Insights - The vacancy rate in Perth CBD has risen to 17.0% in the first half of 2025, marking the highest level since H2 2020, primarily due to the completion of new supply [7][23]. - Despite a slight decline in net absorption in Q1 2025, high-end properties continue to see strong demand, with a net absorption of 23,084 square meters [8][13]. - Average prime rents in Perth have increased to $729 per square meter, reflecting a 1.7% quarter-on-quarter growth and a 4.2% year-on-year increase [9][36]. Market Indicators - Total inventory in Perth CBD stands at 1,833,164 square meters, with a vacancy rate of 17.0% [10]. - The net absorption over the past 12 months is positive at 20,587 square meters, although recent data shows a negative trend [10][12]. - Incentives for prime properties remain around 46.8%, with effective rents slightly declining due to increased incentives [9][37]. Economic Outlook - The economic outlook for Western Australia is cautious, with a projected GSP growth of only 0.9% in 2025, following a contraction of -0.3% in 2024 [11][12]. - A more optimistic forecast suggests that GSP growth could exceed 3.0% annually from 2026 to 2029, which may support improved net absorption in the Perth CBD [12]. Supply and Demand Dynamics - The report highlights a lack of new supply in the market, with no significant projects expected to commence until at least 2030 [24]. - The demand for quality buildings remains strong, with a preference for prime locations, as evidenced by the positive net absorption figures for high-grade properties [13][36]. Investment Activity - The investment market in Perth CBD has been relatively quiet, with limited major transactions in the first half of 2025. The most notable transaction was the acquisition of 66 George Street for $75 million [55][60]. - The report notes a stable yield for prime properties at 7.58%, while secondary yields have slightly increased to 8.64% [58][59].

Investment Rating - The report provides a positive outlook for the Australian real estate market, indicating a potential recovery and growth phase beginning in 2025 [19][92]. Core Insights - The Australian economy is expected to accelerate, with real disposable income projected to recover, leading to improved consumer confidence and spending [11][34]. - A shift in focus towards growth is anticipated, with expectations of interest rate cuts in the first half of 2025, which will support the recovery of the real estate market [36][45]. - Sydney is expected to lead the cyclical recovery, particularly in the industrial sector, as core assets are revalued and positioned for growth [19][92]. Economic Overview - The economy is projected to see an increase in real disposable income by 1.5% in 2025, following a decline of 2.8% in 2023, which will enhance consumer spending and support economic growth [34]. - Consumer confidence is on the rise, with indicators showing optimism returning to levels above 100 [29]. - The report highlights that the economic environment is becoming more favorable for real estate investments, with improved liquidity and sentiment in the market [85][89]. Capital Markets - The report indicates that the window for early-cycle acquisitions is now open, as the market begins to thaw, providing opportunities for investors to capitalize on undervalued assets [20][84]. - There is a notable divergence in performance across different sectors, with industrial assets showing resilience and expected rental growth despite increasing supply [21][93]. - The report emphasizes the importance of understanding the evolving neutral interest rate (R*) and its implications for long-term investment strategies [52][66]. Sector-Specific Insights - The industrial sector is expected to experience strong demand, driven by rising imports and a rebalancing of the market due to increased supply [44][93]. - Retail sales are projected to see a resurgence, with the strongest investor demand anticipated since 2015, as the sector benefits from improved consumer sentiment and reduced inventory levels [60][61]. - The office market is facing challenges, particularly in secondary locations, but prime assets in central business districts are expected to recover more quickly due to changing tenant demands [110][116]. ESG Considerations - The report notes that environmental, social, and governance (ESG) factors are increasingly influencing tenant demand, particularly in major cities like Adelaide [36].

