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Talking Points: Real Estate Update | 18 October 2021

Colliers Asia - Research - Talking Points Fortnightly Real Estate Update

Real estate insights and recommendations for occupiers and investors in Asia Pacific based on the previous fortnight’s market events.

Markets in focus this week:



The Sunshine Coast's market and fundamentals are strong, with residential and industrial sectors standing out

The Sunshine Coast is one of Australia's most desirable regions as a world-class place to live, work and visit. The local economy is rebounding from the impacts of Covid-19 and is supported by high levels of interstate migration, a resurgent jobs market and significant levels of infrastructure investment.

The residential and industrial sectors are standout performers, however, high population grown and resilient tourism continue to support office and retail demand.

For more insights, reach out to Nick Dowling.

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Shenyang, China - Office

Demand continued to recover in Q1, despite waning demand from online education companies

In Q1 2021, demand continued to recover in Shenyang. Net absorption was basically the same as Q4 2020, and rents rebounded slightly. Demand from online education companies began to decrease since Q2 due to the double reduction policy.

In H2 2021, the continuing impacts of the policy should see online education companies further rebalancing their footprints. We forecast the market to see high supply through 2023, which should continue to put rents under pressure.

For more insights, reach out to Ming Lu.

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Manila, Philippines

Developers, investors remain optimistic as jabs inject much-needed boost to property

Office take-up and condominium pre-selling remain tepid across Metro Manila. We also see opportunities with outsourcing firms looking for office space within and outside Metro Manila, while residential developers continue to launch projects in anticipation of a demand recovery beyond 2021.

We urge office landlords to continue providing concessions to prioritise occupancy, while residential developers should further explore the viability of fringe locations or areas outside the traditional CBDs.

For more insights, reach out to Joey Bondoc.

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Singapore – Office

Strong net absorption pushed CBD Grade A rents up by 0.7% QOQ in Q3

CBD Grade A rents rebounded by 0.7% QOQ to SGD9.59 (USD7.05) per sq ft in Q3 2021 after five quarters of decline, driven by strong net absorption. We expect CBD Grade A rents to grow 1.6% in 2021 as vacancy declines.

Increasingly, Grade A landlords are prioritising rents over occupancy. We recommend occupiers lock in leases early, while owners should unlock value by redeveloping older properties with the URA Incentive Scheme.

For more insights, reach out to Shirley Wong.

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For more real estate research insights across Asia Pacific, reach out to our experts Nicholas Wilson, Chris Dibble and Joanne Henderson.