Emerging Trends Real Estate Asia Pacific 2021 - PwC

Emerging Trends in Real Estate? Asia Pacific 2021

A publication from:

Contents

iv Executive Summary vi Notice to Readers

1 Chapter 1: On the Brink of a Turn 3 Markets Are Levitating . . . 5 ...Until the Music Stops 7 Distress--Still Waiting 10 Corporates Divest 10 Eyeing Development Risk 11 Flight to Safety Continues 12 Out with the Old, in with the New 12 Build-to-Rent Residential 12 Logistics 13 Data Centres 15 Counterintuitive Bets 16 Urban Regeneration Booms in China 17 COVID-19 Boosts Environmental Agendas 20 Adaptability Now Key 21 Master Planning Lags

24 Chapter 2: Real Estate Capital Flows 26 Cross-Border Investment Dries Up 28 Banks Still Lending 29 Debt Funds Still in the Cold 31 No Roadshows, No Fundraising 31 Investors Turn to Public Markets 32 Green Bonds and "Greenwashing"

35 Chapter 3: Property Type Outlook 36 Office 37 Divided Opinions 38 Hot-Desking Out, Open Space In 38 Flex Here to Stay 39 Decentralisation Looms 40 Logistics 40 A Crowded Field 41 China Plus One 41 Cold Storage--a Hot Market 42 A Build-to-Core Play 43 Retail 43 Serving Local Catchments 44 Repurposing for Mixed Use 44 Smaller Is Better 45 New Lease Structures 45 Residential 46 Funds Pivot Multifamily 46 Does It Add Up? 47 Hotels 48 Too Many Rooms

49 Interviewees

Emerging Trends in Real Estate? Asia Pacific 2021 i

Editorial Leadership Team

Emerging Trends in Real Estate? Asia Pacific 2021 Chairs K.K. So, PwC David Faulkner, Urban Land Institute

Principal Author Colin Galloway, Urban Land Institute Consultant

ULI Editorial and Production Staff James A. Mulligan, Senior Editor David James Rose, Managing Editor/Manuscript Editor May Chow, Senior Vice President, Asia Pacific Diwa Law, Senior Associate, Asia Pacific Lawreane Jamie de los Santos, Designer

PwC Advisers and Researchers by Territory

Australia Andrew Cloke Azam Malik Bianca Buckman Christian Holle Devina Kusnadi Ewan Barron Garrick Pepper James Dunning James McKenzie Jane Reilly Josh Cardwell Nick Antonopoulos Matthew Lunn Max Sangrigoli Rachel Smith Ross Hamilton Scott Hadfield Tony Massaro

Mainland China Gang Chen G. Bin Zhao

Hong Kong SAR K.K. So Paul Walters David Kan

Taiwan Jason Liu David Tien Kathryn Lin

India Anish Sanghvi Bhairav Dalal Dhiren Thakkar Tanya Tandon

Indonesia Brian Arnold David Wake Margie Margaret

Japan Akemi Kitou Eishin Funahashi Hideo Ohta Hiroshi Takagi Soichiro Seriguchi Takashi Yabutani Takehisa Hidai Takeshi Nagashima Takeshi Yamaguchi Wataru Wada

Luxembourg Kees Hage Robert Castelein

Philippines Malou Lim

Singapore Chee Keong Yeow Magdelene Chua Maan Huey Lim

Emerging Trends in Real Estate? is a trademark of PwC and is registered in the United States and other countries. All rights reserved.

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? November 2020 by PwC and the Urban Land Institute.

Printed in China. All rights reserved. No part of this publication may be reproduced in any form or by any means, electronic or mechanical, including photocopying and recording, or by any information storage and retrieval system, without written permission of the publisher.

Recommended bibliographic listing:

PwC and the Urban Land Institute: Emerging Trends in Real Estate? Asia Pacific 2021. Washington, D.C.: PwC and the Urban Land Institute, 2020.

ISBN: 978-0-87420-467-4

ii Emerging Trends in Real Estate? Asia Pacific 2021

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