Investment Rating - The report does not explicitly state an investment rating for the elderly housing market in the UK Core Insights - The elderly housing market in the UK is experiencing a significant increase in affordable housing units, with 2,911 new affordable retirement units expected to be delivered in 2025, representing a year-on-year growth of 9% [3][4][5] - The existing stock of affordable elderly housing is predominantly older, with over 67% built before 1985, indicating a need for modernization and new developments [3][14] - The average project size for affordable retirement housing has increased, with the last five years showing an average of 69 units per project, reflecting a trend towards larger, more efficient developments [7][6] Summary by Sections Affordable Housing Development Focus - A total of 1,514 new affordable retirement units are projected to be completed in 2025, with a significant portion of existing affordable housing stock being outdated [3][4] - The growth in affordable IRC (Independent Retirement Community) units is notable, with a 35% increase over the past decade, while affordable nursing homes have only seen a 2% growth [7][6] Market Dynamics - The report highlights a clear two-tier market in terms of age and quality of inventory, with a government target to build 1.5 million homes in the next five years, emphasizing the role of elderly housing in improving quality of life and alleviating pressure on healthcare systems [15][14] - The Northwest region is expected to provide the most affordable IRC units by 2025, followed by the Southwest and East of England, reflecting current supply trends [13][14] Inventory Needs - The total number of usable affordable nursing homes in the UK is slightly over 500,000, with a significant portion requiring modernization due to their age [14][15] - There is an opportunity for repurposing existing stock for those willing to adapt and reposition current supplies [16][15]

Investment Rating - The report indicates a cautious investment outlook for the Bangkok condominium market, reflecting ongoing economic pressures and a decline in purchasing power [3][21]. Core Insights - The Bangkok condominium market continues to face challenges due to weak purchasing power and broader economic pressures, with developers needing to adapt by emphasizing value creation and addressing real demand [3][21]. - The number of new condominium projects launched in Q2 2025 is at a 15-year low, with only 405 units introduced, indicating developers' cautious stance amid market pressures [4][5]. - Ownership transfers have significantly decreased to 12,183 units, the lowest in over six years, driven by economic uncertainty and high household debt [7]. - Demand remains weak, with only 105 units booked in Q2 2025, the second-lowest in five years, highlighting ongoing consumer uncertainty [10]. - Average asking prices remain stable, with the central business district (CBD) maintaining a price of 239,475 THB per square meter, while suburban areas see a decline to 126,897 THB per square meter due to competitive pressures [12][19]. Supply Summary - The supply trend shows a significant decline, with new condominium launches at their lowest level in 15 years, reflecting developers' cautious approach [4][5]. - The number of new units introduced has sharply decreased compared to previous years, particularly from the peak in Q2 2022 [4]. Demand Summary - Demand for condominiums is under pressure, with a booking volume of only 105 units in Q2 2025, indicating a lack of meaningful recovery in consumer purchasing power [10]. - Economic factors such as high household debt and rising living costs continue to weigh heavily on demand [10][21]. Price Trends - Average asking prices in the CBD remain stable, while suburban areas experience price declines due to weakened purchasing power and high inventory levels [12][19]. - Developers are compelled to offer attractive pricing strategies to stimulate sales, leading to potential price stability or slight declines in certain areas [22]. Outlook - The market is expected to continue facing economic pressures, with government measures being a crucial support factor [21]. - New project launches are anticipated to remain low, with developers prioritizing existing inventory clearance [22]. - High-end locations and ready-to-move-in quality projects may outperform others, particularly in areas with clear demand [23].

Demand and Market Trends - Demand for premium office spaces in North Sydney is strong, with a net absorption of 80,690 sqm leading to a decrease in vacancy rates from 17.8% to 15.7% as of mid-2025[13] - The average prime net rental rate in North Sydney increased by 2.3% year-on-year to $930/sqm[7] - The vacancy rate for premium assets tightened to 0.9%, highlighting a significant market performance differentiation[14] Supply and Development - North Sydney's total office stock stands at 912,690 sqm, with premium assets now comprising 43% of the total, up from 27% a decade ago[16] - The next major supply addition in North Sydney is the Victoria Cross OSD, expected to be completed in Q1 2026, with an additional 55,000 sqm[17] - Macquarie Park's overall vacancy rate reached a historical high of 22.2% as of July 2025, with a net absorption of -30,890 sqm in H1 2025[25] Incentives and Rental Rates - Average incentives in the North region have risen to 40%, impacting effective rental rates, which have decreased by 1.4%[19] - In Chatswood, the average prime net rental rate increased by 2.5% to $647/sqm, while secondary net rental rates remained stable at $520/sqm[48] - The average effective rent for premium assets in Chatswood decreased by 6.7% to $328/sqm due to rising incentives[48] Investment Activity - The North Shore market has seen limited transaction activity since 2023, with only two significant deals in 2024, indicating a shift in investor focus towards core CBD assets[57] - Current premium yields in North Sydney are reported at an average of 7.25%, with a yield spread of 122 basis points compared to Sydney CBD, the highest on record[58] - Investor confidence is increasing as financial markets stabilize, with various groups seeking to deploy capital for attractive entry points[59]

