世邦魏理仕（CBRE）发布的《2026年日本房地产市场展望报告》显示，日本经济温和增长、金融环境宽松支撑房地产市场持续活跃，投资规模保持高位， 各细分业态供需格局分化，租金整体呈上涨态势。 宏观经济层面，日本经济将持续温和增长，2024年第二季度至2025年第二季度连续五个季度实现正增长，私人消费与企业资本投资成为主要支撑。货币政策 方面，日本央行预计在2025年底至2026年底再加息2-3次，长期利率将逐步上行，但金融机构对房地产 lending 仍保持宽松态度，2025年9月末房地产贷款余 额已达141万亿日元，为市场提供充足流动性。 投资市场表现强劲，2025年全年投资规模预计突破6万亿日元，创历史新高，2026年有望维持接近该水平的活跃度。海外投资者积极布局，2025年前三季度 收购额达1.87万亿日元，是2024年同期的2.4倍；国内投资者中，J-REITs通过资产组合调整优化配置，非REIT机构投资者与企业交易同样活跃。办公楼是投 资核心领域，东京Garden Terrace Kioicho（4000亿日元）等大额交易推动板块投资同比增长80%，住宅、物流、零售等业态也有不同程度增长。 细分业态中 ...

Core Insights - The logistics real estate market in Greater China showed a stable performance in Q2 2025, with a demand-driven expansion despite challenges in the manufacturing sector [1][19]. Supply and Demand - In Q2 2025, the Greater China logistics real estate market saw a new supply of 157,732 square meters, with significant contributions from core cities like Shanghai, which added 7.29 million square meters [2]. - Demand remained strong in core cities, particularly from third-party logistics (3PL) companies, with notable leasing activities in the range of 20,000 to 72,000 square meters [2]. Rental and Vacancy Rates - Average rental rates for quality logistics properties in key cities reached 138.6 RMB per square meter per month, reflecting an 8.3% increase quarter-on-quarter, with Shanghai and Shenzhen experiencing significant rental growth of 21.6% and 24.5% respectively [3]. - The overall vacancy rate decreased by 0.1 percentage points to 14.0%, with core cities like Shanghai and Guangzhou showing even lower rates, while some non-core areas experienced slight increases in vacancy [3]. Market Trends and Outlook - The market is characterized by a trend of "core scarcity and non-core de-stocking," with high-standard warehouses seeing rental increases of 5.6 percentage points over regular warehouses [4]. - The integration of logistics real estate with industries such as e-commerce and high-end manufacturing is driving demand, with a growing emphasis on green logistics projects and smart warehousing facilities [4].

Group 1 - The core point of the article highlights the significant stock price increase of Ocean Group, which rose by 10.17% to 0.13 CNY per share, with a trading volume of 13.25 million CNY on August 25 [1] - Ocean Group's main business includes residential development, real estate operation, property services, and full-chain construction services, with additional ventures in elder care, data real estate, logistics real estate, and real estate funds [1] - The company has developed and operated over 600 projects in more than 80 cities, and its property service subsidiary, Ocean Service, was listed on the Hong Kong Stock Exchange at the end of 2020, ranking among the top 20 property service companies in China [1] Group 2 - As of the 2024 annual report, Ocean Group reported total revenue of 23.641 billion CNY and a net loss of 18.624 billion CNY [2] - Ocean Group is set to disclose its mid-year report for the fiscal year 2025 on August 28 [3]

Group 1 - The commercial real estate investment in the Asia-Pacific region has achieved year-on-year growth for the sixth consecutive quarter, with Q1 2025 investment reaching $36.3 billion, a 20% increase compared to the previous year, marking the highest level since the US interest rate hike cycle began in 2022 [1] - Cross-border investment in the Asia-Pacific region reached $8.6 billion in Q1 2025, a significant increase of 152% year-on-year, with overseas investors favoring office buildings, logistics properties, and long-term rental apartments [2] - In mainland China, commercial real estate investment totaled $3.8 billion in Q1 2025, driven by corporate buyers and high-net-worth individuals, leading to an increase in small-scale transactions [2] Group 2 - Insurance companies are becoming a significant force in the mainland China's commercial real estate market, with direct investments reaching $9.3 billion from 2022 to 2024, comparable to mature markets like the UK and the US, and leading the Asia-Pacific region [2] - The investment in long-term rental apartments has seen a notable increase due to stable income performance, with both domestic and international institutional investors increasing their allocations in this sector [3] - The retail property market is expected to benefit from government consumption promotion policies, with stable operating income and strong operational performance in prime retail properties, making them attractive for investment [3]

Group 1: Commercial Real Estate Investment Trends - The Asia-Pacific commercial real estate investment in Q1 increased by 20% year-on-year to $36.3 billion, marking the highest first-quarter investment since the start of the 2022 interest rate hike cycle [1] - All real estate sectors, except for industrial and logistics properties, saw increased investment, indicating that investors are making rational decisions based on objective fundamentals [1] - In Hong Kong, commercial property transactions over HKD 50 million totaled $850 million, a decrease of 17.8% year-on-year, with the investment market remaining subdued due to high interest rates [1] Group 2: Cross-Border Investment and Market Outlook - The Asia-Pacific region recorded $8.6 billion in overseas capital inflow in Q1, a significant increase of 152% year-on-year, the highest for the same period since 2019 [2] - Japan remains a favored market for foreign investment, attracting $13.7 billion in foreign capital in Q1 2025, a 20% increase year-on-year, despite rising interest rates [2] - The investment sentiment is expected to remain subdued in the short term due to high borrowing costs exceeding investment returns, although potential U.S. interest rate cuts and economic stimulus measures in China could improve investor confidence [2] Group 3: Economic Impact of U.S. Tariff Policies - U.S. tariff policies are anticipated to impact the economies of several countries, particularly those heavily reliant on exports to the U.S., such as Vietnam, Malaysia, and South Korea [3] - The weakening economic growth outlook in the U.S. may lead to reduced leasing and investment activities in commercial real estate, affecting demand for office spaces and retail performance [3] - Despite challenges, structural trends such as rising e-commerce penetration and an expanding middle class are expected to support internal trade in the Asia-Pacific region [3]