Aberdeen Office Market Q2 2024 Updated Quarterly, our dashboards provide a concise synopsis of activity in the UK regional office markets | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------|---------------------------------|--------------------------------------------------|-----------------------------------------------------|--------------------------------|-------|----------------------------------|------------- ...

Investment Rating - The report indicates a positive outlook for the Sydney City Fringe office market, highlighting strong demand and limited supply as key factors driving investment interest. Core Insights - The Sydney City Fringe is increasingly becoming a preferred destination for occupiers and investors due to its favorable demographic profile and proximity to major health and education precincts [2][12] - There is a significant undersupply of prime office stock in the fringe, with prime grade space accounting for under 40% of total stock compared to 64% in the CBD [8][12] - Overall vacancy rates in the fringe markets are tracking below those in the Sydney CBD, indicating strong occupier demand [13][14] - The rental gap between fringe locations and the CBD is narrowing, with current discounts significantly reduced from previous years [14][15] Summary by Sections Economic Drivers - The gross regional product in the City of Sydney reached $141.7 billion in 2023, with a growth rate of 3.4% per annum over the past two decades, significantly outpacing Greater Sydney's growth [4][5] - Population growth in inner Sydney has been robust, with a 53% increase over the past 20 years, compared to 29% for Greater Sydney [5][6] Demographics - The city fringe has a relatively young and highly educated population, with over 42% aged between 20 and 34 years and around half holding a bachelor's degree [7] - High-income earners are more prevalent in the fringe, with 20% of residents in Darlinghurst earning over $3,000 weekly, compared to 7.5% for Greater Sydney [7] Supply and Demand - The development pipeline in the fringe is limited, with only boutique projects anticipated, leading to a continued undersupply of prime office space [9][10] - Recent developments have shown strong pre-commitment rates, indicating a healthy demand for new quality office spaces [9] Rental Trends - Average net face rents for prime space range between $700 and $1,000 per square meter, with Surry Hills experiencing a 4.5% growth over the past year [14] - The current rental discount between Surry Hills and the CBD is 38%, down from 50% in 2017, indicating a tightening rental market [14] Investment Activity - Investment volumes in 2023 were subdued at $98.3 million, but activity has improved in 2024 with transactions totaling $135 million [17][19] - Prime office yields in the fringe markets range between 6.00% and 7.50%, with strong interest in high-quality assets [18] Future Outlook - The report anticipates further rental growth as occupier demand remains strong amidst limited new supply, with the potential for the fringe markets to mature and evolve [15][20]

Strong cities City attractiveness, office market, HR trends Q1 2024 knightfrank.com.pl/en/research Prepared in cooperation with The office market sentiment, the investment potential of the city and the labour market. Wrocław CITY ATTRACTIVENESS Wrocław 293 sq km City area Population 674,100 (30.06.2023, GUS) Population forecast 611,359 (2030) 577,658 (2050) Migration balance (+) 1.4 (12.2021) Unemployment rate 1.7% (02.2024, GUS) GDP growth 8.5% GDP per capita PLN 104,360 (gross) Average salary (gross) PLN ...

Retail Sales Dashboard June 2024 A monthly overview of UK retail sales performance, including key metrics on core sub-sectors and e-commerce. Headline Figures 0.1%0 Sales value (amount spent) growth June 2024 vs. June 2023 *Seasonally adjusted, excluding fuel Including fuel +0.6% 00:W0 Sales volume (items purchased) growth June 2024 vs. June 2023 *Seasonally adjusted, excluding fuel Including fuel -0.2% +0.590 Sales value (amount spent) growth Most recent 3 months YoY growth Sales volume (items purchased) g ...